Landsec grows London pipeline of work to £2bn

Grant Prior 4 weeks ago
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Developer Land Securities has boosted its pipeline of office-led work in London to 2m sq ft.

McAlpine is main contractor at 21 Moorfields where piling work is now complete

The schemes are either on site, in design, or in feasibility and represent a total development cost of around £2bn.

Chief executive Robert Noel said: “21 Moorfields, EC2 is on schedule to complete in 2021 when it will be handed over to Deutsche Bank for their new UK headquarters.

“We’re working on revised plans for the development of Nova East, SW1 and are in pre-planning for the redevelopment of Portland House, SW1 underlining our strong belief in Victoria.

“And we are assessing new sites for the next generation of London developments.

“In addition, we are working up plans for significant mixed use developments, including more than 4,000 homes on our suburban London retail sites.

“At two of these, Finchley Road, NW3 and Shepherd’s Bush, W12, we intend to submit planning applications in the first half of 2019 with a total development cost of around £1bn.

“We also see excellent potential for a new town centre at Lewisham, with our ownership of Lewisham Shopping Centre, SE13 forming the core of a potential 8.3 acre mixed use destination.

“In addition to this, we are exploring the potential at other locations in London.”

The firm added: “We remain confident in our view that London is a global city with strong long-term prospects.

“Occupational demand and pre-letting activity have remained steady, and we expect a continued flight to quality.

“This trend may put pressure on second hand space and we will continue to monitor the market for opportunities to deploy capital.

“We have added to our development opportunities and are deploying innovative ways of building more quickly and cost effectively.

“The location and the nature of the product in our pipeline means it is likely we will develop speculatively, although timing will depend on market conditions.”

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