Westminster ratifies plans for 1 Page street (7552B)
April 20 2012 - 6:28AM
UK Regulatory
TIDMDLN
RNS Number : 7552B
Derwent London PLC
20 April 2012
20 April 2012
Derwent London plc ("Derwent London" / "the Group")
WESTMINSTER CITY COUNCIL RATIFIES DERWENT LONDON'S PLANS FOR 1
PAGE STREET IN VICTORIA
Derwent London is pleased to announce that Westminster City
Council has ratified the amendment to the existing planning consent
for the refurbishment and extension of 1 Page Street SW1. The Group
announced in February 2012 that it had pre-let the entire proposed
127,000 sq ft (11,800m(2) ) building to Burberry, the iconic
British luxury fashion brand subject to receiving this
amendment.
The scheme will increase the floor area by 8% whilst the
existing glazed exterior will be replaced with an elegant masonry
facade. Completion is estimated for mid 2013 and capital
expenditure to complete the refurbishment is forecast at
GBP30m.
Burberry has an established presence in the area with its global
headquarters located at Horseferry House, owned by Derwent London,
immediately opposite Page Street.
For further information please contact:
Derwent London 020 7659 3000
John Burns, Chief Executive Officer
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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