Table 53 – London development pipeline at 31 March 2011
costs to date
|Developments after practical completion|
|One New Change, EC4||Office||100||31,740||73%||459||27.4||Oct 2010||542||542|
|Developments approved or in progress|
|110 Cannon Street, EC4||Office||100||6,660||–||32||3.9||Mar 2012||27||45|
|123 Victoria Street, SW1*||Office||100||18,490||–||109||13.4||Jun 2012||97||158|
|62 Buckingham Gate, SW1||Office||100||23,450||–||97||17.2||Apr 2013||70||181|
|30 Old Bailey and||Office||100||32,100||AS||–||n/a||n/a||2013||n/a||n/a|
|60 Ludgate Hill, EC4
|20 Fenchurch Street, EC3||Office||50||63,240||PR||–||n/a||n/a||2014||n/a||n/a|
*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|
|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|
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 represents net headline annual rent on let units plus ERV at 31 March 2011 on unlet units.