Our strategy

Performance summary.

Download
2013 Annual Report and Accounts
(PDF 6.9 MB)

 

Strategic priority 1
Owning the right properties that are tailored to our customers' needs and intensively managing these properties to drive occupancy and rents.

    Priorities in 2012/13: Owning properties that are tailored to our customers' needs
  • Complete refurbishment of Canalot Studios.
  • Commence a further six refurbishment schemes.
    Performance in 2012/13:
  • Refurbishments at Canalot Studios and Whitechapel completed.
  • Six refurbishment schemes commenced comprising 250,000 sq. ft. of which Chester House Phase 2 and Leyton Phase 1 completed in March 2013.
  • Like-for-like occupancy up from 87.7% to 89.8%.
  • Like-for-like rent roll growth of 9%.
  • Like-for-like rent per sq. ft. up 7% in the year.
    Priorities for 2013/14:
  • Complete three further refurbishment schemes with a fourth due to complete in 2014.
  • Commence three refurbishment schemes.
  • Progress further schemes through design phase.
  • Focus on driving pricing as occupancy approaches 90%.
    Key risks:
  • Failure to meet customer space and service expectations.
  • External macroeconomic factors influence the demand for our accommodation.

Strategic priority 2
Maximising the value of our London based property portfolio and its wider opportunities for repositioning and redevelopment.

    Priorities in 2012/13: Repositioning and redevelopment
  • Appoint developers for the mixed use redevelopment schemes at Grand Union in Kensington and Bow.
  • Progress planning consent for mixed use schemes at a further four sites.
  • Drive value from continued occupancy and rent roll growth.
    Performance in 2012/13:
  • Taylor Wimpey appointed as developer for Grand Union. Peabody appointed at Bow.
  • Planning and applications made at Tower Bridge and Faircharm comprising 948 apartments and 112,000 sq. ft. of commercial space.
  • Successful repositioning at Canalot Studios and Parkhall driving pricing growth.
  • Underlying property valuation up 8% in the year.
    Priorities for 2013/14:
  • Obtain planning consent for Tower Bridge, Poplar and Faircharm.
  • Make planning applications for three further schemes.
  • Appoint development partners for Tower Bridge and Faircharm.
    Key risks:
  • Adverse planning decisions.
  • Construction cost and programme over runs.
  • Downturn in the London property market.

Strategic priority 3
Understanding our customers and enhancing our brand by responding to their needs.

    Priorities in 2012/13: Enhancing our brand (responding to customers' needs)
  • Roll out the Club Workspace format at four additional centres.
  • Continue the roll out of our 'Digital Programme' meeting the needs of our digital business customers.
  • Develop InspiresMe as a valued platform for advice and support to new and growing businesses.
    Performance in 2012/13:
  • Three new Club Workspace co-working lounges opened.
  • Club Workspace revenue growth of 250%.
  • Roll out of 'digital platform' providing a high quality business grade service with the same flexibility of our lease terms.
    Priorities for 2013/14:
  • Continue the roll out and evolution of the Club Workspace brand.
  • Broaden the range of services offered under our digital platform.
  • Position Workspace as the preferred choice for fast growing businesses.
    Key risks:
  • Failure to meet customer service expectations.
  • The performance of our selected digital partners.

Strategic priority 4
Working sustainably as part of everyday business for us, our customers and our partners.

    Priorities in 2012/13: Sustainable working
  • Continue support of charities which promote entrepreneurship.
  • Working with customers to lower our carbon footprint.
  • Ensure that our development activities conform with the highest environmental and sustainability regulations and best practice.
    Performance in 2012/13:
  • InspiresMe week placed 20 young people in work experience.
  • Urban 20 Cricket giving experience at the Kia Oval Cricket Ground for 200 local children.
  • Refurbishment schemes achieving 'very good' BREEAM (Building Research Establishment Environmental Assessment Method).
  • Continued liaison with customers in helping to reduce our carbon emissions.
    Priorities for 2013/14:
  • To develop CSR a policy for engaging with and encouraging school leavers and graduates into entrepreneurship.
  • Demonstrate tangible savings in carbon emissions.
  • Develop charity strategy.
    Key risks:
  • Failure to meet regulatory environmental requirements.
  • Introduction of new requirements causing additional costs or inhibiting lettings.
Back to top