British Land decided yesterday to press ahead with the 736ft (225m) Leadenhall Building without a prelet in place. The Times. Daily Telegraph. Financial Times
Admitting the coming year would be 'challenging', chief executive Stephen Hester, is taking a £286m punt that the City market for office rentals has four years left to run.
Announcing a 13% rise in British Land’s underlying trading pretax profits to £257m, Hester said: 'Will 2011 be a great year? It is impossible to tell. There could be risks from supply. But the risks are always on our side in the long term . . . I’m not saying the market will be great in 2011, but our building will be the best available in that year. Our job is to know how to add value.'