London office developers Helical and Derwent London have announced rent collection updates for the June to September quarter.
They have collected 76.2% and 70% respectively, after they fell due on 24 June 2020.
Helical
As at 3 July 2020, the group collected 76.2% of the June quarter rents, with a further 14.6% agreed to be paid in instalments in the period leading up to the September quarter day. It has granted rent free periods on 4.7% of the June rent, mainly in respect of food and beverage tenants.
It said it anticipates that by the end of the June quarter it will have collected between 90.8% and 95.3% of all contracted rent.
In addition, it has collected 76.8% of the quarterly service charge from tenants with the balance expected to be collected in the period to the September quarter day.
As for the March quarter, the company has now collected 94.2% of rents, with a further 2.3% to be paid in agreed instalments and 2.3% granted rent free periods. A total of 1.2% of rent is still outstanding. In addition, the group has collected 98.4% of the quarterly service charge from tenants.
Derwent London
The company has received 75% of the June quarter’s office rents and 70% of the portfolio’s overall rent (including retail and food and beverage). After adjusting for rents deferred or waived, it has now received 93% of the office rents and 90% of overall rents due.
Rent free periods have been granted on 4% of total rents, mainly in the retail and hospitality sectors. It has also waived 25% of service charges for both the March and June quarters. The cost to the group is estimated at £4m.
For the March quarter, Derwent London has received 81% of rent (86% for offices), with another 11% subject to agreed payment plans.
DLN HLCL : Helical and Derwent London update on rent collection