NEWS RELEASES 2007
Tilfen Land Records Eighth Consecutive Year of Growth
Nov 28, 2007
Thames Gateway property developer and investor Tilfen Land has recorded its eighth consecutive year of growth.
The company’s annual report – which covers the year to March 31, 2007 – is published today (November 28) and records the following:
• net asset value standing at £131.2 million (up from £120.6 million in 2006)
• an investment portfolio that has increased from £96.5 million to £114.1 million
• income from property investments standing at £6.3 million (up from £5.4 million the previous year)
• a net profit before tax of £10.3 million
• shareholder returns for the year of 11.75 per cent
Commenting on the impressive performance, Tilfen Land chairman William McKee CBE says: “In a geographical area with historically low land values and that is set to benefit from large-scale regeneration and significant infrastructure improvements, Tilfen Land is well placed to deliver continued growth.“
Tilfen Land boasts a development portfolio of 109 acres of land across the London boroughs of Bexley and Greenwich, with outline consent for 1.68 million sq ft of commercial space and over 2000 new residential units.
The company’s three largest schemes were all progressed during the year under review and collectively demonstrate significant investment and the creation of both jobs and new homes in a key part of south London:
Tamesis Point comprises 47 acres of net developable land (NDA) with outline consent for 2000 residential units along a mile of the Thames in Greenwich.
White Hart Triangle – a joint venture with Greenwich Council and the London Development Agency – has outline consent for one million sq ft of B1, B2 and B8 accommodation across 49.2 NDA.
Veridion Park covers 31 NDA with outline planning consent for 680,000 sq ft of office, light industrial and warehousing.
Nigel Houston, Tilfen Land’s chief executive officer, says: “The company has a strong balance sheet, a net cash surplus and investment income in excess of £6 million. It also has experience in the regeneration of brownfield sites and established contacts with the key agencies representing the Thames Gateway. As such, we are in a strong position to drive the business forward and take advantage of purchasing opportunities arising from the current market correction.“
Ends
Press enquiries to David Leck at Tilfen Land on 01322 528580/07710 326256.
Notes to Editors
1. The Tilfen Land Annual Report 2007 can be downloaded by visiting www.tilfenland.co.uk and visiting the publications section of the press area. Alternatively, to request a hard copy call David Leck on 01322 528580/07710 326256.
2. For images of William McKee, Nigel Houston, or the flagship Tilfen Land developments call David Leck on 01322 528580/07710 326256.
3. For further information on the company visit: www.tilfenland.co.uk
