Land Sec was the first major developer to start building again in London and the firm’s bold approach has paid off with a positive set of half-yearly figures showing a pre-tax profit of £455m.
The developer is keen to press on with more schemes to take advantage of “competitive construction pricing” and three major sites are due to start construction next year:
- At 123 Victoria Street, SW1 (formerly Ashdown House) Land Sec has submitted a planning application for the comprehensive refurbishment of the 21,370 sq m property to reposition it correctly for the market for delivery in late 2012 when there are limited development completions due in the West End.
- 110 Cannon Street, EC4 is currently home to K&L Gates who will vacate the building to move into Land Sec’s One New Change development in May 2011. A planning application to refurbish the 7,010 sq m building has been submitted and work will start on site when K&L Gates vacate in order to deliver the completed space back into the City market in mid 2012.
- 60 Ludgate Hill and 30 Old Bailey, EC4 are two neighbouring buildings where Land Sec has an existing planning consent for the development of a single building. Plans have been revised and a further application will be made to the City Corporation for two buildings with an aggregate area in excess of 28,000 sq m more suited to the market. The earliest start on site will be August 2011 for delivery of the completed buildings in early 2014.
Chief Executive Francis Salway said: “In London, we believe that developing in a supply-constrained market is a highly attractive opportunity. We were the first to start a large development programme in London, and we have been the first to take profits from it. We have the finance, the schemes and expertise to start additional projects in London in 2011.”
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