Developer says almost 400,000 sq ft of developments could start by 2014
Great Portland Estates is preparing four central London schemes with a total development area of almost 400,000 sq ft for potential 2014 starts.
The largest of the four schemes 鈥� Make-designed 220,000 sq ft Rathbone Place 鈥� could start in early 2014, the developer said as it published financial results morning.
The other three schemes 鈥� 72,000 sq ft 26-34 Broadwick Street. 55,500 sq ft 49-50 Broadwick Street and 30,000 sq ft St Lawrence House 鈥� are being prepared for potential starts within the next 18 months.
GPE posted pre-tax profit up 16% to 拢180.6m for the financial year ended 31 March 2013, up from 拢155.2m the previous year.
Chairman Martin Scicluna said the developer鈥檚 strategy of 鈥渃oncentrating exclusively on high quality central London property鈥� was paying off.
He added: 鈥淲hilst we can expect further turbulence in the UK and Eurozone economies, conditions across central London鈥檚 property markets, particularly in the West End, remain favourable.鈥�
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