But profit drops almost two thirds

Developer Helical Bar has notched up a 5.3% increase in the value of its London property portfolio despite a trio of its rivals suffering a valuation hit after the EU referendum.

In interim results for the six months to September, the firm said the portfolio was now worth 拢651m, up from 拢593m in March.

Despite this, pre-tax profit fell almost two thirds (64%) to 拢31m for the six month period, down from 拢86m the previous year. Last year鈥檚 result was buoyed by the sale of two large schemes for more than 拢120m.

Three of Helical Bar鈥檚 competitors - British Land, Land Securities and Great Portland Estates - have all posted losses in recent weeks in part due to a drop in asset values post-Brexit vote.

Gerald Kaye, chief executive at Helical Bar, struck an optimistic note on the London commercial market: 鈥淟ooking ahead, the UK faces a continued period of uncertainty as it seeks its place in a post Brexit world.

鈥淗owever, I believe it will remain resilient and London will continue to be a World City attracting people, businesses and investors.鈥�

Helical Bar鈥檚 London development pipeline includes 拢250m mixed-use scheme The Bower on Old Street and the redevelopment of Barts Square. Outside of the capital the developer is planning to relocate Truro City Football Club in Cornwall to make way for a retail park scheme.

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