Commercial boom reignited as major firm boasts profits
18th November 2009 by: Andrew Jacobs
The commercial property market is gradually finding its feet after a turbulent few years, as the country’s biggest landlord and developer sees its empire begin to rise in value.
Commercial property firm, British Land, now has a property portfolio boasting an £8.29bn price tag, following a 1.4% increase in its latest financial quarter.
They are set to launch multiple high tariff bids in an increasingly competitive UK real estate market, where a lack of supply has sent prices rising since September, and Chairman, Chris Gibson-Smith, is well aware of the changing face of the UK commercial market.
"The next few years will be a market for the professional investor and operator, where long lasting success comes from a profound understanding of property economics and drivers and high execution capabilities,” said Mr. Gibson-Smith.
“We have the capacity and willingness to be bold, where necessary, but are mindful that the waves caused by the financial maelstrom of the last two years have not yet settled.”
British Land reported first-half losses of £113 million compared to a deficit of £1.3 billion in the same period a year ago and £3.9 billion in the whole of last year. However, it claims £5.8bn worth (70%) of its properties have increased in value since June 2009, especially in the retail sector.
As a sign of the market’s impending change in fortune, British Land are reportedly preparing, or are already involved in, bids for several £500m properties, including the newly opened Silverburn shopping centre in Glasgow.
Commercial property firm, British Land, now has a property portfolio boasting an £8.29bn price tag, following a 1.4% increase in its latest financial quarter.
They are set to launch multiple high tariff bids in an increasingly competitive UK real estate market, where a lack of supply has sent prices rising since September, and Chairman, Chris Gibson-Smith, is well aware of the changing face of the UK commercial market.
"The next few years will be a market for the professional investor and operator, where long lasting success comes from a profound understanding of property economics and drivers and high execution capabilities,” said Mr. Gibson-Smith.
“We have the capacity and willingness to be bold, where necessary, but are mindful that the waves caused by the financial maelstrom of the last two years have not yet settled.”
British Land reported first-half losses of £113 million compared to a deficit of £1.3 billion in the same period a year ago and £3.9 billion in the whole of last year. However, it claims £5.8bn worth (70%) of its properties have increased in value since June 2009, especially in the retail sector.
As a sign of the market’s impending change in fortune, British Land are reportedly preparing, or are already involved in, bids for several £500m properties, including the newly opened Silverburn shopping centre in Glasgow.
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