Development Securities project will start before 2012 as Scottish Widows puts up £50m of funding
Scottish Widows Investment Partnership Property Trust (SWIPPT) has committed £50m to the forward funding of a Development Securities PLC project in Hammersmith, London.
The cash boost will go towards the first phase of the Hammersmith Grove development. The 1.5 acre site was formerly owned by Transport for London (TfL) and is currently being used as a car park.
The redevelopment will include two office buildings, one of nine storeys and another of 11, designed by BFLS and totaling 275,000ft².
Phase one of construction will focus on a building to the south of the site facing onto Lyric Square, which comprises 110,000ft² net offices, and 6,000ft² of restaurants and cafes. Work is expected to start towards the end of the year, with completion expected in early 2013.
Car parking at the site is to be limited to 10 cars, and 250 spaces for cycle parking will be provided close to the building.
The upper floors of the buildings will offer landscaped terraces with southerly views towards the river and park lands beyond.
Construction costs for the development are given as £70m overall. Services and highways work will be handled by AECOM.
Development Securities will announce the main contractor in early December.