Privately-owned international property group the Grosvenor Group have reported that its revenue profit in Britain and Ireland more than doubled to £48.4 million in 2017.

According to the company, the result was mainly attributable to the trading profit from the Campden Hill development. Total return was 1.3% (2016: 0.3%), reflecting slightly negative valuation movements but higher revenue profit.

During the year, the business launched a 20 year vision to transform its London estate and help tackle the pressures facing the capital. It underlined its early commitment to the vision by, amongst other things, starting a substantial digital infrastructure upgrade across it. The business also submitted a planning application for one of London's largest build to rent developments. The proposed mixed-use neighbourhood in Bermondsey includes 1,350 new homes for rent, a new 600-place secondary school and over 20,000m² of new office space, retail, food, leisure and community uses.

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The increase in revenue is part of an overall rise, with the company reporting revenue profit of £143.5m in 2017, over 81% higher than the previous year, £79.2m in 2016.

Commenting on the Group's 2017 performance, Mark Preston, Chief Executive of Grosvenor Group, said: "Our financial performance in 2017 proved much more resilient than expected, leading to the achievement of our second highest revenue profit on record.

"The lack of correlation in the performance of our regional Operating Companies yet again demonstrated the benefits of operating as an internationally diversified property company, thanks, in particular, to Grosvenor Americas more than doubling 2016's revenue profit and strong results in our Indirect Investment business.

"We are resolutely committed to international diversification. Our plan is to deepen our activity in those cities in which we have developed a presence, which we believe will outperform financially, and which offer opportunities to improve properties and places to provide a positive impact on communities, neighbourhoods and cities."

(MH)