NB Real Estate - Q4 2009 Review

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Take-up

Supply

Rental profile

Investment markets

Take-up

In Q4 take-up increased by 101% to 179,000 sq ft, up from 89,000 sq ft in Q3. Twelve months earlier in Q3 2008 take-up amounted to 108,000 sq ft.

In the year to September 2009 rolling 12 month take-up increased to 469,000 sq ft from 398,000 sq ft in the year to September.

Supply

In Q3 availability increased by 13% to 1.1 million sq ft from 938,000 sq ft in Q3.

In the last 12 months availability has increased by 36% from 783,000 sq ft available in Q4 2008.

75 York Road, SE1
Guys & St Thomas NHS Foundation Trust has taken 57,953 sq ft of office space over the entire building from Scottish Widows. This is on a ten year lease at a rent of £38.50 per sq ft.

4 More London, SE1
Teach First has taken 23,306 sq ft over the first and second floors from More London Development Ltd for a term to mid 2016. The rent is rumoured to average just below £40.00 per sq ft.

30 Park Street, London, SE1
Blink Point Ltd has sold its freehold interest to KGAL for £31 million reflecting an initial yield of 6.57%. The property comprises 51,167 sq ft and is let to Hyde Housing Association Ltd until September 2028 at a rent equating to £42.60 per sq ft.