Capita Symonds - Q1 2012 Review

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Take-up

Supply

Rental profile

Investment markets

Take-up

In Q1 take-up decreased by 35% to 852,000 sq ft, down from 1.31 million sq ft in Q4 2011. 12 months earlier in Q1 2011 take-up amounted to 789,000 sq ft.

In the year to March 2012 rolling 12 month take-up increased to 3.95 million sq ft up from 3.89 million sq ft in the year to December 2011.

Supply

In Q1 availability decreased by 5% to 3.8 million sq ft down from 4.0 million sq ft in Q4 2011.

Over the last 12 months availability has decreased by 13% down from 4.4 million sq ft available in Q1 2011.

1 Curzon Street W1

UBS have sub-let 26,232 sq ft of Grade A refurbished space over the part 2nd & part 3rd floors to Kedge Capital on a term to July 2018. A rent of £72.50 per sq ft was agreed with 10 months rent free.

1a Page Street SW1

Derwent London have pre-let the entire 127,000 sq ft building to Burberry on a 20 year term with 10 year tenant break. A rent of £5.3m per annum was agreed reflecting £41.75 per sq ft with 22 months rent free.

31 - 59 Victoria Street SW1

The Alchemy Group purchased 31 / 59 Victoria Street, SW1 for £35m reflecting 6.5%. The 57,092 sq ft building is let to the Government until June 2012 and National Westminster bank until 2085.