Property developer Helical Bar’s half year pre tax profit shot up by 1175 per cent on the back of a big rise in money made from developments and sales.
The firm’s pre tax profit rose to £68.9m from £5.4m in the six months to 30 September 2013 and the same period a year earlier.
Sales of its 200 Aldersgate Street, Brickfields and White City properties in London, and development profits from its retail scheme at Leisure Plaza, Milton Keynes and retirement village schemes at Bramshott Place, Liphook took its development property profit to £60.9m from to £4.7m in that time.
Its current developments include a new headquarters for Scottish Power, which started on site in October. Helical Bar will buy three Scottish Power sites in Glasgow for around £5.8m as part of the deal.
Demolition has completed on its Mitre Square office scheme in London which will have a capital value of about £250m when finished.
The firm got planning permission for an extension to the Cortonwood Shopping Park in South Yorkshire with construction expected to start in early 2015 with the building open in time for Christmas 2015.
Construction has started on three retirement villages in Faygate near Horsham, Exeter and Stratford upon Avon
Its £470m Barts Square scheme near Smithfield Market is expected to start on site when vacant possession is granted in January 2015. Phase one includes 97 residential units and overall there will be 215 flats in 17 buildings with retail and restaurants pace on the ground floors. It replaces buildings currently let to the NHS.
Construction on the first phase of refurbished and new office space at 207 to 211 Old Street in London will start in January.