The property developer Great Portland Estates increased profit before tax by 73% to £38.4m in the year to the end of March, partly due to rising London rent.
Toby Courtauld, chief executive of the company, said the company will cut back on buying new properties and instead invest in “existing markets for organic growth.”
The firm is focused on the growing property market in London with 80% of its current portfolio located in the West End.
Great Portland Estates owns a total of 3.3m sq ft of properties and plans to redevelop 1m sq ft with an expected starting date this summer.
The firm is currently at Walmar House in W1 and 12/14 New Fetter Lane EC4 developing a total of 202,800 sq ft of space.
The construction works on the other seven schemes could start within the next 2 years.
Amongst the planned seven projects are Rathbone Square W1, 73/89 Oxford Street W1, St Lawrence House at 26/34 Broadwick Street W1 and Tasman House at 59/63 Wells Street W1.
Chief executive Toby Courtald said: “With London’s growth outpacing a resurgent UK economy, we can expect conditions in our markets to strengthen further; employment of skilled staff levels are on the rise whilst order books are growing, suggesting that the space needs of the Capital’s businesses will follow suit.”
Photo Source: Great Portland Estates
