Activity We have had another good year in respect of active management transactions. We completed 17 rent reviews, 7% ahead of ERV, 30 lease renewals or regears, 10% ahead of ERV and 25 lettings or agreements to lease, 3% ahead of ERV. One retail asset was sold for gross proceeds of £4.0 million, 30% ahead of the March 2020 valuation. Over the year we have invested £5.0 million into the portfolio across ten key projects. These have all been aimed at enhancing space to attract occupiers, improve sustainability credentials and grow income. Major projects are currently underway at Regency Wharf, Birmingham, where we are converting leisure space to offices, and at Longcross, Cardiff, where we are carrying out a comprehensive refurbishment to update the office building.
The March 2021 ERV of the portfolio is £45.4 million, an increase from the prior year of 1% on a like-for-like basis. Positive growth in the industrial sector of 4% was offset by the negative growth in the retail sector of -3%, while the office portfolio was static over the period with increases in the regions offset by London. We have set out the principal activity in each of the sectors in which we are invested and believe our strategy and proactive occupier engagement will continue to assist us in managing the portfolio during the current business climate. The industrial sector has been the least affected by the Covid-19 pandemic, with strong occupational demand outstripping supply, especially in London and the South East where 75% of our portfolio is located. Investment demand has been strong with multiple buyers for well- located assets, which combined with a lack of stock has driven up pricing. The office sector was significantly affected by the working from home guidance and although all our offices remained open and Covid-19 compliant, building occupancy was significantly reduced. The change in working patterns has made businesses reflect on their future office strategy and during the year demand was subdued. We are however, now seeing some encouraging signs that the market is improving following the news that vaccination is proving
effective, with the number of enquiries and lettings going under offer steadily increasing, albeit from a low base. Against this background, we have had letting success and we have succeeded in retaining occupiers. The retail and leisure sector has been hit hard by the forced closures, resulting in a number of well-known businesses disappearing from the high street. Government measures halting action to pursue arrears have exacerbated the problem, with some occupiers purposefully not paying. Occupier demand has been muted, with retail vacancies, especially on the high street and in shopping centres, increasing substantially. Despite this, we have been able to work with our occupiers and have fortunately not had many insolvencies, and in the majority of cases, we have been able to mitigate these. We believe the portfolio is well placed in respect of our sector allocations and, combined with the quality of our assets, we will be able to continue to drive performance going forward.
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