INDUSTRY NEWS

Dev Sec confirm phase two of Hammersmith London office development

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Development Securities has confirmed it will soon start to push forward with the latest phase of its major London office development in Hammersmith.

The UK real estate developer and investor is determined to get phase two of its plans under way following a solid six months which has seen it report a pre-tax profit of £8.1m up to August 31, 2013, compared with the £700,000 loss it posted at the same point last year.

Development Securities chairman, David Jenkins, said the firm would continue to look at large developments in and around the centre of London as the economy continues to improve.

Discussing the firms latest financial report, he said: “I am pleased to report a profitable performance during a busy period in which we made good progress across our diverse property portfolio.”

The firm completed the first phase of its 275,000 sq ft development in Hammersmith town centre earlier this year in June.

With over half of the 110,000 sq ft of London office space at 10 Hammersmith Grove now under offer, the developer is sure interest is sure to continue in the rest of the space on offer.

Development Securities chairman, David Jenkins, added: “Given our progress, we are now priming the second phase, 12 Hammersmith Grove, a 165,000 sq ft grade-A office building for commencement in early 2014.”

By: Kirsty MacGregor

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