• 2012 110 Cannon Street, EC4

Having moved our tenant K&L Gates into One New Change, EC4, we are now carrying out a major refurbishment programme. Planning consent was obtained during the year and we are on schedule to deliver 6,810m2 of high-quality office space in March 2012.

  • 2012 123 Victoria Street, SW1

This development will provide 21,110m2 of office and retail space. We secured planning permission during the year and work started on site. The development is scheduled for completion in June 2012, when we expect to see supply-constrained conditions in the West End.

  • 201362 Buckingham Gate, SW1

Part of our long-term regeneration of the Victoria area, this visually striking development will provide 23,450m2 of office space, together with shops and restaurants at street level. Construction work is progressing and the scheme is on schedule for delivery in spring 2013.

  • 201330 Old Bailey and 60 Ludgate Hill, EC4

We have submitted a planning application to develop 34,850m2 of office space within these neigh­bouring buildings in the City. The earliest potential start date for demolition on site is July 2011, which would enable us to deliver the completed buildings in December 2013.

  • 2014 20 Fenchurch Street, EC3

We have formed a joint venture with Canary Wharf Group to take forward this landmark, 37-storey, 63,800m2 tower development in the City. Work started on site in 2010 and we anticipate completion in the spring of 2014.

 
 

Table 53 – London development pipeline at 31 March 2011

Property Descrip-
tion
of use
Owner-
ship
Interest %
Size
m2
Planning
status
Letting
status %
Market
value
£m
Net income/
ERV
£m
Esti-
mated/
actual
comple-
tion
date
Total
develop-
ment
costs to date
£m
Forecast total
develop-
ment
cost
£m
Developments after practical completion









One New Change, EC4 Office 100 31,740
73% 459 27.4 Oct 2010 542 542

Retail
20,630
100%




Developments approved or in progress









110 Cannon Street, EC4 Office 100 6,660
32 3.9 Mar 2012 27 45

Retail
150





123 Victoria Street, SW1* Office 100 18,490
109 13.4 Jun 2012 97 158
Retail
2,620
100%




62 Buckingham Gate, SW1 Office 100 23,450
97 17.2 Apr 2013 70 181
Retail
1,540





Proposed developments









30 Old Bailey and Office 100 32,100 AS n/a n/a 2013 n/a n/a
60 Ludgate Hill, EC4
Retail
2,750






20 Fenchurch Street, EC3 Office 50 63,240 PR n/a n/a 2014 n/a n/a
Retail
1,280






*Office refurbishment only, however, figures provided are for the property as a whole including the retail element.


Developments let and transferred or sold
Dashwood House, EC2 Office 100 14,110
100% 116 6.6 Oct 2008 112 112
Retail
710
100%




30 Eastbourne Terrace, W2 Office 100 4,470
100% 28 1.8 May 2009 31 31
Park House, W1 Office sold 15,140
n/a n/a n/a n/a n/a n/a
Retail
8,140







Residential
5,380






Floor areas shown above represent the full scheme whereas the cost represents our share of costs. Letting % is measured by ERV and shows letting status at 31 March 2011. Trading property development schemes (e.g. Wellington House, SW1) are excluded from the development pipeline.

Planning status for proposed developments
AS – Application submitted
PR – Planning received

Total development cost
Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with capitalised interest, being the Group's borrowing costs associated with direct expenditure on the property under development. Interest is also capitalised on the purchase cost of land or property where it is acquired specifically for redevelopment. Of the properties in the development pipeline at 31 March 2011, the only property on which interest was capitalised on the land cost was One New Change, EC4.

Net income/ERV
Net income/ERV represents net headline annual rent on let units plus ERV at 31 March 2011 on unlet units.

Back to top