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British Land boasts £1.6bn London development programme

British Land has committed to London’s largest development programme with £1.6 billion worth of new office space planned for the capital.

The developer is currently involved in six major London schemes, including the 56,670 sq m Cheesegrater tower and the 65,030 sq m Broadgate redevelopment.

Chairman Chris Gibson-Smith said the group had “recognised early on the opportunity provided by a new major office cycle in central London”.

He said British Land would provide more than 200,000 sq m of new office space into a constrained market with rising rents and capital values.

The comments came as the group posted a strong set of results for the year ended 31 March 2011.

Underlying pre-tax profits at £256 million were 9.9 per cent up excluding a credit provision release in 2009.

The value of the group’s property portfolio increased by 6.9 per cent to £9.6 billion with NAV per share up by 12.5 per cent to 567 pence.

British Land chief executive Chris Grigg said:  “We have again outperformed the market and there is real momentum in the business.

“We have made a significant commitment to London office development and also continued to build on our high quality retail portfolio.

“Our strong letting performance across our portfolio shows clearly that there is still demand from occupiers for the well-located prime retail and London office assets we provide and we expect this to continue.” 

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