Land Securities to start work on three West End schemes in 2010

Property giant Land Securities has said it is to start work on developing three major London West End schemes in 2010.

The firm, in half-year results this morning, confirmed it had been out to the market to find builders for the three schemes, Park House, Selbourne House and Wellington House, as reported by Building in July.

Together the developments will deliver 60,000m2 of office, retail and residential accommodation, and are thought to have contract values of £100m, £100m and £40m respectively.

In its statement Land Securities said: “With a belief that West End offices will deliver strong rental growth in the recovery phase, construction tender returns have been sought on 60,000m2 of office, retail and residential development opportunities in the West End. The schemes … can be started in 2010 for delivery into improving occupier markets in 2012 and 2013.”

The half-year results revealed a loss of £4.6m, compared to a loss of £1.6bn six months earlier as property values have stabilised.

Chief executive Francis Salway said: "We are confident that from the low point in July 2009 property values will rise over the next five years with the profile characterised by ripples rather than pure straight-line growth as residual risks and imbalances in financial markets play out. We are prepared to be patient for the best opportunities and we will not rush our investment programme.”