UK’s largest developer plans for upturn
An announcement this week by Francis Salway, Chief Executive of the UK’s largest developer, Land Securities gave hope to architects that the finance log jam may be easing. The company has built up a considerable “war chest” funded by a recent £756m GBP rights issue and the sale of £520m of property in the last few months. Outlining start plans for two major London developments next year, Shelbourne House on Victoria Street and Park House on Oxford Street, Salway explained, “With a strengthened balance sheet we are now assessing opportunities for investment. We maintain our view that patience is a virtue and that opportunities will arise over years not just months,” Park house will be the biggest development in Oxford Street in more than 40 years and the largest office development in London’s Mayfair district for a decade.