PLANNING PERMISSION SECURED (7549B)
April 20 2012 - 6:27AM
UK Regulatory
TIDMDLN
RNS Number : 7549B
Derwent London PLC
20 April 2012
20 April 2012
Derwent London plc ("Derwent London" / "the Group")
PLANNING PERMISSION SECURED FOR MAJOR MIXED-USE SCHEME AT 1
OXFORD STREET
Derwent London, in collaboration with Crossrail Limited, is
pleased to announce that Westminster City Council has passed a
resolution to grant permission for a mixed-use scheme at 1 Oxford
Street, London W1. The scheme, with a total net lettable area of
275,000 sq ft (25,500m(2) ), will be built above the Tottenham
Court Road Crossrail and London Underground Station. It is Derwent
London's intention to exercise its option to reacquire the site
which was compulsorily purchased by Crossrail in 2009, following
the completion of the upgrade works, expected to be in 2017.
Working with architects Allford Hall Monaghan Morris, the plans
are for two striking buildings overlooking an attractive new public
square that links Charing Cross Road to Soho Square. The larger
building stands on the corner of Oxford Street and Charing Cross
Road and incorporates the station entrance, along with 37,000 sq ft
(3,400m(2) ) of retail space and 177,000 sq ft (16,400m(2) ) of
offices over eight floors above. Complementing this, to the south
is a self-contained 34,000 sq ft (3,200m(2) ) 350-seat theatre,
with 27,000 sq ft (2,500m(2) ) of offices above. The theatre has
been designed in collaboration with Nimax Theatres, a leading
London operator, and offers a highly versatile performance
space.
John Burns, Chief Executive of Derwent London, commented:
"We are delighted that Westminster City Council has approved
this important scheme. It will help in the much needed
revitalisation of the eastern end of Oxford Street which is
essential for the long-term growth of the West End. The Derwent
London development will provide high quality office and retail
space, together with a new theatre and public realm which promise
to become a significant landmark. With its very close proximity to
the interchange at Tottenham Court Road, this is another prominent
development that will benefit from the arrival of Crossrail."
-ends-
For further information please contact:
Derwent London 020 7659 3000
John Burns, Chief Executive Officer
Paul Williams, Executive Director
Louise Rich, Head of Investor Relations
Brunswick Group
Elizabeth Adams 020 7404 5959
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 31 December 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 (501,000m(2)
), as at 31 December 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 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 fifth overall in the 2011 Management Today
awards for 'Britain's Most Admired Companies' and has also recently
won the Estates Gazette Property Company of the Year - Offices
award. In 2011, Angel Building was shortlisted for the RIBA
Stirling Prize following its RIBA London 2011 award and has also
won numerous accolades from organisations such as the British
Council for Offices, the British Construction Industry and New
London Architecture. The Maple & Fitzroy development in
Fitzrovia W1, which completed in September 2010, also won a 2011
RIBA London and New London Architecture award.
For further information see www.derwentlondon.com
This information is provided by RNS
The company news service from the London Stock Exchange
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