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Half Yearly Report 2008
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London development pipeline

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Table 2: London development pipeline at 30 September 2008

Property Description
of use 		Ownership
interest %		 Size
m2 		Planning
status 		Letting
status % 		Net income/
ERV
£m 		Estimated/
actual
completion
date 		Total
develoment
costs to date
£m 		Forecast total
development
cost
£m
Developments, let and transferred or sold                  
10 Eastbourne Terrace, W2 Office 100 6,150   100 3 July 2008 43 43
50 Queen Anne’s Gate, SW1 Office 100 30,140   100 13 May 2008 143 143
Developments completed                  
New Street Square, EC4  Office
Retail		 100 62,340
2,980		   92
64		 34 May 2008 361 381
Developments approved and in progress                  
Dashwood House, EC2 Office
Retail		 100 14,110
710		   –
100		 9 Oct 2008 107 112
30 Eastbourne Terrace, W2 Office 100 4,470   – 2 May 2009 20 35
One New Change, EC4 Office
Retail		 100 30,840
19,900		   38
17		 33 Sept 2010 267 531
Park House, W1 Office
Retail
Residential		 100 15,430
8,140
5,380		   –
–
–		 27 Dec 2011 236 369
Proposed developments                  
Selborne House, SW1 Office
Retail		 100 23,450
1,540		 AS n/a n/a 2012 n/a n/a
Arundel Great Court & Howard Hotel, WC2 Office
Retail
Residential		 100 37,110
2,150
23,310		 AS n/a n/a 2013 n/a n/a
20 Fenchurch Street, EC3 Office
Retail		 100 61,970
2,130		 PR n/a n/a 2013 n/a n/a

Planning status for proposed developments

AS – Application Submitted

PR – Planning Received

Total development cost (£m)
Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with finance charges less residential costs (totalling £109m across all categories of development). Floor areas shown above represent the full scheme whereas the cost represents our share of costs.  Letting % is measured by ERV and shows letting status at 30 September 2008. Trading property development schemes are excluded from the development pipeline.  Cost figures for proposed schemes are not given as these could still be subject to material change prior to final approval.

Net income/ERV
Net income/ERV respresents net headline annual rental payable on let units plus ERV at 30 September 2008 on unlet units.