Development Securities report progress on their West London schemes in their interim financial statement.
DevSec say Wates Group, the contractor at 10 Hammersmith Grove, is making good progress and that they expect to finish the building in the spring of 2013 “at a moment of limited competition”.
Should this enable a swift letting of the building, they say they would expect to roll straight into the development of the second phase, for which they have planning permission, at 12 Hammersmith Grove, which comprises 160,000 sq ft of offices.
At 399 Edgware Road, the seven-acre mixed-use site formerly the home of Oriental city, the aisan food market, they intend a new planning application in the second half of 2012 to replace the extant permission for a scheme conceived before the onset of the recession, and now deemed unviable.
They have already secured a pre-let for an 80,000 sq ft Morrisons foodstore as part of the scheme regeneration scheme, and say they are in discussions with housebuilders over the residential component.
Their Shepherds Bush Market scheme, held in joint venture with Orion Land has been granted outline planning consent for a mixed-use regeneration which they hope will produce a rejuvenated Shepherds Bush market at its core, and up to 212 new homes, with retail and leisure amenities, and new public realm.
The Old Vinyl Factory is a proposed mixed-use redevelopment of the former EMI Factory near Hayes station. The plans for the 18-acre site are being developed in joint venture with Cathedral Group.
The masterplan, currently under public consultation, proposes 1.5 million sq ft of mixed-use regeneration.
Planning consent has been secured for the first phase, The Gatefold Building, which will produce 132 new homes. DevSec also report an 80% stake has been sold in a shell office building on the site for an initial receipt of £3.8 million, with further value expected from overage linked to this sale.