Development pipeline
- 2010
One New Change, EC4
Landmark mixed-use development in an extraordinary location adjacent to St Paul’s.
- 2012
Park House, W1
Offices, apartments and retail over an entire block on Oxford Street.
- 2013
62 Buckingham Gate, SW1
Formerly Selborne House, will provide new offices, shops and restaurants in the heart of Victoria.
- 2014
20 Fenchurch Street, EC3
Rafael Viñoly-designed 509ft tall City tower incorporating premier offices, retail, café and public Sky Garden.
Table 43: London development pipeline at 31 March 2010
| Property | Descrip- tion of use |
Owner- ship Interest % |
Size sq m |
Planning status |
Letting status % |
Net income/ ERV £m |
Estimated/ actual comple- tion date |
Total develop- ment costs to date £m |
Forecast total develop- ment cost £m |
| Developments, let and transferred or sold |
|||||||||
| New Street Square, EC4 | Office | 100 | 62,340 | 100 | 32 | May 2008 | 377 | 377 | |
| Retail | 2,980 | 90 | |||||||
| Developments completed | |||||||||
| Dashwood House, EC2 | Office | 100 | 14,110 | 75 | 7 | Oct 2008 | 113 | 113 | |
| Retail | 710 | 100 | |||||||
| 30 Eastbourne Terrace, W2 | Office | 100 | 4,470 | 38 | 2 | May 2009 | 32 | 32 | |
| Developments approved and in progress |
|||||||||
| One New Change, EC4 | Office | 100 | 30,840 | 38 | 28 | Oct 2010 | 409 | 540 | |
| Retail | 19,900 | 61 | |||||||
| Wellington House, SW1 | Retail | 100 | 240 | – | – | Jul 2012 | 23 | 55 | |
| Residential | 5,540 | ||||||||
| Park House, W1 | Office | 100 | 15,140 | – | 24 | Nov 2012 | 217 | 412 | |
| Retail | 8,140 | ||||||||
| Residential | 5,380 | ||||||||
| 62 Buckingham Gate, SW1 | |||||||||
| (formerly Selborne House) | Office | 100 | 23,450 | – | 17 | Apr 2013 | 49 | 182 | |
| Retail | 1,540 | ||||||||
| Proposed developments | |||||||||
| 20 Fenchurch Street, EC3 | Office | 100 | 61,660 | PR | n/a | n/a | 2014 | n/a | n/a |
| Retail | 2,130 | ||||||||
| Arundel Great Court and | |||||||||
| Howard Hotel, WC2 | Office | 100 | 36,750 | PR | n/a | n/a | 2015 | n/a | n/a |
| Retail | 2,470 | ||||||||
| Residential | 22,670 |
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 2010. Trading property development schemes are excluded from the development pipeline. Cost figures for proposed schemes are not given as these could still be subject to material change prior to final approval.
Planning status for proposed developments
PR – Planning Received
Total development cost (£m)
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. The figures for total development costs include expenditure on the residential elements of Wellington House (£55m) and Park House (£101m).
Net income/ERV
Net income/ERV represents headline annual rent payable on let units plus ERV at 31 March 2010 on unlet units.
