Q1 2023 Derwent London PLC Corporate Sales Call Transcript
Ladies and gentlemen, welcome to the Derwent London 2023 Q1 Business Update. My name is Nicola and I will be the operator for your call this morning. (Operator Instructions) I will now hand you over to Paul Williams, Chief Executive.
Good morning, everybody, and welcome to the Derwent London Q1 2023 business update. Office occupancy levels are rising, people are returning to the office and (inaudible) are close to pre-COVID levels, London and particularly the West End, is really busy. I'm delighted to announce that we've had a record leasing quarter in Q1 with more than GBP 17 million of new leases signed on average e 6.6% above ERV. The weighted average lease length of these lettings is 12 years to break. 3 deals stand out in particular. The first is the letting of the 22,000 square feet flagship retail unit of Soho Place to Uniqlo as rented in line with ERV or potential upside. This consists of a base rent, subject to annual indexation, and a turnover top-up. This highlights the positive impact of
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