Developer ready to develop 1,000,000ft2 of property as capital’s office market improves

Derwent has revealed it is to develop five new schemes in central London on the back of continued improvements in the capital’s office market.

The developer said it had won planning permission from Tower Hamlet for a 121,500ft2 mixed-use development at 60 Commercial Road, E1 and had submitted planning applications for three further schemes  in central London totalling 605,000ft2.

John Burns, chief executive of Derwent London, said: “Although economic conditions remain uncertain, we are encouraged by the continued improvement of the central London office market and our letting successes.”

Derwent said central London lettings were 7.9% above estimated rental values at 31 December 2009 and 2.6% higher than 30 June 2010 values.

The three schemes submitted for planning are at 142 Hampstead Road, NW1, 2-4 Pentonville Road, N1 and City Road Estate, EC1.

Derwent said a planning application for the 320,000ft2 redevelopment of 80 Charlotte Street would be made shortly.

The developer said it was currently working on nine refurbishments. It recently completed the Angel Building in Islington in designed by Allford Hall Monaghan and Morris.