Annual Report 2012 - Development Securities PLC
Annual Report 2012 - Development Securities PLC
Annual Report 2012 - Development Securities PLC
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<strong>Development</strong> and trading assets<br />
Watford<br />
Station<br />
Whippendell Road<br />
Watford<br />
General<br />
Hospital<br />
Property<br />
Shepherds Bush<br />
London<br />
Airport House<br />
Croydon<br />
Rembrandt House<br />
Watford<br />
The Square<br />
Hale Barns<br />
Cheshire<br />
Ladybarn House<br />
Manchester<br />
Wick Site<br />
Littlehampton<br />
West Sussex<br />
Rock portfolio<br />
Various<br />
Property overview<br />
Scheme in partnership with Orion Land &<br />
Leisure in order to facilitate the regeneration<br />
of the Shepherds Bush Market area<br />
Six-acre site running between Uxbridge Road<br />
and Goldhawk Road<br />
61,800 sq. ft. of office accommodation, 3,500<br />
sq. ft. of conference rooms plus ancillary<br />
space acquired in July 2010<br />
3.4-acre site comprising offices and industrial<br />
uses including four storey office building,<br />
Rembrandt House<br />
Acquired in January 2011<br />
42,000 sq. ft. retail development including<br />
30,000 sq. ft. foodstore anchor pre-leased to<br />
Booths and 24 residential apartments<br />
Joint venture scheme with<br />
Accrue Capital Limited<br />
Established 120-bed hall of residence<br />
adjacent to main campus of the University<br />
of Manchester<br />
Acquired in September 2011 for £6.4 million<br />
at an initial yield of 6.3 per cent<br />
Site of former Body Shop International<br />
headquarters acquired in July 2010 for<br />
£7.6 million<br />
Portfolio of properties bought for £23.2<br />
million from administrators acting on behalf<br />
of Lloyds Banking Group<br />
Mixture of commercial, leisure and residential<br />
assets across the UK<br />
Acquired in October 2010<br />
Progress made since 1st January 2011<br />
Operating Review<br />
Outline planning consent secured for a mixed-use<br />
regeneration comprising a rejuvenated Shepherds<br />
Bush market at its core, up to 212 residential units,<br />
retail and leisure amenities and new public realm<br />
Occupancy rates and tenant quality significantly<br />
improved following extensive upgrades and<br />
refurbishments. Six per cent increase in occupancy<br />
and 24 per cent increase in net operating income<br />
since January 2011<br />
Resolution to Grant Planning secured for<br />
redevelopment of site including refurbishment of<br />
Rembrandt House and development of 107 new<br />
residential units<br />
Residential site under offer for sale<br />
Improved original planning permission for<br />
redevelopment of retail centre and completed<br />
the S106 agreement<br />
Start on site anticipated in Q4 <strong>2012</strong><br />
Minor refurbishment undertaken prior to letting for<br />
2011/12 academic year. Full occupancy secured<br />
Reviewing comprehensive refurbishment options<br />
to maximise income and room mix to meet demand<br />
Exploring the potential to extend the building by<br />
20–30 rooms<br />
Secured Planning Consent for food-anchored<br />
retail scheme<br />
47,500 sq. ft. foodstore pre-sold to Morrisons<br />
39 per cent of portfolio by book value sold<br />
generating revenue of £17.2 million and profits<br />
of £3.8 million<br />
Good progress made on individual business<br />
plans with planning secured on six assets<br />
Further disposals in hand<br />
<strong>Development</strong> <strong>Securities</strong> <strong>Securities</strong> <strong>PLC</strong> / <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong> 25
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