INDUSTRY NEWS

DevSec team with SWIP for Hammersmith London office project phase two

Development Securities has teamed up with SWIP Property Trust as a funding partner for its 375,000 sq ft Hammersmith Grove London office scheme.

The UK real estate developer and investor confirmed it was looking to push forward with its plans for phase two of the development in October last year.

The second phase of the development will see the construction of 12 Hammersmith Grove. A 167,000 sq ft office block with 11 floors and a new restaurant space.

Development Securities executive director, Julian Barwick, said: “We are delighted to be progressing 12 Hammersmith Grove in partnership with SWIP Property Trust with whom we also developed 10 Hammersmith Grove.

“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.

“The supply of grade A office space in Hammersmith is otherwise very limited with 10 and 12 Hammersmith Grove providing the highest quality space in this market. We look forward to bringing the final phase of development to completion.”

Development Securities also teamed up with SWIP for phase one of the development, 10 Hammersmith Grove, with SWIP funding £50m towards the project in October 2011.

Phase one features 110,000 sq ft of prime London office space as well as three restaurant units. It was completed in July 2013.

SWIP Property Trust deputy manager, Kerri Hunter, added: “Encouraged by continued momentum in the occupier market, we’re pleased to be adding this final phase at Hammersmith Grove to the fund’s development programme.

“The first phase, 10 Hammersmith Grove, surpassed our expectations and we’re keen to build on its success by delivering a similarly high quality building into a market that is increasingly starved of supply.”

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