Business
Development Agreement
Development Agreement.
About this update from Grainger Plc
[{"type":"text","content":"\n Grainger PLC\n20 March 2008\n\n20 March 2008\n\n GRAINGER PLC (\"Grainger\" or the \"Company\")\n\nGRAINGER SIGNS DEVELOPMENT AGREEMENT WITH HAMMERSMITH AND FULHAM FOR MAJOR MIXED\n USE DEVELOPMENT\n\nGrainger plc is pleased to announce that its joint venture vehicle with Helical\nBar plc (\"Helical\") has exchanged contracts with the London Borough of\nHammersmith & Fulham for a major mixed use development of the area around\nHammersmith Town Hall, at the western end of King Street. The planning\napplication is expected to be submitted in late 2008.\n\nThe development will provide approximately 290 new homes, both affordable and\nprivate, with pedestrian access to the river via a new footbridge, together with\nan 11,000 sqm civic office building, including a council one stop shop, and\n5,200 sqm, of retail, cafes and restaurants.\n\nThe heart of the scheme is a series of new urban spaces that link together and\nprovide a new pedestrian connection to the river; these include a public square,\na pedestrian street, a footbridge and a redesigned park. The new square will be\nframed by the reinstated listed town hall to the south (currently obscured by a\n1960's office development) and new buildings to the east and west comprising\ncafes, restaurants, offices and homes and a new community supermarket.\n\nThe development is expected to have an end value of approximately £180 million.\nBoth Grainger and Helical believe that the joint venture can expect to receive\nattractive returns on cost.\n\nCommenting, Andrew Cunningham, Deputy Chief Executive and Finance Director of\nGrainger, said:\n\n\"This is a major development which will significantly regenerate this area of\nHammersmith. We are very pleased that the combined commercial and development\nskills of Grainger and Helical have been strongly recognised by Hammersmith and\nFulham and we look forward to working with them to bring their plans to\nfruition.\"\n\nCommenting Mike Slade, Chief Executive of Helical, said:\n\n\"Despite the current market difficulties, this is an outstanding opportunity for\na mixed use regeneration scheme in a borough close to home, where we enjoy other\nsubstantial interests.\"\n\n\n -ENDS-\n\n\nGrainger plc\n\nAndrew Cunningham\nTel: +44 (0)191 261 1819\n\n\nHelical Bar plc\n\nMatthew Bonning-Snook\nTel: +44 (0) 207 629 0113\n\n\nFinancial Dynami...