3rd Apr 2014 07:13
LONDON (Alliance News) - Development Securities PLC Thursday said SWIP Property Trust will commit GBP92.0 million to forward-fund 12 Hammersmith Grove, the second and final phase of a 375,000 square foot office-led regeneration scheme in the centre of Hammersmith, London.
Development Securities said the development will be built speculatively with construction starting this May.
It is due to be completed in the first quarter of 2016, Development Securities said.
The first phase of the development, 10 Hammersmith Grove, also was funded by SWIP Property Trust for GBP50.0 million in October 2011.
Transport for London owns the freehold to 10 and 12 Hammersmith Grove, and in 2010 established a 175-year lease agreement with Development Securities to enable the development of the office-led scheme.
TfL remains a partner in the development, Development Securities said.
"The appetite for premium office space in locations such as Hammersmith, on the edge of London's traditional office core, is growing, as occupiers are increasingly price sensitive and yet still discerning with regards to quality," Julian Barwick, executive director, said in a statement.
"The supply of grade A office space in Hammersmith is otherwise very limited with 10 and 12 Hammersmith Grove providing the highest quality space in this market. We look forward to bringing the final phase of development to completion," Barwick added.
JLL, Wragge & Co and Macfarlanes acted for Development Securities.
Development Securities shares were unquoted early Thursday. They were last quoted Wednesday at 230.75 pence.
By Samuel Agini; [email protected]; @samuelagini
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