Grainger PLC
20 March 2008
20 March 2008
GRAINGER PLC ("Grainger" or the "Company")
GRAINGER SIGNS DEVELOPMENT AGREEMENT WITH HAMMERSMITH AND FULHAM FOR MAJOR MIXED
USE DEVELOPMENT
Grainger plc is pleased to announce that its joint venture vehicle with Helical
Bar plc ("Helical") has exchanged contracts with the London Borough of
Hammersmith & Fulham for a major mixed use development of the area around
Hammersmith Town Hall, at the western end of King Street. The planning
application is expected to be submitted in late 2008.
The development will provide approximately 290 new homes, both affordable and
private, with pedestrian access to the river via a new footbridge, together with
an 11,000 sqm civic office building, including a council one stop shop, and
5,200 sqm, of retail, cafes and restaurants.
The heart of the scheme is a series of new urban spaces that link together and
provide a new pedestrian connection to the river; these include a public square,
a pedestrian street, a footbridge and a redesigned park. The new square will be
framed by the reinstated listed town hall to the south (currently obscured by a
1960's office development) and new buildings to the east and west comprising
cafes, restaurants, offices and homes and a new community supermarket.
The development is expected to have an end value of approximately £180 million.
Both Grainger and Helical believe that the joint venture can expect to receive
attractive returns on cost.
Commenting, Andrew Cunningham, Deputy Chief Executive and Finance Director of
Grainger, said:
"This is a major development which will significantly regenerate this area of
Hammersmith. We are very pleased that the combined commercial and development
skills of Grainger and Helical have been strongly recognised by Hammersmith and
Fulham and we look forward to working with them to bring their plans to
fruition."
Commenting Mike Slade, Chief Executive of Helical, said:
"Despite the current market difficulties, this is an outstanding opportunity for
a mixed use regeneration scheme in a borough close to home, where we enjoy other
substantial interests."
-ENDS-
Grainger plc
Andrew Cunningham
Tel: +44 (0)191 261 1819
Helical Bar plc
Matthew Bonning-Snook
Tel: +44 (0) 207 629 0113
Financial Dynamics
Stephanie Highett/Dido Laurimore/Jamie Robertson
Tel: +44 (0) 20 7831 3113
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