British Land announcement of significant funds opens up opportunity for work

Developer British Land has revealed a £3bn additional pot of funds for investment on top of a committed £1.5bn development pipeline.

The blue-chip client announced in November that it was kick-starting development in the London office market by spending £1.5bn on projects between 2012 and 2014.

Nigel Webb, the group’s head of development, stressed that the additional funds will be used where and when appropriate rather than being formally committed.

He said: “We have access to significant funds.

“Something in the order of another £3bn, that we could spend if we wanted to for further developments over the next few years, and we’re keen to look at new opportunities.”

He added that the additional funds would open up opportunities for new suppliers wanting to work with British Land.

The client has had a quiet two years riding out the recession but is now moving forward with developments, including the £290m Richard Rogers-designed “Cheesegrater” tower and the £40m Marble Arch House in the West End.