Minerva profits dip to £5.26m

Minerva has reported a fall in half-year pre-tax profits from £45.6m to £5.25m. Net Asset Value climbed from 131.8p to 140p in the period to the end of December. The company said progress continued on its landmark properties and developments in London. It had received renewed interest from prospective tenants since the start of 2011 for the Walbrook Building in the City of London. Practical completion was achieved on The St Botolph Building during the period. Minerva said it was confident the remaining unlet space could be let on attractive terms.

Good progress continued on construction at Lancaster Gate, which was on schedule for completion in late summer, with pre-sales to date totalling £260m, representing 59 percent of the available space and 60 percent of available units.

Planning permission was granted in November for its scheme on Buckhold Road, Wandsworth, comprising residential and mixed-use accommodation including 207 apartments and a revised planning application for the Ram Brewery site is scheduled to be submitted by the summer. Talks with an unidentified third party that “may or may not lead to an offer” were continuing, Minerva said.