London development pipeline
Just over a quarter of the assets in our London Portfolio are development prospects. 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.
Mixed-use property with a prominent position on Victoria Street. We completed the comprehensive refurbishment of the building in August 2012
Rafael Viñoly-designed 509 ft tall City tower will incorporate premier office accommodation, retail, a café and a unique publicly accessible Sky Garden - the highest public park in London. 50% owned JV with Canary Wharf Group.
This mixed-use development will provide 260,000 sq ft of offices, together with street level shops and restaurants to the heart of Victoria.
Construction of two new developments will start in November 2012 on Victoria Street.
Our 1m sq ft plans for Victoria Circle include a vibrant mix of offices, shopping and residential apartments in the area bordered by Victoria Street, Bressenden Place and Buckingham Palace Road.
The mixed-use development comprises a two building scheme and will replace the original 1960s properties with high quality office accommodation, new restaurant and retail facilities, improved pedestrian links and new public areas for those working, visiting and living in the area.
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 represents headline annual rent on let units plus ERV at 30 September 2012 on unlet units.