"Demand is still out there in bucket loads," insisted St Modwen Properties (SMP) chief executive Bill Oliver, who retires in November. Small wonder then that the property developer delivered record profits in the reported period.
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Figures were boosted by the inclusion for the first time on the balance sheet of the 10-acre Nine Elms Square site, which includes the New Covent Garden Market. Work on building a new market is already under way, and the group is currently exploring its options on whether to sell the remaining area when it becomes vacant early next year, or to develop itself or through a joint venture. Inclusion of the site lifted net asset value by £127m.