Wednesday, 20 May 2015

Land Securities on a roll

One of the country’s most important developers, and one with major interests in Kent, has turned in spectacular pre-tax profits.

Land Securities more than doubled its pre-tax profits to £2.4bn for the year ending 31st March, compared to £1.1bn for the same period last year.

The property company, which owns Bluewater and will be at the heart of the Ebbsfleet Garden City, has also seen construction activity in London increase substantially, and broadly matched acquisitions with disposals.

Land Securities’ glowing balance sheet boasts £42.6m of development lettings, £36.8m of investment lettings and acquisitions totalling £951.4m, including the recent purchase of the managing stake in Bluewater.

The developer continues to have an interest in Lodge Hill, the proposed 5,000-home residential development in Medway, and currently stalled by nightingales.

It’s not all been plain sailing for the property giant in Kent though, as its plans to redevelop Newnham Court were rejected by Maidstone Borough Council. 

Land Securities also owns and manages the successful Westwood Cross shopping centre in Thanet, which is home to an 80,000ft2 Primark store.

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