British Land to start building on £748m pipeline

Grant Prior 11 years ago
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British Land is planning to start on site within the next 18 months on £748m worth of schemes in its development pipeline.

The news came in a bullish update to the City today.

British Land said: “We are positive about the outlook for development returns and have been increasing our pipeline of prospective development opportunities, particularly within London.

“In total, our prospective near-term development pipeline now stands at 1.4 million sq ft, a total potential capital commitment (including land value) of £784m.

“We expect to start on site on the majority of these developments within the next 12-18 months as our committed pipeline completes, having obtained planning permission.”

The Near Term Uncommitted Development Pipeline consists of:

AT 30 June 2013 Sector BL Share Sq ft Total Cost1
‘000 £m
The Clarges Estate, W1 Mixed use 100% 194 318
5 Kingdom Street, Paddington Offices 100% 240 151
Aldgate Place, E1 Residential 50% 356 92
4 Kingdom Street, Paddington Offices 100% 145 91
The Hempel, W2 Residential 100% 40 56
Surrey Quays (extension) Retail 100% 98 24
Yalding House, W1 Offices 100% 30 23
Broughton Park, Chester Retail 44% 54 7
Whiteley Phase 2 (Leisure) Retail 50% 58 5
Fort Kinnaird Edinburgh Retail 22% 85 5
Meadowhall Surrounding Land Retail 50% 22 5
Milton Keynes, Kingston Centre Retail 50% 21 4
Deepdale Shopping Park,  Preston Retail 22% 71 3
Total 1,414 784
1  current valuation plus cost to complete and excluding notional interest

 

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