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Sun September 27 2020

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Land Securities pushes on with huge construction programme

19 Jul 11 Developer Land Securities is looking for a volume housebuilder to partner with in the development of Eastern Quarry by the international rail station at Ebbsfleet in Kent.

30 Old Bailey/60 Ludgate Hill office redevelopment in the City of London
30 Old Bailey/60 Ludgate Hill office redevelopment in the City of London

This is one of a number of projects for the developer in and around London that demonstrate how the capital is bucking the national malaise in construction.

The retail sector, too, remains firm in generating construction demand despite the failure of several major retail groups this year.

Land Securities reports that in the three months April-June it has made good progress on its development programme. 

In London, this includes the start of demolition at 30 Old Bailey and 60 Ludgate Hill, EC4 in preparation for construction of two buildings totalling 375,000 sq ft by December 2013.

 West End developments at 123 Victoria Street, SW1, scheduled to complete in June 2012 and 62 Buckingham Gate, SW1, scheduled to complete in April 2013, are both on programme and to budget. 

A planning application has been submitted to redevelop Kingsgate House, SW1, currently 201,000 sq ft, to provide a new mixed-use building totalling 341,000 sq ft.  .

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In the retail sector, construction is scheduled to start in January 2012 on an extension and other developments at Sainsbury's supermarket site at Wandsworth, southwest London.

Work here includes a 28,000 sq ft extension of the food store together with a 120-bed Premier Inn and an additional retail unit of 21,000 sq ft.

Land Securities has also secured planning permission for a 90,000 sq ft Primark store at Trinity Leeds.  At the Nene Valley Retail Park, Northampton, it received lawful development certificates for 75,000 sq ft of food space.  At Ravenside Retail Park, Chesterfield, it has secured Open A1 consent for the former Focus store to create three units of 36,500 sq ft.

The developer has also identified a £275m pipeline of smaller retail schemes, totalling one million square feet.  These are predominantly in edge of town locations and range from extensions and reconfigurations of existing assets to identified potential new sites. 

Land Securities chief executive Francis Salway said: "While the quarter has seen a period of uncertainty in the wider economy, our activities show that our plan continues to deliver opportunities for value creation.  The outlook for development in London remains attractive and, despite the mixed messages in the retail sector, our leasing activity demonstrates that the stronger retailers are looking to take new space.”

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