L&G secures planning for Hammersmith redevelopment.
13 November 2014
Legal & General Property (LGP) announces, on behalf of its Managed Fund, that it has successfully secured resolution to grant consent for the redevelopment of 245 Hammersmith Road, formerly known as Bechtel House. Planning permission for the Sheppard Robson-designed scheme was granted last night by the London Borough of Hammersmith & Fulham’s Planning Applications Committee, with a unanimous vote in favour.
Arranged over 10 floors, the new scheme will provide 242,000 sq ft of flexible office accommodation and 13,000 sq ft of retail and restaurant space at ground level, as well as exciting new public space for the local community. Work is due to start on site in September 2015 with completion targeted for Summer 2017.
Situated in the centre of Hammersmith, in the core office location and close to the main transport hub, the property was purchased by LGP in August 2012. Replacing a 1980s office building, rather than comprising a single structure like the existing Bechtel House, the new design reduces the mass of the development by forming the building from two parallel wings that are connected by a central core.
Providing an inviting entrance, the development will be stepped back from Hammersmith Road, creating a new landscaped plaza space at the front of the scheme that leads through to a podium garden. A funicular lift mediates the 26 ft change of level between the two external spaces.
The office space has been designed to accommodate between one and 29 tenants, with the floor plates and servicing providing the maximum level of flexibility. Further connecting the office spaces and the development as a whole to the local community, the project will include a business lounge at ground level and a café that will also be open to the public.
The external façade of the development is characterised by the use of angled anodised aluminium windows, which have been designed to create a dialogue with the architectural language of the adjacent Conservation Area where terracotta brick is commonplace. The angled aluminium panels in the façades are tailored to their orientation, minimising solar gain and providing dynamic elevations which respond to the changing levels of light during the day.
Simon Wilkes, Head of Business Space Development at Legal & General Property, commented: “Allowing us to deliver a new improved future for 245 Hammersmith Road, last night’s decision is great step forward in the continued regeneration of Hammersmith, further supporting the growth of its established and dynamic office market. Paving the way for well-designed, modern, environmentally friendly development that accommodates up to 2,000 jobs while also providing significant new public space in the centre of Hammersmith, we look forward to being on site in 2015.”
Mark Kowal from Sheppard Robson said: “The ambition and drive behind this project is to create a significant piece of contemporary architecture and a sense of place that responds to the adjacent Brook Geen Conservation Area whilst also helping embed this new development within its surroundings.
“Through rethinking the form of the building we have created a sequence of outdoor spaces that connect the building to Hammersmith Road as well as unlocking the potential of the central garden space which is currently underused. We are now working on completing the detailed design and look forward for the project starting on-site next year.”
Notes to editors
Legal & General Property
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £465bn in assets on behalf of over 3,100 clients (30 June 2014) and provides products and solutions spanning all asset classes. LGP is the fourth largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £14.5bn as at 30 September 2014. These funds include:
Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities.
Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.
Schroders has managed property funds since 1971 and currently has £11.6 (€14.5 /US$19.9)) billion of gross property assets under management as at 30 June 2014 and has around 100 property staff located in 9 offices across the UK and Europe.
Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ property business visit www.schroderproperty.com
For further information, please contact:
Sophie Elliott/PJ Appleton
Redwood Consulting for Schroder UK Property Fund
020 7828 5553
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279