Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Minerva has dropped plans to build what would have been the tallest office building in London. The firm states that the project was too big for a company of its size. Planning permission was granted in April 2004 to build a 50-story structure totaling one million sf.

“For a company the size of Minerva to deliver a building of this size speculatively into the market is, if you excuse the pun, a very tall order,” group development director Tim Garnham says. The firm says the site would instead be developed into a 14-story building of around 530,000 sf of offices and retail. The scaled down project could also completed in a shorter time frame.

Officials of the company, hit by the bankruptcy of department store chain Allders (of which it was a joint owner), also said its net asset value per share was 311.5 pence per share at the end of June, down from 314.9 pence a year earlier. “We have had a very busy 12 months,” chief executive Salmaan Hasan says. “The results are a marker saying this is a transition point and the company is confident that we will deliver upside in terms of value and profits.

“On new business, we are pleased with the progress we have made,” he continues. “We have achieved a level of new business that is beyond our expectations.”

Chairman Andrew Rosenfield, who is expected to be replaced by Oliver Whitehead at the group’s annual general meeting, said in March of last year that the group planned to reduce its borrowings dramatically, increase cash reserves and strengthen the board.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.