The Blast Alliance

British Land has established its position at the fore front of UK’s property market with its latest financials. The company’s performance in the third quarter of last year was especially heartening. The good showing by the real estate group underlines the fact that the effects of recession are being left behind at last at least in the real estate sector. Demand for office space is also beginning to improve.

It is interesting to note that British Land has reported a portfolio growth of 8.2% and also has a current value which matches the numbers at £8.2b. The number appears to be lucky for the group. The positive performance of the company comes after losses were registered over the last two years. Recovering from the recession, British lands has once more made a mark in the market place as a stable and profitable entity.

The latest project being taken up by them is the 420,000 sq ft shared office business site renovation and a new project at Broadgate in London. These were confirmed by the British Land chief executive, Chris Grigg. A total outlay of £44m has been estimated for current projects which will be completed by 2013.

Although the group appeared to be reconsidering its presence in Broadgate area last year, Griggs has now clarified that with these new projects British land will consolidate its position in the markets here.

In London, British Land has significant investments with Grade A office spaces. Properties located at 201 Bishopsgate and Broadgate Tower are part of the company’s portfolio. About £1.355b of the group’s portfolio is set aside for London City office spaces which bring in net rents of approximately £85m. Occupancy rates in these office spaces are steady at about 81.2%.