15th Oct 2014 15:19
LONDON (Alliance News) - Derwent London PLC said Wednesday that Westminster City Council has passed a resolution to grant planning consent for a 105,000 square foot mixed-use new development at 25-29 Berners Street.
However, the consent is still subject to approval from the Greater London Authority and completion of the Section 106 Agreement, under which a development proposal is made acceptable in planning terms.
Derwent said the proposal includes 20,000 square foot of retail use on the ground and lower ground floors and 85,00 square foot of offices on the first to seventh floors, with two floors having roof terraces.
Derwent London holds a long leasehold interest over the majority of the site, and said discussions with the freeholder are progressing well. The existing buildings are let to MCPS-PRS Alliance Ltd, who plans to relocate in January 2015, allowing work to start early next year.
"We are excited by the prospects for this scheme, which will contribute to the continued regeneration of Fitzrovia and adds to our significant development pipeline," said Chief Executive John Burns in a statement.
Shares in Derwent London are trading down 1.1% at 2,654.00 pence near the close Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Derwent London