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Fri September 24 2021

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Land Securities plans three big London schemes in 2011

11 Nov 10 Land Securities has submitted planning applications for three major central London office schemes, which it hopes to start work on during 2011.

The projects, which the developer has already submitted planning applications for, are:

  • 123 Victoria Street, SW1 (formerly Ashdown House), the refurbishment of a 21,370 sq m property, for delivery in late 2012. 
  • 110 Cannon Street, EC4, the refurbishment of a 7,010 sq m building when K&L Gates vacates in May 2010, for delivery in mid 2012.
  • 60 Ludgate Hill and 30 Old Bailey, EC4, two neighbouring buildings where Land Securities has an existing planning consent for the development of a single building. It has since revised its plans to refurbish the two buildings totalling 28,000 sq m more suited to the market. The earliest start date envisaged is August 2011 for delivery in early 2014.

Land Securities returned a healthy pre-tax profit of £455m for the six months ending 30 September, after making a £4.6m loss during the same period a year ago.

It spent some £127m on development and refurbishment work during the half-year.

Since January 2010, it has committed to start projects with a total development cost of over £1bn, including the Trinity Leeds development, where Laing O'Rourke is main contractor, and its joint venture with Canary Wharf Group to develop 20 Fenchurch Street, EC3.

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Chief executive Francis Salway said: "Our results reflect the benefit of moves we have made to position the business for the recovery in the market.

“We have committed significant capital to developments and it is already driving returns with a valuation uplift on our development programme of just under 10% in the six months.

"In London, we believe that developing in a supply-constrained market is a highly attractive opportunity. We were the first to start a large development programme in London, and we have been the first to take profits from it.

“We have the finance, the schemes and expertise to start additional projects in London in 2011. Our development activity is already driving returns.”

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