The post-Brexit strength of the capital’s commercial property scene buoyed developer Derwent London and agent Savills on Thursday, as the pair benefited from a flood of lettings and trophy assets changing hands.
Derwent capped a record six months for deals by leasing the lower floors of its White Chapel Building in East London to Sweden’s Fotografiska, which is opening its first gallery outside Stockholm.
The landlord also said it is pressing ahead with its proposed £500 million Soho Place scheme above Tottenham Court Road’s Crossrail station, which will see offices and a new theatre built to replace the former Astoria venue.
It upped its rental targets for the year.
Savills capitalised on the flood of Asian money coming in as commercial fees were lifted 23% by mega-deals. It advised China’s CC Land, which snapped up the Cheesegrater for £1.1 billion.
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Although residential fees were down 4% — Savills expects flat prices this year and next — it also benefited from stronger performances in Asia and Europe.
Pre-tax profits rose 12% to £48.1 million.