The company currently has one million sf of central London and business park offices under construction with an estimated completed investment value of £400 million ($588 million). There is another three million sf in the development pipeline. Key to Development Securities' performance is its 1.7 million sf PaddingtonCentral development in the West End, where a planning application for the second phase will be submitted shortly.

And last month Development Securities signed a long term development agreement with the London Development Agency to develop the 50 acre Royals Business Park in London's Docklands. The site has outline planning consent for 1.6 million sf of office space and a detailed application for an initial 250,000 sf has been submitted.

Chairman Hugh Jenkins said: 'Despite uncertainty in the market, we have been able to act with sufficient speed and flexibility to take advantage of opportunities that have arisen. We remain cautiously optimistic about the future.'