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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
Good morning, everyone, and thank you for listening into our Q3 call. I'm here with my fellow directors, Damian, Nigel, David and Emily. I'll firstly make a few questions, comments and then hand back to Haley for some Q&A. You could of course, ask some questions via the webcast. Now firstly, market activities continued to improve, which can be seen both from our activity and the London office market as a whole. We have achieved more lettings in H2 to date than in H1 and at 2.4% above December 2020 ERVs. This activity has seen our EPRA vacancy rate come down again to only 1.9%. And our overall rent collection for the September quarter day is 97%, and our office rent collection is now almost back to pre-Covid levels. We continue to be active on the investment side. We have completed the transactions announced at all of our interims in August. This included the acquisition from Lazari investments, providing a development opportunity in Baker Street from 2024 and of course, longer-term opportunities in the Knowledge Quarter. Together, these totaled GBP 279 million. Additionally, we acquired the outstanding headlease at Bush House WC2, bringing forward its 130,000 square foot potential development, and we have completed the sale of Angel Square EC1 for GBP 85 million net of costs, which fits into our strategy of selling those properties, we think can make high returns by investing the proceeds elsewhere. Now today, we have announced that we have exchanged on the acquisition of 230 Blackfriars Road SE1, which adds to an exciting medium-term opportunity for us in Southbank. Whilst we previously developed the Hoxton Hotel opposite, this will be a new village for us. We have commenced our latest net-zero carbon development at 19-35 Baker Street W1. This 298,000 square foot office-led project is due to complete in 2025. Needless to say, this project will incorporate further advances in sustainable development and occupy Waldorf as well as our latest smart technology. It incorporates all the lessons learned over the last 18 months being long life, loose fit and low energy. Soho Place W1 and The Featherstone Building EC1 totaled 410,000 square feet and remain on track for delivery in the first half of 2022. These are 61% prelet or presold, which links GBP 11.6 million of potential ERVs still there to let. Given the quality of the space, together with current levels of demand, we remain confident of our prospects for continuing early stage interest in The Featherstone Building. Together, our current projects represent GBP 400 million of future CapEx and after allowing for the acquisitions for Lazari Investments, our pro forma LTV is circa 21%. We are seeing office letting and investment demand increasingly focus on well-designed, adaptable, sustainable workplaces with a flight to quality. This plays to our strengths, and we expect that the investment yields for these types of property should continue to hold firm. Our recent activity demonstrates that we've been able to add to our future opportunities while continuing to invest in our projects and portfolio improvements. This puts the group into a strong position for the future as well as contributing to the much-needed improvement in the overall environmental performance of London's office stock to meet future net-zero targets. I'm now going to hand back to Haley for some Q&A. Thank you.
[Operator Instructions] And the first telephone question is from the line of Pieter Runneboom of Kempen.
Could you give some additional color on the 230 Blackfriars Road acquisition? Mostly what's the position of local authorities towards the redevelopment? And is there already a plan in place?
Thank you, Pieter. Nigel, do you want to?
Yes, let me pick that up. I mean, there's been -- it's a regeneration area and Southwark have been promoting the area probably over the last 5 or 6 years. There's been adjacent developments which are much higher than this building. We redeveloped the Wedge House opposite from about, I think it was about 40,000 to about 110,000 square feet Hoxton Hotel about 3 or 4 years ago. So we know the local planning authority very well. And this is a sort of medium-term redevelopment opportunity for us. So a number of years down the line. But it's got a big service car parking on that 30 spaces. So there is potential to at least double, probably triple the space.
I think you could probably get 200,000 to 250,000 square feet but ultimately, it's an area of growth, exciting area. As Nigel said, the sort of tall buildings. It's got an interesting life science anchored as well to it. So I think Southwark will be encouraging us to come forward with a really great scheme and another long life, loose fit, design their building. So I think it's exciting opportunity and think of using it in the near term. So it's good.
You may have seen, I think it was in the press this week or last week. The site has been some opposite by -- high sort of funding it to 2-acre site for a sort of 25 million square feet. Also, adjacent to us, native land, we've got a sort of GBP 2 billion investment program going on there, which is mixed-use offices, residential and retail. It's a lot down there.
[Operator Instructions] And the next question is from the line of Max Nimmo of Numis.
Just following up on The Featherstone development. You should win -- I know you guys are expecting to do a multi-let strategy there. But should we be expecting any pre-letting at all there? Or should we wait for that post completion? I know you've said there's a bit of interest there, but said that for a bit of time now. So I'm just interested to know if that's likely to come before completion.
Thanks, Max, and good luck on the new job. I have to say we're very excited about The Featherstone, it looks really great. It follows on from a really successful white collar factory, we've obviously been doing a lots of pre-let. I'm encouraged by the early interest. So we've always expected this to be multi-let. And I think when we show it and launch it, it would absolutely fantastic. It's got all of the attributes that we expect from modern building long life, loose fit, low energy, great full seating hype. So I'd say good early interest. I'd like to announce some pre-lets, but we'll let you know in due course. Emily, you want to add something?
No. I think following the summer, there's been an uptick in activity in terms of viewing across the market and particularly in respect of the East catching up with the West. So there are presentations and early discussions ongoing, as Paul has alluded to. Hope some activity this fall will bring us next year.
And this concludes our question-and-answer session. I would like to turn the conference back over to Paul Williams for any closing comments.
Well, firstly, thank you very much for listening in. We're in a great place. We've had a great run on some investment by, we've got some stock for the future, got some great developments. We're all around late and if any wants to have a call with us. We continue to have this flight to quality. So thank you for listening in. Keep well, keep safe and stay in touch, please. Thank you very much.