Derwent London boss John Burns leaves on a high with lettings growth

Derwent London agreed a number of London office leasing deals in the first quarter of 2019

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Joanna Hodgson9 May 2019

Veteran developer John Burns looked set to end his 35-year tenure as Derwent London chief executive on a high, as he on Thursday defied Brexit gloom with a record quarter in the capital.

Burns, who steps down next week after 35 years at the helm, said the company is in “fantastic shape” ahead of Britain leaving the EU.

The FTSE 250 firm has agreed £17.2 million of lettings in the year to date, at rents more than 6% ahead of December estimates. New tenants include data group G-Research.

Despite a backdrop of political turmoil at Westminster, Burns said: “We had an exceptional first quarter — it was a record. There is very good demand for quality space and firms are still expanding. Since the EU referendum we have done about £95 million of lettings.”

The deals come despite concerns that businesses would freeze or axe office moves amid the uncertainty.

Burns, who will stay on to chair Derwent London, said of the wider market: “The leasing side is terrific and there is still a wall of money coming in to invest, but some buyers are being more selective. Investors still want to be here, and companies still want to open here.”

The shares rose 18p to 3216p. Property director Paul Williams will succeed Burns.