Land Sec says no more London development until 2012

Land Securities, who sold their Trillium arm last week, announced in their third quarter interim statement that there would be no new starts in London until 2012, which has implications for their role in the part-redevelopment of the Kodak Factory.

The developer confirmed it would not look to start on site with any new projects in London until 2012, and said the majority of its building programme in the capital was completed by the end of last year. It said this was "in line with our anticipation of a slowdown in the London office market in around 2009".

What this means for the Kodak site in Harrow, on which Land Sec signed a partnership with the photographic company in January of last year, is not explicitly commented on, but it seems development of the site is now a distance away.

Commenting on the third quarter, Francis Salway, Group Chief Executive of Land Securities said: "Commercial property has gone through an unprecedented period of re-adjustment. The speed of valuation decline allied to rising insolvency rates mean the sector is facing one of the most challenging periods in generations. Our objective continues to be to navigate a prudent line through the current volatilities by concentrating on the management of our balance sheet and the leasing up of our developments."

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