Derwent London PLC Crossrail hands over major West End site (0554C)
January 17 2018 - 5:00AM
UK Regulatory
TIDMDLN
RNS Number : 0554C
Derwent London PLC
17 January 2018
17 January 2018
Derwent London plc ("Derwent London" / "the Group")
CROSSRAIL HANDS OVER MAJOR WEST END SITE TO DERWENT LONDON
Derwent London is pleased to announce that Crossrail has
completed the base infrastructure works at Soho Place W1 and handed
over the site to the Group. It is the first Crossrail site to be
delivered to a developer, and this has been achieved almost a year
before the Elizabeth line is due to open. There is planning for a
285,000 sq ft project over Tottenham Court Road station comprising
209,000 sq ft of offices, 36,000 sq ft of retail and a 40,000 sq ft
theatre. Derwent London will now start enabling works with the
intention of appointing a main contractor later in 2018.
John Burns, Chief Executive Officer of Derwent London, said:
"The Elizabeth line will transform London and we are delighted
that Derwent London, working alongside Crossrail, will be
responsible for developing one of its most important sites at the
eastern end of Oxford Street. The scheme will create a vibrant mix
of office, retail and theatre use over what is expected to be one
of its busiest central London stations and in a fast improving
location at the heart of central London."
Ian Lindsay, Crossrail Land & Property Director,
commented:
"This is the first Crossrail site to be handed over for full
construction of the development above. Tottenham Court Road is our
flagship development with Derwent London and our highest value
commercial site. The creation of new retail and commercial space
including the first new West End theatre in a generation, will not
only support the continued regeneration of Oxford Street but will
help shape the future of this historic area in central London."
- ends -
Enquiries:
Derwent London John Burns, Chief Executive
Tel: +44 (0)20 7659 Officer
3000 Paul Williams, Property
Director
Quentin Freeman, Head of
Investor Relations
Brunswick Group LLP Nina Coad
(for Derwent London) Emily Trapnell
Tel: +44 (0)20 7404
5959
Crossrail Press Office
Tel: +44 (0)20 3229
9552
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
White Collar Factory EC1, Angel Building EC1, The Buckley Building
EC1, 1-2 Stephen Street W1, Horseferry House SW1 and Tea Building
E1.
In 2017 the Group won awards for 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 56 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
About Crossrail
The Elizabeth line will pass through 41 stations from Reading
and Heathrow in the west, through new twin-bore 21 km tunnels to
Shenfield and Abbey Wood in the east. The Transport for London
(TfL) run railway will be named the Elizabeth line when services
through central London open in December 2018. The Crossrail project
is being delivered by Crossrail Limited, a wholly owned subsidiary
of TfL, and is jointly sponsored by the Department for Transport
and TfL.
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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