Sometimes it makes business sense to join forces with other property investors; so that we can manage the urban environment more efficiently and drive above average returns from our joint ownerships.
20 Fenchurch Street Limited Partnership
A 50:50 joint venture between Land Securities and Canary Wharf Group, which was set up in October 2010 to develop 20 Fenchurch Street, EC3. Land Securities and Canary Wharf Group are joint Development Managers, Canary Wharf Group is Construction Manager, and Land Securities has taken the lead on leasing. Construction of the building completed in August 2014 and the development is 90% let. 20 Fenchurch Street provides 687,000 sq ft of world class office and retail space in floor plate sizes of 14,000 sq ft to 28,000 sq ft with a skygarden, scheduled to open in January 2015, on the top three floors.
We operate two 50:50 joint ventures with J Sainsbury, The Harvest Limited Partnership and Harvest Two Limited Partnership. In November 2014 The Harvest Limited Partnership sold the Maltings, Salisbury for £24.8m.
Metro Shopping Fund Limited
A joint partnership with Delancey which has been running since June 2004. Combining a selection of shopping centre assets valued at more than £250m. The properties are all located outside Central London and include Shopstop at Clapham Junction. The largest asset is Southside, Wandsworth which was purchased by the partnership in 2005. Some of the assets have valuable development angles which the partnership will explore at the appropriate time.
A joint venture with Frogmore Real Estate Partners. Set up in 2007, the Partnership owns two large and very prominent consolidated holdings on the north west corner of the junction of Oxford Street and Tottenham Court Road. The partnership is one of the dominant owners in this section of the east end of Oxford Street, immediately opposite Tottenham Court Road underground station. The holdings are from a variety of dates, and the site was assembled mainly in the 1990s by Land Securities with a view to longer term development. In September 2012, Primark opened their new flagship store on the corner of Oxford Street and Tottenham Court Road and goog progress is being made on Phase II of the development which will see the delivery of an additional 70,000 sq ft of retail and residential space.
St David’s Partnership
As substantial landowners in Cardiff city centre, Land Securities and Intu Properties plc (formerly Capital Shopping Centres) began exploring retail development opportunities in partnership to maximise Cardiff's many commercial, cultural and civic amenities. In 2004, The 'St David's Partnership' received detailed planning approval to deliver a 1 million sq ft mixed-use scheme, one of the largest retail led developments in the UK. St David's 2, which is anchored by John Lewis, includes new shops, cafes and restaurants and 304 residential units. Set around streets, arcades and squares breathing new life and vibrancy into Cardiff, the Centre opened on 22 October 2009 reinforcing Cardiff as a major national and international capital city.
The Victoria Circle Limited Partnership - a 50:50 joint venture to own and develop Nova, Victoria, SW1 - was formed between Land Securities and Canada Pension Plan Investment Board in February 2012. The partnership will take to completion the development of five new buildings occupying the island site opposite Victoria Station. Land Securities and Canada Pension Plan Investment Board have also formed the Nova Residential Limited Partnership which is delivering exceptional residential schemes in the area.
Westgate Oxford Alliance Limited Partnership
A 50:50 joint venture with The Crown Estate Commissioners. In November 2014, Oxford City Council approved the Alliance's plans for a £500m major redevelopment of the Westgate Centre and adjacent land.
The Ebbsfleet Limited Partnership
A 50:50 joint venture with Lafarge Cement.
Millshaw Property Co. Limited
A 50:50 joint venture with Evans Property Group.
Countryside Land Securities (Springhead) Limited
A 50:50 joint venture with Countryside Properties.
West India Quay Unit Trust
A 50:50 joint venture with Schroder Exempt Property Unit Trust.