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Land Securities to start three London developments in 2011

Land Securities has confirmed plans to start three new developments in central London next year as it announced strong half year results.

The developer said the willingness of companies to commit to new space across the business was slightly ahead of expectations and confirmed 2011 developments will go ahead at 123 Victoria Street, 110 Cannon Street and 60 Ludgate Hill.

Chief executive Francis Salway said the firm had been the first to start a large development programme in London, and had been the first to take the profits from it.

The results for the six months ended 30 September 2010 show revenue profit growth from £135.9 million from £128.4m, and a pre-tax profit of £455.3m, compared with a £4.6m loss the year before.

Mr Salway added: “We have the finance, the schemes and expertise to start additional projects in London in 2011. 

“As the first half demonstrated with the sale of Park House and the valuation gains on our development assets, our development activity is already driving returns.

“In Retail, we have commenced developments selectively when supported by retailers through pre-lettings.  And we see further opportunities in this area, particularly in edge-of-town locations targeted by supermarkets and other retailers.”

Land Securities opened its One New Change development on 28 October with the retail section of the scheme now fully let.

Speaking at a New London Architecture conference yesterday, Senior Director at CBRE Steven Stedman said, despite being open just twelve days, the scheme had been a huge success and called for developers to consider a ‘Two New Change’.