British Land suspends work on two large London development sites

Property developer British Land on Thursday said it has closed two huge London construction sites as concerns mounted over the amount of builders still working despite the coronavirus-induced lockdown.

The FTSE 100 firm said it has suspended work to “ensure the safety and wellbeing of those working on site”.

The move mirrors that of a number of housebuilders this week closing sites. Many people are worried about the numbers of workers, including construction staff, still using the Tube in London to get to jobs. The Government has said people working on sites must follow Public Health England guidance on social distancing, which firms think will be difficult to police.

British Land’s decision affects projects at 100 Liverpool Street and 1 Triton Square. The former is a 520,000 sq ft office-led development in the Square Mile, and the latter includes offices and shops near Euston.

Meanwhile, British Land also laid bare how Covid-19 is impacting the business in other ways. It has offered some retail and restaurant tenants rent holidays, which will lose British Land around £3 million in rent and service charges.

It has also agreed to defer a number of quarterly rent payments that were due yesterday.

British Land has temporarily suspended future dividend payments