16 Jun 2020 07:00
16 June 2020
U and I Group PLC
Positive planning decision at Landmark Court
U+I (LSE:UAI), the specialist regeneration developer and investor, today announces that Southwark Planning Committee has resolved to grant planning permission at Landmark Court, U+I's £240 million Gross Development Value (GDV) Public Private Partnership scheme, subject to the standard six week procedural and s106 process. The scheme is expected to deliver c.£10-15 million of development and trading profit to U+I over the c.5 year lifespan of the project, with significant development management fees starting in FY2021.
Held in joint venture with Transport for London, the 1.7 acre mixed-use scheme in Zone 1 will deliver over 200,000 sq.ft. of contemporary office, retail and workspace, as well as new homes. It will also protect and enhance neighbouring Crossbones Graveyard, preserving the long-term future of this historic burial ground. U+I expects to start on site in Q1 2021 and complete the scheme in 2023.
Richard Upton, Chief Development Officer at U+I, commented:
"This is an exciting opportunity to recreate Landmark Court's historic lanes and yards, providing much needed homes, workspace, shops and restaurants - including a new marketplace - for this close-knit community. Our plans will stitch this prime London location neighbouring vibrant Borough Market back together, creating over 1,800 new jobs and supporting the local economy"
ENDS
For further information, please contact:
U+I
Nicola Krafft
+44 (0) 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0)20 3757 4985 / 4991
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a >£11.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £147.1 million investment portfolio, we are unlocking urban sites bristling with potential in the London City Region (within one hour's commute from Central London), Manchester and Dublin. We exist to create long-term socio-economic benefit for the communities in which we work, delivering sustainable returns to our shareholders.
To find out more, visit www.uandiplc.com or follow us @uandiplc