St Mowden had returned to a healthy profit, indicating that the property investment market is recovering well.
Commercial development firm St Mowden confirmed that the UK
property investment market is improving, as it announced a return to profit.
A pre-tax profit of £26.7 million has been recorded by the group, which contrasts favourably with the loss of £98.3 million made last year.
"Since the turn of the year, real estate investor appetite has been gradually returning, resulting in a reversal of some of the significant negative valuations that we experienced during the downturn," the firm said in a statement.
Also rising have been enquiries regarding commercial development opportunities from other firms, indicating the market as a whole is beginning to work its way out of recession.
The company is buying land again as a result of this upturn and has paid £36 million to secure 167 acres of real estate viable for commercial development, including up to one million sq ft of office and industrial buildings.
One of the UK's largest commercial development firms, British Land, recently announced they would be switching their attention from the City of London to the West End in search of opportunities.
Posted by Tess Nelson.
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