CLS hits record high on London property boomComments Off on CLS hits record high on London property boom
The huge 15.8% valuation increase – mainly accounted for by London assets – more than trebled pre-tax profits to £194.9 million for 2014.
Executive chairman Sten Mortstedt said: “Although its forthcoming general election may cause some temporary political uncertainty, we expect the UK’s economy to continue to grow and the commercial property market to continue to perform well in 2015.”
Mortstedt also believes the London trends of rising rents and declining vacancies “will cascade into other parts of the country during the year”.
The firm’s London portfolio is around two-thirds let by rent to Government bodies and major companies, generating £87.5 million in rent.
CLS, which also owns property in Germany and France, has been active in Vauxhall building student accommodation and also has planning permission for its new Vauxhall Square scheme including flats, a four-star hotel, and restaurants.
It also won consent to convert and extend the Westminster Tower into riverside apartments overlooking the Houses of Parliament last year.