7th Jul 2005 07:58
LIBERTY INTERNATIONAL PLC7 July 2005KING'S REACH, SOUTHWARK, LONDON SE1Attached is a announcement issued by Capital & Counties, wholly ownedsubsidiary of Liberty International PLC.KING'S REACH REGENERATION GETS THE GREEN LIGHT FROM LB SOUTHWARKCapital & Counties welcomes the decision from the London Borough of Southwarkwhich has resolved to grant consent for the remodelling and redevelopment ofKing's Reach, an office, retail and residential complex on Stamford Street,SE1, just south of the River Thames.The proposals, designed by leading architects Make will continue theregeneration of this important part of the South Bank, revitalising it forresidents, visitors and office occupiers.Since 2002, Capital & Counties has been working closely with London Borough ofSouthwark, community groups and residents to ensure the proposals met theiraspirations for the area.The proposals for which consent has been granted will include the recladding ofthe existing tower and extension by a further four floors. The presence of thetower will be transformed with the imaginative use of colour and light. In thecase of the existing low rise office building, a new `office village' will becreated with the replacement buildings capable of offering floor plates of upto 24,000 sq ft.New retail units and cafƒ©s will be introduced to create vibrant and friendlypublic spaces replacing the existing unattractive and dated Milroy Walkshopping arcade. This enhanced public realm will vastly improve thepermeability of the site and link the Oxo Tower, Coin Street and the South Bankthrough to Stamford Street and beyond. Overall, office and retail floor spacewill increase from 274,000 sq ft to almost 400,000 sq ft.John Saggers, Managing Director of Capital & Counties, said:"We very much welcome the decision taken by the London Borough of Southwark andbelieve the scheme will enhance the local area and complement the regenerationalready taking place. The South Bank area is proving attractive to a number ofnew occupiers drawn by the changes that have taken place to the transportinfrastructure and the vibrancy of the environment. We will be spending theforthcoming months refining the details of the project prior to IPC's departurefrom King's Reach tower in 2007."Enquiries:Capital & Counties: John Saggers, Managing Director of Capital +44 (0) 20 7887 7041 & Counties, Director of Liberty International Gary Marcuccilli, Director of Capital & +44 (0) 20 7887 7041 Counties Public relations: Karen Alcock, Four Communications plc +44 (0) 870 420 3265 FURTHER INFORMATIONCAPITAL & COUNTIESCapital & Counties is the wholly owned retail and commercial propertysubsidiary of Liberty International PLC and controls property assets of over ‚£1billion. This includes significant holdings in Central London, particularly theWest End, Mid Town and the South Bank. The company also owns offices around theM25 as well as major retail interests both in Central London and a number of UKcities. As well as its UK interests, Capital & Counties has a US propertycompany based in San Francisco with assets in Northern and Southern California.LIBERTY INTERNATIONAL PLCLiberty International PLC is a major UK listed property group owning 100 percent of Capital & Counties together with Capital Shopping Centres PLC, theleading UK regional shopping centre business. The Group's property assetsamounted to over ‚£5.3 billion and shareholders' funds amounted to over ‚£3.2billion at 31 December 2004.Liberty International has been listed on the London Stock Exchange since July1992, where it is a constituent of the FTSE-100 index of the UK's leadingcompanies, and is also listed on the Johannesburg Stock Exchange.KING'S REACHBuilt in 1972, King's Reach comprises a 30-storey office tower with anadjoining 6-storey office building totalling some 250,000 sq ft, retail unitscomprising 24,000 sq ft together with 99 apartments. It was purchased in 2002with the intention of carrying out some form of regeneration in 2007 followingexpiry of the principal tenant's occupational lease.MAKEMake was founded in January 2004 by Ken Shuttleworth. The practice hasestablished itself rapidly over the last 12 months forming a 35 strong teamworking on projects across two continents, as well as opening its second officein Edinburgh. Make has a broad range of work including office, residential,retail, sport and master planning projects.This announcement includes statements that are forward-looking in nature.Forward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievementsof Liberty International PLC to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. Any information contained in this announcement onthe price at which shares or other securities in Liberty International PLC havebeen bought or sold in the past, or on the yield on such shares or othersecurities, should not be relied upon as a guide to future performance.ENDLiberty International plcRelated Shares:
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