Great Portland Estates has announced plans for seven major developments across London which could start on site by the end of 2011, in addition to two schemes which got under way recently.
The combined size of the projects totals almost 1.6 million sq ft, and the developer has pipeline of a further 15 schemes which brings its total programme to 2.8 million sq ft.
Great Portland's current and planned projects are at the following stages of development:
- Planning permission received for enhancements to its 102,000 sq ft redevelopment of Marcol House, 289/295 Regent Street, W1, and for a residential scheme at 23/24 Newman Street, W1. Demolition commenced earlier this month and completion scheduled for 2012.
- 100 Bishopsgate, a joint venture with Brookfield Properties, is making “good progress” towards a start date during 2011. There are plans to increase floor space from 815,000 sq ft to approximately 860,000 sq ft.
- Preparation under way for schemes at Oxford Street, Wigmore Street, Walmar House, Regent Street, all in W1, and Fetter Lane, EC4, for a potential start on site in the next two years.
- At Hanover Square, W1, discussions on masterplan proposals are continuing with Crossrail. Planning application to be submitted later in 2010.
Toby Courtauld, chief executive, said: “London's property investment markets continued to recover during the quarter although at a lesser pace than the unsustainably high rates of the previous two quarters.
“Whilst we expect sentiment to remain relatively volatile in the near term, looking two or three years ahead, we maintain our confidence in London as a global financial centre.
“With some strong acquisitions behind us, a first class development programme ahead of us and low financial gearing giving us plenty of capacity for further expansion, we look to the future with confidence."