Derwent London PLC Derwent London Secures West End Planning Consents (1154X)
November 21 2017 - 7:30AM
UK Regulatory
TIDMDLN
RNS Number : 1154X
Derwent London PLC
21 November 2017
21 November 2017
Derwent London plc ("Derwent London" / "the Group")
DERWENT LONDON SECURES TWO WEST END PLANNING CONSENTS
Derwent London is pleased to announce that the City of
Westminster has resolved to grant planning permission on two
projects totalling 443,000 sq ft. The first is a major mixed-use
development at 19-35 Baker Street W1 and the second is for a
significant retail-led project at Holden House, Oxford Street
W1.
19-35 Baker Street W1 is held in a joint venture, in which
Derwent London has a 55% share, with The Portman Estate. This
scheme will comprise c.293,000 sq ft of net lettable space.
Holden House, 54-68 Oxford Street and 51-58 Rathbone Place W1
will comprise a 150,000 sq ft redevelopment behind a retained
façade. There is potential for a single flagship retail store or a
retail-led scheme with offices at the fast improving eastern end of
Oxford Street.
John Burns, Chief Executive Officer of Derwent London, said:
"Given the excellent progress we have seen with our on-site
projects this year we are delighted to receive resolutions to grant
consent for these two potential pipeline schemes. Delivery could be
phased into the early years of the next decade while, in the short
term, we will continue to benefit from the income on the existing
space."
- ends -
For further information, please contact:
Derwent London John Burns, Chief Executive
Tel +44 (0)20 7659 Officer
3000 Paul Williams, Director
Quentin Freeman, Head of
Investor Relations
Brunswick Group LLP Tim Danaher
Tel: +44 (0)20 7404 Emily Trapnell
5959
Notes to editors
Derwent London plc
Derwent London plc owns 89 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP4.8 billion
(including joint ventures) as at 30 June 2017, making it the
largest London-focused real estate investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
Landmark schemes in our 5.6 million sq ft portfolio include
Angel Building EC1, The Buckley Building EC1, White Collar Factory
EC1, 1-2 Stephen Street W1, Horseferry House SW1 and Tea Building
E1.
In 2017 the Group won Property Week Developer of the Year and EG
Offices Company of the Year and won further awards from the RIBA,
Civic Trust and BCO and is listed 12th in the Corporate Knights
Global 100 of the world's most sustainable companies. In 2013
Derwent London launched a voluntary Community Fund and has to date
supported 50 community projects in Fitzrovia and the Tech Belt.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The
address of its registered office is 25 Savile Row, London, W1S
2ER.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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