SWIP to forward fund Dev Secs' spec project near London

Scottish Widows Investment Partnership Property Trust (SWIPPT) has agreed to commit £50 mln (EUR 58 mln) to the forward funding of the first phase of Development Securities' speculative Hammersmith Grove project in the heart of the town centre.

The 1.5 acre site, previously owned by Transport for London (TfL), is located adjacent to the Hammersmith & City line station, and is currently used as a surface car park.

Plans are to transform the area into two prime office buildings designed by BFLS totalling 275,000 sq ft (26,000 m2) of modern space.

Construction of phase I is expected to commence on site towards the end of this year with completion targeted for early 2013. The first building comprises 110,000 sq ft of offices, and 6,000 sq ft of restaurants and cafes.