Minerva, a commercial property developer based in London has finally returned to profitability.
The firm had recorded losses of £187 million last year, but have just reported H1 profits of almost £46 million. The key to this return to success is the thriving London office space and commercial property market. Their current property portfolio is now worth almost £1 billion, when it had previously fallen by 27% in the last 12 months.
They have recently finished the Walbrook scheme in the centre of London, containing a mixture of retail and office space. The 445,000 sq ft site is located close to Bank and Cannon Street stations and they are currently seeking a tenant for 410,000 sq ft of office space at the site.
Chief executive of Minerva, Salmaan Hasan feels highly confident about the prospects both for the Walbrook scheme and the general progress of the company, The high demand for office space in London is really driving the market, which in turn will help fill empty space and provide income to create new developments.