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Development Securities is to bring forward detailed design of more than 30,000m² of offices at four and five Kingdom Street in Paddington.

Announcing preliminary results for 2010, the developer said: 鈥淲e are now bringing forward, with a view to start in 2011, the detailed design of two office buildings at PaddingtonCentral.鈥� The development is the latest phase of its huge investment in the area, but comes as it admitted it was struggling to let the majority of the Two Kingdom Street development, just completed. It said market interest was 鈥渟ubdued.鈥�

In addition it said its speculative developments outside of the south East remained on hold for the foreseeable future pending an upturn in business confidence. It鈥檚 statement said: 鈥淥utside the South East, speculative development of commercial offices will be a rare phenomenon in current markets.鈥�

Development Securities reported a profit of 拢2.6m with the value of its assets rising by almost 拢100m to 拢333m, compared to an 拢11.4m loss in 2009. However it said it was experiencing a 鈥渃ontinued reluctance鈥� from banks to lend to the real estate sector

Chairman David Jenkins said the government鈥檚 austerity package was a further 鈥渃loud on the horizon鈥� He said: 鈥淭he austerity programme now being introduced in the UK will have an impact which is not easy to predict鈥�If significant large-scale development projects need to await the next phase of the economic cycle, so be it.鈥�