SWIP Property Trust has committed £92 mln (€111 mln) to fund the second and final development phase of 12 Hammersmith Grove, an office-led regeneration scheme in the west London district of Hammersmith.
SWIP Property Trust has committed £92 mln (€111 mln) to fund the second and final development phase of 12 Hammersmith Grove, an office-led regeneration scheme in the west London district of Hammersmith.
In total, 12 Hammersmith Grove will provide 167,000 sq ft (15,500 m2) of grade A office space over 11 floors along with new restaurant facilities and additional public space.
The development will be built speculatively with construction starting this May and completion due in the first quarter of 2016.
The first phase of the development, 10 Hammersmith Grove, was also funded by SWIP Property Trust for £50 mln in October 2011. Comprising 110,000 sq ft of prime offices, three restaurant units and 6,000 sq ft of public realm, the first phase was completed in July 2013.
Transport for London (TfL) owns the freehold to 10 and 12 Hammersmith Grove and in 2010 established a 175-year lease agreement with Development Securities to enable the development of the office-led scheme. TfL remains a partner in the development.
Julian Barwick of Development Securities, said: 'The appetite for premium office space in locations such as Hammersmith, on the edge of London’s traditional office core, is growing as occupiers are increasingly price-sensitive and yet still discerning with regards to quality.'
JLL, Wragge & Co and Macfarlanes advised Development Securities. Griffiths Eccles and CMS Cameron McKenna acted for SWIPPT. JLL and Farrer & Co acted for LUL. The office leasing agents are JLL and Strutt & Parker. The leisure leasing agent is Shelley Sandzer.
