Developer confident after general election results in “more stable” political situation
The value of Helical Bar’s portfolio has broken through the £1bn barrier on the back of strong returns from its London portfolio.
The investment and development firm posted pre-tax profit of £87.4m in the year to March 2015, which represents the second-highest in its history.
The value of Helical’s London investment portfolio alone increased by 27% in the year to £370m. The group’s overall property portfolio value rose to £1,021m, up from £802m in 2014.
The firm’s current development programme comprises 1.2 million sq ft of schemes in London, including Barts Square, which has consent to redevelop 19 buildings to deliver 236 residential apartments and 211,000ft2 of office space and 116,000 sq ft The Bower at 207 Old Street.
Helical chief executive Michael Slade said: “With the general election behind us we can look forward with confidence to a more stable domestic political situation, which should help the UK economy to grow, and we anticipate providing shareholders with continued strong growth in the value of our business.”
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