Derwent London secures planning for Midtown office scheme
29 Feb 2008
Derwent London, one of London’s most dynamic and innovative property investors and developers, is pleased to announce that the City of London has resolved to grant planning permission for the redevelopment of 40-45 Chancery Lane, WC2 which currently comprises three multi let buildings totalling 71,146 sq ft.
Designed by Bennetts Associates, the proposals are for a development of 102,900 sq ft of high quality office. The key focus of the design is a central courtyard which will be built at the rear of the scheme linking the new space to a building which is being retained in Tooks Court. In addition, there will be retail space fronting Chancery Lane.
Chancery Lane will be a welcome addition to Derwent London’s growing portfolio of stylish office accommodation in the Midtown area, building on the successful refurbishment and lettings at the Johnson Building in Hatton Garden in 2007. Located in a rapidly expanding and vibrant part of London, Chancery Lane further demonstrates the Company’s confidence in an area which it believes continues to offer occupiers significant rental value.
The planning consent for Chancery Lane is the third successful consent achieved by Derwent London since the beginning of 2008 and adds to the pipeline of future schemes. The three planning consents will allow Derwent London to create a total of 297,681 sq ft of additional lettable office space.
In January the Company secured planning permission for its 316,000 sq ft mixed-use canal side scheme, at 55-65 North Wharf Road in Paddington, London W2. The site, at the heart of Paddington Basin regeneration area, is directly opposite the northern entrance to Paddington Station. The new scheme will provide 240,250 sq ft of office space.
Earlier this month Derwent London secured planning permission from Islington Council for the 255,000 sq ft net office refurbishment of the Angel Centre, London EC1, increasing the total space by 93,000 sq ft. The property is the first building from the London Merchant Securities’ (“LMS”) portfolio to be refurbished by Derwent London following its merger in February 2007.
Nigel George, Director at Derwent London, commented: “The scheme for Chancery Lane was well researched to achieve floorplates which will appeal to a range of different occupiers, together with a private courtyard offering tenants attractive break out spaces. The proposals for all of these developments are entirely consistent with Derwent London’s passion for delivering high quality offices that will be attractive to prospective tenants looking to base themselves in Central London’s key villages.”