British Land has turned in another robust set of results, reporting underlying pre-tax profit of £171m (up 10.3%) and higher than expected growth in the value of its assets during the first half of its financial year. The office and resi portfolio performed particularly well, contributing an 8.5% uplift.
Looking specifically at the resi side of the business, the firm exchanged on £34m of properties in the six months to 30th September, on average 6% ahead of valuation; nearly two thirds by value (£22m) were at The Hempel Collection (below), a super-prime project in Bayswater that’s being delivered in partnership with Amazon Property .
Marketing of the scheme in the UK and internationally has been “well received”, according to the announcement, and 12 out of 33 apartments have now been pre-sold, including three post period end. Phase 1 (25,000 square feet) is due to complete in Q1 2016, with completion of Phase 2 (32,000 square feet) set for Q2 2016.
Speaking to PrimeResi, Chris Lanitis, Director of Amazon Property: “The Hempel Collection is one of London’s most exciting new addresses, offering the highest standards in architecture, interior design and service in what is fast becoming one of the most desirable parts of the capital. We have received exceptional levels of interest in this landmark scheme from the very start and expect this to continue as the project progresses towards completion.”
British Land also recently bagged approval for its resi-led mixed-use scheme on Putney High Street, which is due to create 97 units atop 38,000 square feet of retail and leisure.
As planned, no further sales were made at Clarges Mayfair (below); the presales campaign has been halted at just over 50% by value (22 out of 34 apartments have been “profitably” pre-sold) and the firm plans to wait until completion next year before doing any more marketing.
Chris Grigg, Chief Executive: “We are reporting another strong set of results. In recent years we have positioned our portfolio to benefit from long-term macro trends. This focus has underpinned our performance in the last six months where we have benefited from strong occupational demand and a sound UK economy. Moreover our high quality portfolio and attractive and flexible development opportunities, position us well for the future.”
Images courtesy of British Land