Curzon Park,
Birmingham
In November 2006, in equal partnership with Grainger PLC, we acquired the
10-acre Curzon Park site for £33.5 million. The proposed 1.4 million
sq. ft. mixed-use project, with a gross development value of over £350
million, will comprise approximately 800,000 sq. ft. of office and 400,000
sq. ft. of residential accommodation, together with a 180-bed hotel and
30,000 sq. ft. of retail space. The development strategy includes the securing
of planning consent, delivery of £12 million of infrastructure works
and a phased development of the site over a period of approximately 11 years.
It is intended that your Company will project manage the planning process
and construction of the infrastructure and commercial phases, with Grainger
PLC project managing the residential component.
The Royals Business
Park
In June 2006, our funding partner, Standard Life Investments, secured the
first letting of some 10,000 sq. ft. at Building 1000, the 252,000 sq. ft.
new Grade A office accommodation completed speculatively in 2004. Whilst
Standard Life have a number of other live enquiries, the level of demand
for offices in this location has clearly not met initial expectations, and
we are in discussion with the London Development Agency with a view to introducing
other users to the site in order to create a truly mixed-use and sustainable
environment. We continue to be cautiously optimistic that discussions with
parties interested in some of the remaining accommodation will be successful.
Luneside,
Lancaster
In mid-2006, a compulsory purchase order was confirmed in respect of this
17.5-acre urban regeneration project. A land remediation strategy and detailed
planning application are being devised, with a view to starting on site
in 2007. The development will comprise 350 new homes, 90,000 sq. ft. of
new offices and a hotel.
Cambourne
Business Park
In July 2006, we leased further space on phase two of this 750,000 sq. ft.
development, leaving only 30,000 sq. ft available to let. Located nine miles
from Cambridge, this business park is an integral part of the new Cambourne
settlement, a 1,040-acre scheme of 3,300 houses with town centre, hotel,
retail and leisure facilities. Discussions are presently in hand with the
institutional market to forward-fund the next 50,000 sq. ft. phase.
The regeneration of the Oriental City site in Colindale will include many local benefits including 500 high quality residential flats set within secure landscaped grounds and a new school for 420 pupils.