London development pipeline

We have a strong momentum behind our developments which are being delivered into the right market conditions. We are securing good lettings and residential sales. These are either on site, with planning consent, or in design. We have made excellent progress on our development pipeline and increased our focus on the West End. Our work in Victoria, SW1 is set to transform the area into one of central London’s most desirable places to work, live, shop and invest.

Property Name
Description
Property Size
Value Range
1 & 2 New Ludgate, EC4
1NL

In June 2013 we committed to the speculative development of 1 & 2 New Ludgate, EC4 comprising two distinct buildings united by a new public piazza. Together they comprise 355,000 sq ft of office accommodation and 26,000 sq ft of restaurant and retail facilities.

Property Size381,000 sq ft
Value Range> £200m
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Principal Occupiers:

Mizuho, Ropes & Gray

Key Facts:
355,000 sq ft
Office Area
26,000 sq ft
Retail Area
100%
Ownership Interest
64%
Letting Status
£23.1m
ERV
April 2015
Completion Date
£254m
Development Costs
(Total)
20 Fenchurch Street, EC3
20 Fen Aerial

The Rafael Viñoly-designed 525 ft tall City tower incorporates premier office accommodation, a café and a unique publicly accessible Sky Garden with three bespoke catering offers - the highest public park in London. 50% owned JV with Canary Wharf Group.

Property Size688,000 sq ft
Value Range> £200m
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Principal Occupiers:

Markel, Kiln, Liberty Mutual, Liberty Syndicates, RSA, DWF, CNA, Allied World

Key Facts:
674,000 sq ft
Office Area
14,000 sq ft
Retail Area
50%
Ownership Interest
92%
Letting Status
£21.8m
ERV
August 2014
Completion Date
£239m
Development Costs
(Total)
62 Buckingham Gate, SW1
62BG

This mixed-use development provides 260,000 sq ft of offices, together with street level shops and restaurants in the heart of Victoria.

Property Size275,000 sq ft
Value Range> £200m
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Principal Occupiers:

Schlumberger, Kerring, Rolls Royce, World Fuel Services, OMV

Key Facts:
260,000 sq ft
Office Area
15,000 sq ft
Retail Area
100%
Ownership Interest
69%
Letting Status
£18.6m
ERV
2013
Completion Date
£178m
Development Costs
(Total)
Oriana, W1
Oriana

A 50/50 JV with Frogmore Real Estate Partners which owns two large consolidated holdings on the north west corner of Oxford Street and Tottenham Court Road.

Property Size279,000 sq ft
Value Range> £200m
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Principal Occupiers:

Primark, Boots, Sainsbury's, Schuh

Key Facts:
24,000 sq ft
Office Area
231,000 sq ft
Retail Area
24,000 sq ft
Other Area
50%
Ownership Interest
64% (Phase II)
Letting Status
£34m (Phase II)
Development Costs
(to date)
£54m (Phase II)
Development Costs
(Total)
Nova, Victoria - Phase 1, SW1
Nova night

In February 2012, Land Securities formed a 50:50 joint venture with Canada Pension Plan Investment Board ("CPPIB") to own and develop Nova, Victoria. Construction of Nova, Victoria started in June 2013. The 727,000 sq ft first phase, comprising 480,000 sq ft of offices, 80,000 sq ft of retail and 170 luxury modern apartments within three landmark buildings is due for completion in July 2016.

Property Size727,000 sq ft
Value Range£100m - £200m
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Principal Occupiers:

Shake Shack, D&D, Will Ricker

Key Facts:
480,000 sq ft
Office Area
80,000 sq ft
Retail Area
167,000 sq ft
Other Area
50%
Ownership Interest
n/a
Letting Status
£20m
ERV
July 2016
Completion Date
£248m
Development Costs
(Total)
The Zig Zag Building and Kings Gate, SW1
ZZ & KG night

Construction of two new developments started in November 2012 with practical completion of Kings Gate scheduled for February 2015 and The Zig Zag Building for March 2015.

Property Size234,000 sq ft
Value Range£100m - £200m
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Principal Occupiers:

Jupiter Asset Management

Key Facts:
189,000 sq ft
Office Area
45,000 sq ft
Retail Area
100%
Ownership Interest
Office 33%, Retail 49%
Letting Status
£16m
ERV
March 2015
Completion Date
£133m
Development Costs
(to date)
£176m
Development Costs
(Total)
1 New Street Square, EC4
ONSS panels

We submitted a planning application to the City Corporation in March 2011 to redevelop the existing IPC Tower to provide approximately 250,000 sq ft of new offices. Demolition started in March 2013 and the earliest completion date for this extension to our successful New Street Square campus is June 2016. Our success at New Street Square gives us confidence in the prospects for this scheme, when delivered.

Property Size271,000 sq ft
Value Range£50m - £100m
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Key Facts:
266,000 sq ft
Office Area
5,000 sq ft
Retail Area
100%
Ownership Interest
£15.9m
ERV
June 2016
Completion Date
£54m
Development Costs
(to date)
£176m
Development Costs
(Total)
10 & 20 Eastbourne Terrace, W2
10 Eastbourne Terrace
Property Size158,000 sq ft
Value Range£50m - £100m
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Principal Occupiers:

Johnson Matthey Davy Technologies, Marks & Spencer

Key Facts:
158,000 sq ft
Office Area
100%
Ownership Interest
£5.3m (20 ET)
ERV
Feb 2016
Completion Date
£30m (20 ET)
Development Costs
(to date)
£66m (20 ET)
Development Costs
(Total)

Where the property is not 100% owned, floor areas shown above represent the full scheme whereas all other figures represent our proportionate share. Letting % is measured by ERV and shows letting status at 30 September 2012. Trading property development schemes (e.g. Wellington House, SW1) are excluded from the development pipeline.

Planning status for proposed developments
PR – Planning Received

Total development cost (£m)
Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with capitalised interest, being the Group's borrowing costs associated with direct expenditure on the property under development. Interest is also capitalised on the purchase cost of land or property where it is acquired specifically for redevelopment. Of the properties in the development pipeline at 30 September 2012, there were no properties on which interest was capitalised on the land cost. The figures for total development costs include £152.0m for the residential elements of Kings Gate, SW1.

Net income/ERV
Net income/ERV represents headline annual rent on let units plus ERV at 30 September 2012 on unlet units.

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