Developer says almost 400,000 sq ft of developments could start by 2014
Great Portland Estates is preparing four central London schemes with a total development area of almost 400,000 sq ft for potential 2014 starts.
The largest of the four schemes – Make-designed 220,000 sq ft Rathbone Place – could start in early 2014, the developer said as it published financial results morning.
The other three schemes – 72,000 sq ft 26-34 Broadwick Street. 55,500 sq ft 49-50 Broadwick Street and 30,000 sq ft St Lawrence House – are being prepared for potential starts within the next 18 months.
GPE posted pre-tax profit up 16% to £180.6m for the financial year ended 31 March 2013, up from £155.2m the previous year.
Chairman Martin Scicluna said the developer’s strategy of “concentrating exclusively on high quality central London property” was paying off.
He added: “Whilst we can expect further turbulence in the UK and Eurozone economies, conditions across central London’s property markets, particularly in the West End, remain favourable.”