Property group in final negotiations over planning for 36-storey City skyscraper.
British Land, the UK’s second biggest property group hopes to finalise planning permission for its 36-storey Broadgate Tower today, the deadline for approval after the City Corporation resolved to grant permission earlier this year. It may sign an agreement to provide certain improvements to the local community in order to secure permission to build the 161m-high tower on Bishopgate.
Announcing interim results today, British Land said it is “in a confident mood overall” after recording a 42% increase in pre-tax profit, rising to £102m for the six months to 30 September. Net rental income over the same period was up 30% to £351m, with the total value of its assets up 11.3%.
It said in a statement: “As we have been predicting, property investment market conditions remain strong ... as always, sectoral conditions vary with London office markets in particular showing good recovery prospects.”
In the last six months the group has disposed of some £800m of assets. Its market value currently stands at approximately £5.3bn.
