Hammerson work on hold as hunt for tenants continues

Grant Prior 12 years ago

Hammerson will not be kicking-off a speculative construction boom this year as the property giant confirmed work will not start on developments until tenants are in place.

The firm said in its 2010 results today: “Potential occupiers remain cautious about entering into commitments to lease space, although the level of interest has increased over the last year.

“Although we have a significant development pipeline, the programme will be phased and we will not start major capital projects without substantial pre-lets.”

Hammerson has won planning permission for a number of projects and has secured a string of sites ready for work to get underway as soon as tenants sign on the dotted line.

The developer currently only has one scheme on site in France but projects in the pipeline include:

Around 1.4 million square metres of mixed-use development for the regeneration of Brent Cross Cricklewood as a new town centre. Hammerson intend to work up a phased masterplan in 2011, including a 78,000 square metre retail and leisure extension to Brent Cross shopping centre.

An office scheme at London Wall Place, formerly known as the St Alphage House site. The project involves the creation of two landmark buildings at 121 and 123 London Wall, London EC2, to replace the existing podium and 1950’s tower. The application will be determined by the summer of 2011 and Hammerson is currently seeking to pre-let 121 London Wall.

Bishops Place, London EC2 where Foster + Partners have designed a 140,000m2 scheme encompassing two high quality office buildings, a 51-storey mixed-use tower providing residential and hotel accommodation, retail space and 50 affordable housing units.

Watermark WestQuay in Southampton is a development project set on a four hectare brownfield site adjacent to the existing WestQuay shopping centre. The planning consent for the mixed-use scheme includes up to 24,000 square metrets of retail accommodation, a hotel, a 240-unit apartment building and leisure facilities.

Hammerson also has a development agreement with Sheffield City Council for Sevenstone, a retail-led city centre development, and are in discussion with the council to complete the land acquisition phase of the scheme.

Outline planning consent has been renewed for Eastgate Quarters, Leeds, the proposed retail-led regeneration of Leeds city centre. A new outline planning application for an improved scheme will be submitted early in 2011.

John Nelson, Chairman of Hammerson, said: “Looking forward, our financial flexibility and continued asset recycling will allow us to continue to take advantage of opportunities which we believe will arise in the coming period.”

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