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Annual Report 2008

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London development pipeline

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Table 37

Development pipeline

2.6.2.4_london_development_600px

 

London development pipeline at 31 March 2008

Property Description
of use 		Ownership
interest 		Size
m2 		Planning
status 		Letting
status % 		Net income/
ERV
£m 		Estimated/
actual
completion
date 		Total
develoment
costs to date
£m 		Forecast total
development
cost
£m
Developments, let and transferred or sold                  
Cardinal Place, SW1 Offices 100 51,130 – 100 37 Completed 388 388
  Retail   9,420   97   Jan 2006    
Bankside 2&3, SE1 Offices 100 35,550 – 100 17 Completed 163 163
  Retail/Leisure   3,170   72   Aug 2007    
One Wood Street, EC2 Offices 100 15,020 – 100 8 Completed 110 110
  Retail   1,500   100   Sep 2007    
Developments approved and those in progress                  
New Street Square, EC4 Offices 100 62,340 – 87 35 Apr 2008 347 383
  Retail   2,980   87        
50 Queen Anne’s Gate, SW1 Offices 100 30,140 – 100 13 May 2008 137 142
10 Eastbourne Terrace, W2 Offices 100 6,150 – 73 3 Jun 2008 37 43
Dashwood House, EC2 Offices 100 13,870 – – 9 Nov 2008 90 113
  Retail   740            
30 Eastbourne Terrace, W2 Offices 100 4,470 – – 2 May 2009 13 35
One New Change, EC4 Offices 100 31,660 – 34 32 Sep 2010 220 537
Retail 19,830 12
Park House, W1 Offices 100 15,550 – 11 25 Feb 2011 218 347
  Retail   8,470            
  Residential   5,380            
Proposed developments                  
Arundel Great Court & Howard Hotel, WC2 Offices 100 42,600 – n/a n/a 2012 n/a n/a
  Retail   3,830            
  Residential   25,720            
Selborne House, SW1 Offices 100 23,340 – n/a n/a 2012 n/a n/a
  Retail   3,970            
20 Fenchurch Street, EC3 Offices 100 54,810 PR n/a n/a 2013 n/a n/a
  Retail   560            

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 finance charges less residential proceeds. Floor areas shown above represent the full scheme whereas the cost represents our share of costs. Letting % is measured by ERV and shows letting status at 31 March 2008. Trading property development schemes are excluded from the development pipeline. Cost figures for proposed schemes are not given as these could still be subject to material change prior to final approval.

Net income/ERV
Net income/ERV respresents net headline annual rental payable on let units plus ERV at 31 March 2008 on unlet units.