Derwent London Regulatory News (DLN)

29 Feb 2008 07:01

Derwent London PLC29 February 2008 29 February 2008 Derwent London plc ("Derwent London"/ "Company") DERWENT LONDON SECURES PLANNING FOR MIDTOWN OFFICE SCHEME Derwent London, one of London's most dynamic and innovative property investorsand developers, is pleased to announce that the City of London has resolved togrant planning permission for the redevelopment of 40-45 Chancery Lane, WC2which currently comprises three multi let buildings totalling 71,146 sq ft(6,610 sq m). Designed by Bennetts Associates, the proposals are for a development of 102,900sq ft (9,556 sq m) of high quality office .The key focus of the design is acentral courtyard which will be built at the rear of the scheme linking the newspace to a building which is being retained in Tooks Court. In addition, therewill be retail space fronting Chancery Lane. The scheme will be a welcome addition to Derwent London's growing portfolio ofstylish office accommodation in the Midtown area, building on the successfulrefurbishment and lettings at the Johnson Building in Hatton Garden in 2007.Located in a rapidly expanding and vibrant part of London, Chancery Lane furtherdemonstrates the Company's confidence in an area which it believes continues tooffer occupiers significant rental value. Nigel George, Director at Derwent London, commented: "The scheme was well researched to achieve divisible floorplates which willappeal to a wide range of occupiers, together with a private courtyard offeringtenants attractive break out spaces. "The proposals are in line with Derwent London's passion for high qualityoffices that will appeal to prospective tenants looking to base themselves inthis increasingly popular area." -ends- For further information please contact: Dido Laurimore/Nicole Marino, Financial Dynamics (for Derwent London): Tel: 020 7831 3113 Nigel George, Director, Derwent London Tel 020 7659 3000 Notes to editors Derwent London plc Derwent London plc was formed on 1 February 2007 following the merger of DerwentValley Holdings and London Merchant Securities and converted to REIT status on 1July 2007. The group is one of London's most innovative office specialistproperty developers and investors and is well known for its establisheddesign-led philosophy and creative management approach to development. DerwentLondon won the RIBA Client of the Year Award 2007. Derwent London's core strategy is to acquire and own a portfolio of CentralLondon property that has reversionary rents and significant opportunities toenhance and extract value through refurbishment and redevelopment. The groupowns and manages an investment portfolio of over £2.8 billion, of which £2.5billion or 93% is located in Central London, with a specific focus on the WestEnd and the areas bordering the City of London. Landmark schemes by DerwentLondon include: Qube W1, Johnson Building EC1, Davidson Building WC2 andBroadwick House W1. Approximately 50% of the London portfolio is identified as having theopportunity, through development, to achieve significant gains in floor areaand, thereby, increases in value. The existing pipeline of development andrefurbishment projects is extensive, totalling 3.3 million sq ft (306,500 sq m). This information is provided by RNS The company news service from the London Stock Exchange