DevSec contract on Hammersmith Grove

Development Securities have concluded their acquisition of the Hammersmith Grove site.

They reported in an interim management statement that they have contracted unconditionally with London Underground to acquire a 175 year leasehold interest in the 1.5 acre site at Hammersmith Grove.  The agreed premium is payable on a phased basis to allow flexibility in timing construction of the development to meet occupier demand.  The initial payment of £5.0 million is due in 12 months’ time.  Further consideration of £8.0 million is payable in tranches at the commencement of development.  The site has planning consent for 325,000 sq. ft. of offices together with ancillary retail and leisure space.

DevSecs also outlined that they continue to appraise redevelopment options for the Oriental City site at 399 Edgware Road in Colindale, whilst also considering approaches which may lead to an outright sale.

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