Canary Wharf property owner Songbird Estates' profits soar
SONGBIRD ESTATES, the majority owner of Canary Wharf, revealed sparkling profits yesterday as it gets set to build its first-ever residential development, the Diamond Tower.
Profits in the year to December 31 rose to more than £1billion from £201.5million in 2012 with the value of its property portfolio up 14.9 per cent to over £6.5billion. Shares were up 27½p to 221½p.
Chairman David Pritchard said the economic revival was driving rising demand from businesses wanting to rent office space in London’s Docklands.
“We were known as a banking enclave but now there is more of a mix with many high-growth start-up businesses taking space,” he said.
We were known as a banking enclave but now there is more of a mix with many high-growth start-up businesses taking space
Footfall at its shopping centres had also surged. New retailers included Banana Republic.
It is also moving ahead with its first exclusively residential development, a 58-storey building dubbed the Diamond Tower for its distinctive design. It will boast 566 apartments, a health club and a spa.
“There will be one million more people in London by 2020 and the capital needs to build thousands of new properties,” said Pritchard.