London offices buoy British Land

Posted on Posted in INDUSTRY NEWS

A specific focus on London offices has helped property firm British Land ride out the difficulties of growth during the recession.

The company has a large portfolio, of which around one-third is London offices, according to the Telegraph.

It has properties in the City and the West End, where the market has consistently outperformed the rest of the UK.

British Land recognises that London has bucked a backward property trend seen elsewhere in the country and is therefore investing in development in the capital.

It has ongoing schemes in the insurance district and the West End, with overall development costs hitting the £1 billion mark.

Chief executive Chris Grigg explained: “The early decisions we made in undertaking our £1.1bn development programme are having a real impact, accounting for nearly a quarter of our valuation improvement.”

British Land has seen its value rise as a result of its work in London – with City office values rising four per cent and 3.6% in the West End.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space

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