INDUSTRY NEWS

West End shift for British Land

British Land is set to shift its focus upmarket to the West End. Ultimately the plan is to have more than 50 percent of its London office space in the West End; at present, the property company has around 63 percent of its office property in the City.

With higher rents and rising demand in the West End, Chief Executive Chris Grigg intends to shift the balance. The plans are dependent on the opportunities that emerge on the market in the next few years. The West End has a dearth of attractive properties for sale at the moment, but Grigg hopes that the situation will alter.

Rivals have commented that this is not the optimum moment to invest in the West End, since real-estate prices are at a premium. However, British Land’s long-term plans mean that the rental value is of much greater interest than the potential resale profits.