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LONDON-Development Securities has expressed “cautious optimism” for the second phase of the regeneration of Paddington Basin despite the downturn in the London office market.

The first phase is almost fully let and detailed planning applications for the next 800,000 square feet of offices have been submitted to Westminster City Council. Construction is expected to begin in the middle of next year.

Development Securities also reported an 8.5% rise in net asset value per share to 434p and pre-tax profits were up 44% to £6.5 million ($10 million).

The company has a development pipeline of 3 million sq ft including the 50-acre Royals Business Park in the eastern part of the Docklands funded by Standard Life.

Chairman Hugh Jenkins said: “The company has made excellent progress, notwithstanding the uncertainty in some of the markets in which we operate. We have operated a risk-averse strategy for the best part of a decade, with the majority of our development projects forward funded with institutional partners.”

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