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Brookfield Multiplex has downplayed the risk that the London office market will overheat in its latest results, which show that the contractor doubled its UK turnover last year.

Brookfield Multiplex Construction Europe鈥檚 latest accounts, filed last month, says the London commercial sector remains 鈥榖ouyant鈥� thanks to the dearth of new stock that came onto the market in the wake of the late Noughties recession.

The company predicts that tender price inflation will continue to exceed 4.5% in the medium term, driven by an under-supply of skilled labour leadng to rising wages.

As a result, the Canadian-owned company says the sector is 鈥渓ess at risk of overheating and is at sustainable levels over the near term.鈥�

The results show that Brookfield鈥檚 UK construction arm more than doubled its revenue to 拢620m during the last calendar year, compared 拢284.1m in 2014. The company said that it expects revenue growth to continue in 2016.

Pre-tax profit quadrupled from 拢21.9m, up from 拢5.4m, and the company reported a 拢3.1bn workbook including 拢1.1bn projects won during 2015, which compared to a 拢2.8bn pipeline in 2014.

Big contracts landed during last year included Native Land鈥檚 拢95.3m Holland Park Villas project, compromising 72 luxury flats. The firm is set to deliver a total of 952 apartments across six residential sites, with a total value of 拢739.3m.

To cater for increased workload, Brookfield鈥檚 headcount increased from 323 to 559 during last year.

The accounts also cover the payments received in February last year following the settlement of the terminated Pinnacle building contract, the site of which has been taken over by AXA and Lipton Rogers.