The developer reported that its current portfolio only contains 4% of speculative development
British Land has said it expects some of its occupiers and investors to be more “cautious” following the EU Referendum.
In a first quarter trading update posted this morning, the developer’s chief executive Chris Grigg said it was “too early to properly assess the impact of the referendum result on the markets in which we operate”.
But he added: “British Land has entered this period of post-referendum uncertainty in a robust position. We have a strong, resilient business with a clear strategy.”
The company said only 4% of its portfolio is speculative development.
Post-referendum the firm noted that it had sold the Oxford Street building that contains Debenhams’ flagships store for £400m and fully let its Cheesegrater tower in the City of London.
British Land previously reported in its full-year results in May that it was unlikely it to start on site at its controversial AHMM-designed 340,000 sq ft redevelopment of Blossom Street in Shoreditch this year despite the High Court’s rejection of a Judicial Review of former mayor of London Boris Johnson’s decision to call in the planning application.
The most significant medium term project in British Land’s pipeline is Canada Water, for which the firm said it expected to submit an outline planning application for in 2017.