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Steady Performance at Development Securities

LONDON-Office developer Development Securities saw NAV its rise just ahead of inflation in the year to June 2001. It reports good progress on its central London and business park schemes.

By Graham Parker | Updated on September 13, 2001

LONDON-Development Securities has seen its pre-tax profit rise by 50% to £4.5 million ($6.61 million) for the six months to 30 June 2001. And net asset value per share rose to 400 pence from 385 pence a year previously.

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.

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