British Land drives down construction costs

Grant Prior 10 years ago
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British Land is continuing to benefit from driving down construction costs as the developer confirmed a pipeline of more than 4,500,000 sq ft of retail and commercial projects.

Prospective schemes include five major commercial developments and nine retail schemes across the country where planning is currently in progress.

British Land said its third quarter results had been boosted by “further progress made on fixing construction costs.”

The firm added: “Within the office development programme just over 70% of our total construction costs have now been contracted and a further 16% tendered.

“By committing to schemes early we have succeeded in securing contracts at attractive levels and ahead of our original expectations.”

The future schemes are:

Prospective Developments
At 31 December 2011 BL Share

%

Sq ft

‘000

Offices:
39 Victoria Street 100 90 Pending
6-9 Eldon Street 100 33 Pre-submission
Colmore Row 100 280 Detailed
Meadowhall Metropolitan 100 2,200 Outline
New Century Park 50 1,000 Outline
Total Offices 3,603
Retail:
Fort Kinnaird, Edinburgh 21 93 Planning pending
Glasgow Fort, Glasgow 41 185 Detailed planning consent
Kingston Centre, Milton Keynes 50 21 Detailed planning consent
Broughton Park, Chester 41 54 Planning pending
Surrey Quays 50 100 Planning pending
Power Court, Luton 100 200 Planning pending
Superstore Extensions 50 99 Board Commitment to Fund
Deepdale Retail Park, Preston 21 76 Planning pending
Meadowhall Surrounding Land 50 142 Planning pending
Total Retail 970
Total Prospective 4,573

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