Work on 12 Hammersmith Grove to Begin Next Month
Developer behind new offices says "Great things come in pairs"
The developer behind 10 Hammersmith Grove has announced that it has secured funding for neighbouring building 12 Hammersmith Grove and will begin work on the site next month.
Development Securities says that SWIP Property Trust will commit £92 million to forward-fund 12 Hammersmith Grove, the second and final phase of a 375,000 sq. ft. office-led regeneration scheme in the centre of Hammersmith.
The developer has launched a website for the new building, using the words "Great things come in pairs".
Development Securities says 12 Hammersmith Grove will provide 11 floors of office space along with new restaurant and additional public space.
Construction will start in May with completion due in early 2016.
The first phase of the development, 10 Hammersmith Grove, was also funded by SWIP Property Trust for £50 million in October 2011 and completed in July last year, offering three restaurant units, two now occuped by Bill's and Byron's.
Developed on the site of a former car park, 10 and 12 Hammersmith Grove are in the centre of Hammersmith adjacent to the underground station.
Transport for London (TfL) own the freehold to 10 and 12 Hammersmith Grove and in 2010 established a 175-year lease agreement with Development Securities. TfL remain a partner in the development, which continues to contribute to the regeneration of Hammersmith town centre.
Kerri Hunter, SWIP Property Trust says: " 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."
In February it was announced that multichannel broadcaster UKTV is moving from its current HQ in Bechtel House in Hammersmith Road to 10 Hammersmith Grove.
The move, which has been rumoured for some time, will see UKTV move its 250 staff by July after the media company signed a 15 year lease for the 32,500 square foot work space.
UKTV is working with interior design and architecture firm Penson to design what it describes as "super-sized headquarters, built for innovation" which will include sociable working spaces, a café-bar, outdoor terrace, studio facilities and a screening room.
April 18, 2014