LondonMetric collects 94% of October rents

Property company LondonMetric on Monday said it had collected 94% of rent due up to October as tenants started repaying quarterly instead of monthly after coronavirus lockdown measures were eased.

In a rent collection update, the company added that a further 3% was expected to be received imminently, 2% was currently being deferred under previously agreed plans and less than 1% was outstanding.

No further concessions or deferrals were granted in the period and rent forgiven from the previous two quarters totalled £0.26m, while a further £0.35m remained unpaid.

Monthly rental concessions represented 5% of the rent roll with a further 13% of rent paid monthly in line with contractual obligations, LondonMetric said.

'We are witnessing an increasing trend of occupiers shifting away from monthly payment concessions back to paying quarterly under the terms of their lease,' it added.