Development pipeline

2008

10 Eastbourne Terrace,
W2

Comprehensive refurbishment, including external envelope of the building. In Paddington.

2008

Innovative offices around a public square, with retail and restaurants. In the Mid-town district.

2008

Comprehensive office redevelopment in the City, with small retail component. Completed.

2010

Landmark mixed-use development in an extraordinary location adjacent to St Paul’s.

2013

Redevelopment to create a major mixed-use scheme. Planning consent now granted.

2013

Planning consent granted for this cutting edge, high quality mixed-use development in Victoria.

Property	Description of use	Ownership Interest %	Size m²	Planning status	Letting status	Net income/ ERV £m	Estimated/ actual completion date	Total develop- ment cost to date £m	Forecast total develop- ment cost £m
Developments, let and transferred or sold
10 Eastbourne Terrace, W2	Office	100	6,150		100	3	July 2008	41	41
50 Queen Anne’s Gate, SW1	Office	100	30,140		100	14	May 2008	143	143
Developments completed
New Street Square, EC4	Office	100	62,340		93	33	May 2008	379	379
	Retail		2,980		82
Dashwood House, EC2	Office	100	14,110		6	7	Oct 2008	113	113
	Retail		710		100
Developments approved and in progress
30 Eastbourne Terrace, W2	Office	100	4,470		–	2	May 2009	29	35
One New Change, EC4	Office	100	30,840		38	31	Sept 2010	291	543
	Retail		19,900		17
Park House, W1	Office	100	15,430		–	22	July 2013	247	387
	Retail		8,140		–
	Residential		5,380		–
Proposed developments
Selborne House, SW1	Office	100	23,450	PR	n/a	n/a	2013	n/a	n/a
	Retail		1,540
Arundel Great Court and	Office	100	36,750	PA	n/a	n/a	2014	n/a	n/a
Howard Hotel, WC2	Retail		2,470
	Residential		22,670
20 Fenchurch Street, EC3	Office	100	61,660	PR	n/a	n/a	2014	n/a	n/a
	Retail	2,130
Wellington House, SW1	Retail	100	250	PR	n/a	n/a	2014	n/a	n/a
	Residential		5,650

Floor areas shown above represent the full scheme whereas the cost represents our share of costs. Letting % is measured by ERV and shows letting status at 31 March 2009. Trading property development schemes are excluded from the development pipeline. Cost figures for proposed schemes are not given as these could still be subject to material change prior to final approval.
Planning status for proposed developments
PR – Planning Received PA – Planning Appeal
Total development cost (£m)
Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with finance charges less residential costs (totalling £109m across all categories of development).
Net income/ERV
Net income/ERV represents headline annual rent payable on let units plus ERV at 31 March 2009 on unlet units.