Commercial Finance Specialists

Landlord Songbird Estates is planning to invest in the capital's financial centre in the months to come.

Songbird Estates, the majority owner of Canary Wharf, is encouraging property investment professionals to put their trust in the City of London's recovery after announcing that it will be buying developments there.

The company's latest financial results show a 10.7 per cent upturn in rental income, suggesting that fears regarding a possible exodus of the office market due to higher taxes and increased regulation may be unfounded.

Chief executive George Iacobescu said that Songbird Estates is to investigate other commercial developments in the city, after recently letting Drapers Gardens to BlackRock.

"Canary Wharf Group is well-placed to meet the future anticipated demand for good quality large floor plates with readily available high specification space and adequate financial resources to undertake projects both on the estate and elsewhere in London," chairman David Pritchard commented.

Office rents in the City of London jumped by nearly 12 per cent at the end of last year, according to NB Real Estate, which may interest those seeking commercial mortgages.

Posted by Allan Flowers.