Derwent London PLC
29 February 2008
29 February 2008
Derwent London plc ('Derwent London'/ 'Company')
DERWENT LONDON SECURES PLANNING FOR MIDTOWN OFFICE SCHEME
Derwent London, one of London's most dynamic and innovative property investors
and developers, is pleased to announce that the City of London has resolved to
grant planning permission for the redevelopment of 40-45 Chancery Lane, WC2
which currently comprises three multi let buildings totalling 71,146 sq ft
(6,610 sq m).
Designed by Bennetts Associates, the proposals are for a development of 102,900
sq ft (9,556 sq m) of high quality office .The key focus of the design is a
central courtyard which will be built at the rear of the scheme linking the new
space to a building which is being retained in Tooks Court. In addition, there
will be retail space fronting Chancery Lane.
The scheme will be a welcome addition to Derwent London's growing portfolio of
stylish office accommodation in the Midtown area, building on the successful
refurbishment and lettings at the Johnson Building in Hatton Garden in 2007.
Located in a rapidly expanding and vibrant part of London, Chancery Lane further
demonstrates the Company's confidence in an area which it believes continues to
offer occupiers significant rental value.
Nigel George, Director at Derwent London, commented:
'The scheme was well researched to achieve divisible floorplates which will
appeal to a wide range of occupiers, together with a private courtyard offering
tenants attractive break out spaces.
'The proposals are in line with Derwent London's passion for high quality
offices that will appeal to prospective tenants looking to base themselves in
this increasingly popular area.'
-ends-
For further information please contact:
Dido Laurimore/Nicole Marino, Financial Dynamics (for Derwent London):
Tel: 020 7831 3113
Nigel George, Director, Derwent London Tel 020 7659 3000
Notes to editors
Derwent London plc
Derwent London plc was formed on 1 February 2007 following the merger of Derwent
Valley Holdings and London Merchant Securities and converted to REIT status on 1
July 2007. The group is one of London's most innovative office specialist
property developers and investors and is well known for its established
design-led philosophy and creative management approach to development. Derwent
London won the RIBA Client of the Year Award 2007.
Derwent London's core strategy is to acquire and own a portfolio of Central
London property that has reversionary rents and significant opportunities to
enhance and extract value through refurbishment and redevelopment. The group
owns and manages an investment portfolio of over £2.8 billion, of which £2.5
billion or 93% is located in Central London, with a specific focus on the West
End and the areas bordering the City of London. Landmark schemes by Derwent
London include: Qube W1, Johnson Building EC1, Davidson Building WC2 and
Broadwick House W1.
Approximately 50% of the London portfolio is identified as having the
opportunity, through development, to achieve significant gains in floor area
and, thereby, increases in value. The existing pipeline of development and
refurbishment projects is extensive, totalling 3.3 million sq ft (306,500 sq m).
This information is provided by RNS
The company news service from the London Stock Exchange