Songbird announce Canary Wharf based profits

canary wharf

canary wharf

Songbirds Estates, who own the majority of Canary Wharf, have reported a big rise in profits in their annual reports.

The company saw a 39% increase on the £334.6million profit made in 2009, as 2010 profits rose to £463.6million.

The rise was largely attributed to JP Morgan taking over the old Lehman Brothers building, as well as an increase in new tenants, which helped boost retail rents.

The company portfolio’s market value as of 31st December stood at £4.6billion, almost 10% up on the previous year.

“The group had a very positive 2010 and will be looking to continue development at Canary Wharf in 2011,” said Songbird’s chairman David Pritchard.

The company had written off £50million in 2010 after Lehman Brothers administrators stopped paying rent on the Bank Street offices they had bought, but the companies control over half of canary wharf helped profits rise.

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