Committed developments

British Land and Blackstone are to undertake the major refurbishment of 199 Bishopsgate located opposite Broadgate's newest buildings, 201 Bishopsgate and The Broadgate Tower. Work has commenced on 142,000 sq ft of high quality office accommodation, which will be delivered at the end of 2012.

In October 2010, we announced that we had agreed Heads of Terms to develop The Leadenhall Building with Oxford Properties on a 50:50 joint venture basis. Oxford Properties is one of North America's largest commercial real estate investment, development and management firms and is owned by the OMERS Worldwide Group of Companies ("OMERS"), firms. The joint venture agreement was completed in December 2010.

Designed by Rogers Stirk Harbour and Partners, the 47 storey, 736 ft (224m) Leadenhall Building will become one of the tallest and most iconic buildings in the Square Mile. It will combine spectacular landscaped open space, retail and dining facilities with modern, flexible office space in the heart of the City's insurance district. The seven storey landscaped open space at the base of the building, covering nearly half an acre, will be on a scale unprecedented in London.

The development's tapering shape delivers varied sizes of floor plates ranging from 21,000sq ft on the lower floors to 6,000sq ft at the top of the tower, all with spectacular views over London. In addition, locating the lift and service core on the north side at the rear of the building creates regular, efficient and flexible floor plates which will be able to meet a broad range of occupiers' needs.

With a development of this scale in such a prominent location, great care has been taken to ensure it sits well with the surrounding architecture. In particular, with regard to the planning viewing corridors in place, when viewed from the west looking towards St Paul's Cathedral, The Leadenhall Building will appear to 'lean away' from the historic monument.

Detailed planning consent is in place and demolition and preliminary basement works have already been completed, with practical completion to shell and core scheduled for mid 2014. Laing O'Rourke were recently appointed as the main contractor at The Leadenhall Building.

In May 2011, we announced we had agreed non-binding Heads of Terms with Aon Limited for a 191,000 sq ft pre-let at the building (levels 4-13) with options to take up a further 85,000 sq ft (levels 14-18).

In January 2011, we announced we had entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House, W1. Marble Arch House is on the corner of Seymour Street and Edgware Road, located within Portman Village and a short walk from Oxford Street and Hyde Park. The existing site consists of two mixed use five storey buildings, 32-50 Edgware Road and 62-64 Seymour Street.

The new development, which has detailed planning consent, has been designed by Bennett’s Associates Architects and will deliver exceptional quality office, residential and retail space. The development has been designed to achieve a BREEAM excellent environmental rating.

The new building will comprise 60,000 sq ft of high quality office accommodation together with 15,000 sq ft of retail space. Adjacent to the new office building will be a development of ten luxury residential apartments with a 5,000 sq ft restaurant unit at ground level built behind the retained period Victorian facade of 62-64 Seymour Street.

Demolition and ground works are commencing shortly, with practical completion scheduled for mid-2013.

Construction has now commenced on the North East Quadrant of Regent's Place to provide a 500,000 sq ft mixed-use scheme including 15,000 sq ft of retail space and 120,000 sq ft of residential accommodation totalling 100 apartments within a 26 storey tower. The office design incorporates three glass buildings of 8, 10, and 16 storeys, with floor to ceiling glazed external cladding, linked by two atria. The office element is designed by Wilkinson Eyre, with the apartments by Stephen Marshall Architects.

The development will complete Regent's Place, which is set to double in size to some 2 million sq ft of office, retail and residential space, providing accommodation for 14,000 workers and residents. NEQ will be delivered by Summer 2013.

www.regentsplace.com

Construction webcams

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In April 2010 British Land bought 2-14 Baker Street, which is on the north-east corner of Portman Square. Planning consent was granted in 2009 for a new building providing 139,000 sq ft of office space with retail units at ground level.

The new nine storey rectangular building will have a central core with natural light on all four sides. All of the office floors will be totally column free and they will range in size from 9,500 sq ft to 18,000 sq ft. The 5th and 7th floors will also benefit from large accessible terraces. The development has been designed to achieve a BREEAM 'Excellent' environmental rating.

The building is designed by Jestico + Whiles and is programmed for completion in mid 2013.

This development of 19 open market and five affordable apartments is currently on-site, and was forward sold to the Amcorp Group Berhad in September 2010.

On April 19th 2011 the City of London Planning Committee resolved to grant planning permission for a new world class office building for financial services firm UBS at 5 Broadgate. 5 Broadgate will provide a total net office floor space of approximately 700,000 sq ft (66,890 sq m), and will include four trading floors capable of accommodating approximately 750 traders per floor.

5 Broadgate will allow UBS to bring together its trading operation into one building in the City. This new building also represents a further stage in the successful evolution of the Broadgate office estate and the retention of one of the world's leading investment banks in the heart of the City of London.

The building is designed by Make Architects. Construction has commenced, with completion programmed for the second half of 2014.

www.5broadgate.com

View press release: City of London Planning Committee grants planning permission for 5 Broadgate

View press release: Planning application submitted for 5 Broadgate

At Puerto Venecia, Zaragoza, our retail and leisure investment and development joint venture in Spain, the IKEA-anchored 900,000 sq ft retail park is consolidating well with some significant recent openings, including a Leroy Merlin DIY store (118,000 sq ft) and a flagship Media Markt electrical and computer store (43,000 sq ft). The park is now close to 90% let or sold with positive tenant interest in the few remaining units. The success of the scheme has firmly established it as one of the premier retail parks in Spain in terms of location, design, accessibility and quality of operators.

In addition to the open and trading Retail Park, the further development areas at Puerto Venecia comprise the 1.3 million sq ft Shopping and Leisure Centre. There has been positive progress in the leisure element where lettings in the last quarter have doubled to 57% of the area, including recent pre-lets to the multiplex operator, Cinesa, and to the US surfing concept, Wavehouse. We also expect shortly to settle a letting to a national bowling operator. As a result, of the total 2.2 million sq ft project, 70% is now let, pre-let or sold. In addition to those already mentioned, tenants include notable names such as Primark, Desigual, Mango, Decathlon and Toys R Us.

The second phase consists of a 1,370,000 sq ft shopping and leisure complex centred around a 100,000 sq ft lake, which will be anchored by El Corte Inglés (ECI), with a Primark store at the opposite end of the mall. The leisure area will be anchored by a 65,000 sq ft stand-alone Decathlon unit.

www.puertovenecia.com

The 300,000 sq ft Whiteley Shopping Centre is being developed in a 50:50 joint venture between British Land and Universities Superannuation Scheme Limited. Lettings at the £64 million development have reached 50% by floor area, with M&S (60,000 sq ft) and Next (19,500 sq ft) committing to anchor the scheme.

The shopping centre, which is set to open in spring 2013, will comprise over 50 units totalling 242,000 sq ft of retail space, 58,000 sq ft of restaurants, cafés and other facilities and 1,136 free car park spaces. Other pre-lets include H&M (18,200 sq ft), Boots (12,300 sq ft), JD Sports (6,800 sq ft), Bank (6,300 sq ft), Sports Direct (10,700 sq ft), Frankie & Benny's (4,000 sq ft) and Starbucks (2,500 sq ft).

Designed by architect Corstophine and Wright, Whiteley Shopping Centre will serve a large and affluent catchment of 1.2 million people with an estimated £3.1 billion of potential spend. The catchment is set to expand further in the foreseeable future with 3,000 new homes at North Whiteley.

The development will allow the transformation of the existing scheme into a significant shopping centre destination, featuring contemporary shop units with double height glazing and oak panels centred around a new town square. Situated between the two harbour cities of Portsmouth and Southampton, and adjacent to an existing Tesco supermarket, the scheme benefits from excellent accessibility via Junction 9 of the M27.

Main construction work is scheduled to begin on site in early 2012 and completion is projected for spring 2013.