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)
The Zig Zag Building , SW1
ZZ & KG night

The Zig Zag Building offers 188,000 sq ft of high-end commercial office space on an island site surrounded by restaurants, retail and an imaginative new public realm.

Property Size232,000 sq ft
Value Range> £200m
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Principal Occupiers:

Jupiter Asset Management

Key Facts:
188,000 sq ft
Office Area
44,000 sq ft
Retail Area
100%
Ownership Interest
34%
Letting Status
£16m
ERV
July 2015
Completion Date
£177m
Development Costs
(Total)
1 New Street Square, EC4
1NSS

Building on the success of New Street Square, with its striking architecture and high profile business occupiers, One New Street Square will be the final jewel in the crown of the landmark development. The building was pre-let in its entirety to Deloitte LLP more than 12 months ahead of completion.

Property Size275,000 sq ft
Value Range£100m - £200m
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View google map for 1 New Street Square
Key Facts:
270,000 sq ft
Office Area
5,000 sq ft
Retail Area
100%
Ownership Interest
100%
Letting Status
£15.5m
ERV
June 2016
Completion Date
£180m
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
2%
Letting Status
£20m
ERV
July 2016
Completion Date
£248m
Development Costs
(Total)
Oriana - Phase II, W1
Oriana

A joint venture with Frogmore Real Estate Partners. Set up in 2007, the Partnership owns prominent consolidated holdings on the north west corner of the junction of Oxford Street and Tottenham Court Road.

Property Size92,000 sq ft
Value Range£100m - £200m
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Principal Occupiers:

Boots, Sainsbury's, Schuh, Hakkasan, EE

Key Facts:
20,000 sq ft
Office Area
72,000 sq ft
Retail Area
50%
Ownership Interest
64%
Letting Status
3.3m
ERV
2017
Completion Date
£37m
Development Costs
(Total)
20 Eastbourne Terrace, W2
20 EBT

20 Eastbourne Terrace is the final phase of a transformative regeneration project next to Paddington underground and Crossrail station. When complete, the 18-storey tower will provide 93,000 sq ft of Grade A office space offering unrivalled views London.

Property Size93,000 sq ft
Value Range£50m - £100m
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Key Facts:
93,000 sq ft
Office Area
100%
Ownership Interest
£5.3m
ERV
2017
Completion Date
£67m
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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