London commercial property developer Minerva has returned to profitability. The company reported H1 profits of nearly £46 million, compared to losses of £187 a year earlier. Key to its success has been the recovery of the London office space market. Minerva’s portfolio of properties rose in value by over ten percent, and now stands at just short of £1 billion. It had fallen 28 percent in the previous 12 months.
Minerva recently completed the 445,000 square foot Walbrook scheme in the centre of the capital, which comprises retail and office space. Although the development’s 410,000 square feet of office space is now ready to let, and the site – close to Bank and Cannon Street stations – boasts excellent transport links, no tenant has yet been found.
Minerva’s chief executive, Salmaan Hasan, said he was confident about the prospects of letting the development, since there was a shortage of new office space in London.
Image: Flickr (Danny McL)