Further evidence of the rude health of the UK property market was provided by Development Securities (DSC), which posted record profits for the year to February. The main contributor was a £45.7m development and trading gain, which helped boost adjusted net asset value by 8 per cent to 284p.
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Notable milestones included a £4.4m gain on the group's main legacy asset in Edgware Road, London, and £6.7m from the now fully let office development in Hammersmith Grove. The group also broadened its current portfolio of projects through the acquisition of specialist regeneration developer Cathedral last May. This resulted in a further £10.2m gain from the partial disposal of Cathedral's residential development in Greenwich.