Development

Development is an important part of our business. It is one of the principal ways we can enhance our properties to better reflect our customers' changing lifestyles.

Developments have delivered some of our strongest returns, but are inherently higher risk, particularly when pursued on a speculative basis. We manage our development exposure carefully, limiting it to 15% of the total portfolio by value with a maximum of 8% to be developed speculatively (i.e. without a pre-let or sale) at any time.

The majority of our development has been focused on London, and includes 100 Liverpool Street and 5 Broadgate at our Broadgate Campus, 4 Kingdom Street at Paddington Central and Clarges, our residential-led mixed use development in Mayfair. In Retail, our strategy has been to invest in our existing assets through retail and leisure extensions. We have completed a number of schemes at Glasgow Fort and are on site at New Mersey, Speke. Longer term our development plans include extensions at Drake Circus, Plymouth; Meadowhall and Eden Walk, Kingston where we are planning a mixed use redevelopment.

On site and committed

Clarges Mayfair

104,000 sq ft

Completing: 2017
Residential development in Mayfair, comprising 34 high end apartments.

Speke Leisure

66,000 sq ft

Completing: 2018
Leisure extension including a cinema

100 Liverpool Street

520,000 sq ft

Completing: 2019
Office-led redevelopment at Broadgate, increasing retail and leisure offer and improving local connections and public spaces.

Near term pipeline

135 Bishopsgate

325,000 sq ft

Office refurbishment at Broadgate

1 Triton Square

366,000 sq ft

Office redevelopment at Regent’s Place

1 Finsbury Avenue

288,000 sq ft

Office-led refurbishment at Broadgate

Plymouth Leisure

104,000 sq ft

Leisure extension including a cinema

Medium term pipeline

1-2 Broadgate

375,000 sq ft

2 & 3 Finsbury Avenue

563,000 sq ft

Office redevelopment at Broadgate

Gateway Building

105,000 sq ft

Boutique hotel and leisure scheme, providing a new use to Paddington Central.

Blossom Street, Shoreditch

340,000 sq ft

Character offices in a regeneration area, ideally suited to the needs of small and medium sized occupiers.

5 Kingdom Street

332,000 sq ft

Office development at Paddington Central.

Canada Water

5.5m sq ft

46 acre mixed-use development opportunity to create a new urban centre for London

Meadowhall Leisure

322,000 sq ft

Leisure extension to super-regional retail asset

Eden Walk, Kingston

538,000 sq ft

Retail and residential London development