Telford Place,
Crawley
Towards the end of 2006, we entered into a further joint venture with Centros
Miller under which Development Securities has now acquired two parcels of
land adjacent to the town centre in Crawley. Working with English Partnerships,
the joint venture will promote the sites for a 200,000 sq. ft. residential-led,
mixed-use development. A planning application has been submitted and we
are hopeful to have secured all the required consents by the end of 2007.
This transaction strengthens our relationship with Centros Miller and is
a further advance into an increasingly favoured area in which value is added
via the planning process. This is a complex aspect of the development process,
but one where we feel our core skills and risk-focused strategy will allow
significant returns to shareholders.
Hartfield
Road, Wimbledon
In February 2006, in a joint venture with Foinavon Limited, conditional
contracts were exchanged to acquire the 1.25-acre development site at Hartfield
Road. We expect our planning application for a 159,000 sq. ft. scheme to
comprise 63,000 sq. ft. of residential accommodation, a 30,000 sq. ft. hotel
and 66,000 sq. ft. of retail space together with car parking for 220 vehicles
to be considered in the next few weeks. Practical completion is targeted
for 2009.
Frimley and
Marlow
In November 2006, Development Securities and Equitable Life Assurance Society
entered into an Agreement to Lease the entire 180,000 sq. ft. office campus
to Siemens Holdings PLC for a 20-year term. Simultaneously, we sold our
equity stake in this scheme and our residual equity stake at Globeside,
Marlow to Equitable Life, generating a combined surplus of £2.9 million
over book values.
Staines
In the first half of 2006, we reached agreement with the adjoining land
owner to jointly promote for planning our combined land holdings in this
significant development site which could accommodate a 250,000 sq. ft. office
building. A planning application has been submitted and is awaiting determination.
