We’re in for the long haul; to us it’s not about selling out in 5 years – but about being around in 30. It’s also about maintaining tactically sensible debt/value ratios so as to adequately protect ourselves from what is a classically cyclical industry. However, perhaps most importantly, it’s about retaining sufficient cash to ensure that we are always capable of bidding aggressively – and often unconditionally – when circumstances require it. In short, it’s about maintaining a proper balance.

Now with the help of an established portfolio with strong income flow and some first class tenants, we have the financial ‘firepower’ to potentially take on much larger projects. That said, and because we have no outside shareholders, we remain as committed as ever to buying small lot sizes – we simply see no reason not to.