14th Sep 2007 07:01
Development Securities PLC14 September 2007 Development Securities PLC agrees the purchase from London Underground Limitedof its Hammersmith Grove site Development Securities PLC with its funding partners, today announces theexchange of contracts with London Underground Limited for the acquisition of a1.5 acre site in Hammersmith town centre. The site is currently used as asurface car park and is located on Hammersmith Grove, immediately adjacent tothe Hammersmith and City Line underground station. The acquisition by Hammersmith Central LP is subject to certain conditionsincluding planning consent. An application has been submitted for a 360,000 sqft office-led, mixed-use scheme which will have an estimated value on practicalcompletion of circa £250m. Construction is anticipated to commence January 2008,with completion expected in spring 2010. The acquisition, in which Development Securities will have an initial 39 percent stake, funded by cash contribution and debt financial commitments of £19million, is being undertaken through a Jersey property unit trust ("JPUT"), withits funding partners, The Royal London Mutual Insurance Society Limited and TheNational Bank of Dubai taking the majority stake through an investment vehicleNBD Hammersmith Trust. If Development Securities' 39 per cent investment in theJPUT is maintained at this level, a further £3m of investment will be requiredinto the 26-month construction period. This town centre regeneration scheme, designed by Hamiltons Architects, includes325,000 sq ft offices, a 20,000 sq ft Everyman cinema and 15,000 sq ft of highquality restaurants and retail accommodation, alongside a significant new areaof public open space, which will link across Beadon Road to Lyric Square. Further enquiries:Julian BarwickDevelopment Securities PLC Tel: 0207 828 4777 Mallika BasuThe Communication Group plc Tel: 0207 630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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