20th Aug 2007 07:01
Shaftesbury PLC20 August 2007 SHAFTESBURY PLC LONGMARTIN JOINT VENTUREPLANNING PROGRESS Longmartin Properties Limited ("Longmartin") a 50/50 joint venture betweenShaftesbury PLC and The Mercers' Company, owns the long leasehold interest of173 years of a virtual island site in Covent Garden, London WC2. With principalfrontages to Long Acre and Upper St Martin's Lane, the existing unmodernisedbuildings on the site extend to 247,000 sq.ft of lettable space, 80% of which isoffices and garaging. On 16 August, Westminster City Council resolved to grant planning consents forfour initial phases of reconstruction and redevelopment subject to a number ofoutstanding conditions. These regeneration projects will provide approximately113,000 sq.ft. of lettable space with an equal balance of shops, restaurants,offices and residential, centred on a public courtyard in the centre of the sitewith direct pedestrian access from Long Acre, Upper St Martin's Lane and MercerStreet. A description of the proposed scheme is available in the Longmartin section ofthe Shaftesbury PLC website (www.shaftesbury.co.uk). As all this existing space is either vacant or let short term, works on thesefour projects are expected to start before the end of 2007 and complete by theend of 2009. Planning applications for two further phases are likely to be submitted thisAutumn. Completion of the whole project is expected by mid- 2010. Contacts: Jonathan Lane Chief Executive Brian Bickell Finance Director Shaftesbury PLC T: 020 7333 8118 F: 020 7333 0660 W: www.shaftesbury.co.uk--------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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