LandSec slows down schemes as high costs hit

Landsec is slowing down work on two major London commercial schemes as the economy continues to falter.
The developer said it will only commit to early works worth £55m on Timber Square in SE1 and the refurbishment of Portland House in SW1 which have a combined total development cost of £780m.
Landsec bosses believe the rise in construction and finance costs could see new development starts drop by between 30% and 90% over the next 12 months.They added: “As such, we think this