British Land reveals commercial London offices success
A raft of new commercial London offices from British Land has helped boost the organisation's financial performance during the three months to December 31st 2011.

In its third-quarter results statement, the organisation noted its development programme for its London commercial offices was more than half pre-let, with £32 million a year in income secured.

A 700,000 sq ft pre-let was completed for 5 Broadgate to UBS, as well as 191,000 sq ft of space agreed to by Aon at the Leadenhall Building. The insurance giant wants the central London offices here to become its new global headquarters.

Demolition of 4 and 6 Broadgate is currently taking place, with the bespoke UBS building scheduled to be delivered during the fourth quarter of 2014. The project is a joint venture between British Land and Blackstone.

Commenting on the financial results, chief executive of British Land Chris Grigg said: "These pre-lets mean that our office development programme is already 50 per cent pre-let, even though it mainly reaches practical completion between 2013 and 2014."

The successes it has enjoyed in London have contributed to a 6.3 per cent increase in underlying profits before tax to £68 million compared to the same period in 2010. Its portfolio valuation has also lifted by 0.1 per cent in the last three months of 2011.

Posted by Sarah Dudley

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