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Derwent profits soar by 22%

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Developer Derwent London says it is set to deliver more than 93,000m² of developments between 2016 and 2019 after announcing an increase in profits of 22 per cent

In its interim results for the first half of the year, the company said profits after tax were £39 million, compared to £32 million for the first six months of last year.

It said that the capital’s commercial property market continued to see strong occupier and investment demand and business confidence, despite the uncertainty surrounding the general election.

Chairman Robert Rayne said: ‘We believe that 2015 will continue to be a very good year for Derwent London based on strong occupational demand, the quality of our product, our clear-cut strategy and our effective financing.’

According to the statement, the group’s property portfolio doubled from £2.3 billion to £4.6 billion compared to the first half of last year.

Derwent said it has made ‘substantial progress’ on its development programme.

In July, it finished work on 40 Chancery Lane, a 9,460m² office scheme designed by Bennetts Associates.

It has also begun work at the Copyright Building in W1, which will see the replacement of an early building by Seifert & Partners with a 9,755m² mixed use scheme by Piercy & Co.

Work on the White Collar Factory, a mixed use scheme on the Old Street roundabout by AHMM is expected to be finished next year, it said.

The company added that in the next year it intended to start work on a mixed use scheme by Make at 80 Charlotte Street, W1 and the Brunel Building in Paddington – a 22,300m² office building by Fletcher Priest.

The firm said it has also bought two sites in the east London ‘Tech Belt’ – 20 Farringdon Road, EC1 and Aldgate Union, E1, schemes on which architects have yet to be appointed.

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