With its portfolio recording a growth of 8.2% and its £8.2b current value, BritishLand seems to have stabilised operations once more after the recession. The number appears to be one which has proven lucky for them as the group continues to improve its showing in property markets.
With these figures, BritishLand has now consolidated its position as a leading participant in the UK property market sector. A sustained improvement in business in the third quarter of 2009 also proved that demand from tenants has indeed improved and new developments beginning to come up once more to address this office space demand.
BritishLand faced losses in the past two years when recession was at its worst. It is only now that the company is able to establish itself in the real estate market place as a leader. The CEO of British Land, Chris Grigg, has announced that new projects will be taken up by British Lands in the London Broadgate area. The project will involve renovation of 420,000 sq ft of business space and a new shared office development here.
About £44m has been earmarked for this project which will take three years for completion. Last year, British land had given up a significant stake in property in Broadgate area; however, CEO Griggs has now clarified that the current Broadgate project will definitely been completed on time. He has said that the group wishes to establish its presence in this market as well.
As far as the company’s London portfolio is concerned, this includes 201 Bishopsgate and BroadgateTower which are both categorised as Grade A office spaces. Of the total investments by BritishLand, £1.355b is composed of City properties which generate net rents of about £85m, with average occupancy rates staying steady at 81.2%.
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