Firm behind South Molton Triangle development being built by Skanska
Grosvenor returned to the black last year thanks to increasing rents, the property company said in its latest annual results.
The Duke of Westminster’s property business said pre-tax profit hit £236m last year from a £29m pre-tax loss in 2023. Underlying profit was up 16% to £86m.
Grosvenor’s portfolio includes offices, flats and shops in Mayfair and Belgravia including the South Molton Triangle development, the largest mixed-use scheme in the West End, the £200m first phase of which Skanska is building.
The wider development will include offices, retail and hospitality units, leisure space and a new five-star hotel.
Grosvenor’s estate also includes 700 affordable homes, all let to housing association Peabody, and 500 market rent homes.
It also has an affordable housing firm called Grosvenor Hart Homes which became a registered provider of social housing last year.
Grosvenor said it wants the business, which had its first fully year of trading in 2024, to provide more than 750 homes over the next decade with the division focusing on Chester and London.
The firm said the value of its portfolio was £8.2bn – a fall of £400m – which it said followed the sale of a 23% stake in the Liverpool One shopping centre.
Meanwhile, chief executive Mark Preston will stand down in September after 17 years, handing the role to James Raynor, who is currently head of Grosvenor’s UK property division.
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