But profit drops almost two thirds
Developer Helical Bar has notched up a 5.3% increase in the value of its London property portfolio despite a trio of its rivals suffering a valuation hit after the EU referendum.
In interim results for the six months to September, the firm said the portfolio was now worth £651m, up from £593m in March.
Despite this, pre-tax profit fell almost two thirds (64%) to £31m for the six month period, down from £86m the previous year. Last year’s result was buoyed by the sale of two large schemes for more than £120m.
Three of Helical Bar’s competitors - British Land, Land Securities and Great Portland Estates - have all posted losses in recent weeks in part due to a drop in asset values post-Brexit vote.
Gerald Kaye, chief executive at Helical Bar, struck an optimistic note on the London commercial market: “Looking ahead, the UK faces a continued period of uncertainty as it seeks its place in a post Brexit world.
“However, I believe it will remain resilient and London will continue to be a World City attracting people, businesses and investors.”
Helical Bar’s London development pipeline includes £250m mixed-use scheme The Bower on Old Street and the redevelopment of Barts Square. Outside of the capital the developer is planning to relocate Truro City Football Club in Cornwall to make way for a retail park scheme.