Planning permission received (5572O)
September 20 2011 - 4:29AM
UK Regulatory
TIDMDLN
RNS Number : 5572O
Derwent London PLC
20 September 2011
20 September 2011
Derwent London plc ("Derwent London" / "the Group")
MAYOR OF LONDON APPROVES MAJOR FITZROVIA REGENERATION
PROJECT
Derwent London is pleased to announce that it has been granted
planning permission by the Mayor of London for a major mixed use
development at 80 Charlotte Street, Fitzrovia W1. The 367,000 sq ft
(34,100m(2) ) redevelopment will include 336,000 sq ft (31,200m(2))
of office, residential and retail space at 80 Charlotte Street and
31,000 sq ft (2,900m(2)) of residential at nearby 65 Whitfield
Street and 1-8 Whitfield Place. In addition, a new public realm
park will be created whilst retail units will enhance the ground
floor frontage and identity.
The new scheme has been designed by leading architects Make and
will be part refurbishment and part new build with a substantial
proportion of the existing structures retained thereby cutting
waste and carbon emissions whilst reducing the construction
period.
80 Charlotte Street is an island site of 1.4 acres that is
located in the heart of Fitzrovia. It currently comprises 200,000
sq ft (18,600m(2) ) of out-dated offices which are let to Saatchi
& Saatchi until March 2013. The new scheme, with anticipated
capital expenditure of circa GBP125 million, is expected to be
delivered towards the end of 2015 and will be a major step in the
wider regeneration of the area where the Group's holdings total
over 1.5 million sq ft.
John Burns, Chief Executive at Derwent London, commented:
"We are pleased that our 80 Charlotte Street planning
application has been approved by the Mayor of London. This is a
significant scheme for the Group and gives us the opportunity to
transform the existing buildings into high quality offices that
will form an exciting new office hub in keeping with the Derwent
brand. The park and ground floor retail space will create new life
and character to the streets of Fitzrovia and the new residential
units, that include affordable housing, will provide a high quality
living environment. We look forward to starting on site in
2013."
Notes to editors
Derwent London plc
Derwent London plc is the largest central London focused REIT
with an investment portfolio of GBP2.6bn as at 30 June 2011. The
Group is one of London's most innovative office specialist property
regenerators and investors and is well known for its design-led
philosophy and creative management approach to development.
Derwent London's core strategy is to acquire and own a portfolio
of central London property that has reversionary rents and
significant opportunities to enhance and extract value through
refurbishment, regeneration and redevelopment. The Group owns and
manages an investment portfolio of 5.4 million sq ft (505,000m(2)
), as at 30 June 2011, of which 96% is located in central London,
with a specific focus on the West End and the areas bordering the
City of London. Landmark schemes by Derwent London include the
Angel Building EC1, Arup Phases II & III W1, Qube W1,
Horseferry House SW1, Johnson Building EC1, Davidson Building WC2
and Tea Building E1.
Derwent London came first in the property sector in the 2010
awards for 'Britain's Most Admired Companies'. This year, the Angel
Building has been shortlisted for the RIBA Stirling Prize following
its RIBA London 2011 award and has also won accolades from the
British Council for Offices and New London Architecture. The recent
Maple & Fitzroy development in Fitzrovia W1 also won a 2011
RIBA London and New London Architecture award.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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