Development Agreement

20 Mar 2008 16:01

Grainger PLC20 March 2008 20 March 2008 GRAINGER PLC ("Grainger" or the "Company") GRAINGER SIGNS DEVELOPMENT AGREEMENT WITH HAMMERSMITH AND FULHAM FOR MAJOR MIXED USE DEVELOPMENT Grainger plc is pleased to announce that its joint venture vehicle with HelicalBar plc ("Helical") has exchanged contracts with the London Borough ofHammersmith & Fulham for a major mixed use development of the area aroundHammersmith Town Hall, at the western end of King Street. The planningapplication is expected to be submitted in late 2008. The development will provide approximately 290 new homes, both affordable andprivate, with pedestrian access to the river via a new footbridge, together withan 11,000 sqm civic office building, including a council one stop shop, and5,200 sqm, of retail, cafes and restaurants. The heart of the scheme is a series of new urban spaces that link together andprovide a new pedestrian connection to the river; these include a public square,a pedestrian street, a footbridge and a redesigned park. The new square will beframed by the reinstated listed town hall to the south (currently obscured by a1960's office development) and new buildings to the east and west comprisingcafes, restaurants, offices and homes and a new community supermarket. The development is expected to have an end value of approximately £180 million.Both Grainger and Helical believe that the joint venture can expect to receiveattractive returns on cost. Commenting, Andrew Cunningham, Deputy Chief Executive and Finance Director ofGrainger, said: "This is a major development which will significantly regenerate this area ofHammersmith. We are very pleased that the combined commercial and developmentskills of Grainger and Helical have been strongly recognised by Hammersmith andFulham and we look forward to working with them to bring their plans tofruition." Commenting Mike Slade, Chief Executive of Helical, said: "Despite the current market difficulties, this is an outstanding opportunity fora mixed use regeneration scheme in a borough close to home, where we enjoy othersubstantial interests." -ENDS- Grainger plc Andrew CunninghamTel: +44 (0)191 261 1819 Helical Bar plc Matthew Bonning-SnookTel: +44 (0) 207 629 0113 Financial Dynamics Stephanie Highett/Dido Laurimore/Jamie RobertsonTel: +44 (0) 20 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange