Development pipeline

	Net
	contracted	Existing	Proposed	Floor
	rental income	floor	floor	area
	per annum	area	area	uplift
	£m	m²	m²	%	Comments
Paddington 55-65 North Wharf Road, W2	1.6	7,800	29,400	276	Planning consent was granted in January 2008 for the redevelopment of these low rise 1960s buildings, which occupy a prime Paddington Basin location. This major project would provide a 22,300m² office building, a 100-unit residential block totalling 6,800m² and 300m² of retail space.
Southbank Wedge House, 30-40 Blackfriars Road, SE1	0.3	3,600	7,500	108	Planning consent was granted in January 2008 for a new ten-storey office development in this improving Southbank location.
Holborn 40 Chancery Lane, WC2*	1.0	6,600	9,100	38	Planning consent obtained in February 2008 for a new office building. This would replace three buildings; two of which we have an interest in and an adjacent building of 900m², which is owned by the freeholder of part of our ownership.
Old Street City Road Estate, EC1	0.8	9,500	23,300	146	A planning permission obtained on appeal in October 2008 to redevelop the existing collection of buildings to provide 13,100m² of residential and 10,200m² of commercial space. However, a predominantly office scheme is now under consideration.
18-30 Leonard Street, EC2	–	Site	5,100	n/a	Planning consent for 3,200m² of residential (47 units) and 1,900m² of office space.
	3.7	27,500	74,400	171

* Includes Tooks Court

	Net
	contracted	Existing
	rental income	floor
	per annum	area
	£m	m²	Comments
Euston 132-142 Hampstead Road, NW1	2.0	21,500	This building offers a significant redevelopment opportunity. Planning studies for regeneration and extension of the existing buildings are being finalised and a planning application is being prepared for submission later this year.
Fitzrovia 80 Charlotte Street, W1	4.3	18,600	A large island block occupied by Saatchi & Saatchi in the heart of our Fitzrovia Estate. The site offers the potential for a major regeneration project.
Belgravia Hyde Park Corner Estate, SW1	5.2	15,700	Two substantial office buildings occupying a landmark location on Hyde Park Corner and offering significant redevelopment potential. Planning studies are being evaluated in conjunction with our freeholders, the Grosvenor Estate.
Victoria Riverwalk House, 157-166 Millbank, SW1	2.3	6,900	A prime riverside location overlooking the Thames. Potential to substantially increase the site density through redevelopment when the lease expires In 2011.
Clerkenwell 63 Clerkenwell Road, EC1	0.3	4,200	Planning permission for a new build office scheme was refused in November 2009. This is being appealed, with a decision expected in May 2010.
Shoreditch 60 Commercial Road, E1	0.5	2,800	Planning permission for a mixed use scheme was refused in November 2009. Development options are being re-evaluated.
	14.6	69,700

Report & Accounts 2009