Derwent London names grant recipients and announces major projects timetable

By News Reporters Derwent London has named the Fitzrovia community organisations who will be recipients of a package of grant aid. The announcement in August came shortly before CEO John Burns announced their interim results and described the company's timetable for delivering a number of major development projects in Fitzrovia. 

Fitzrovia Community Centre in Foley Street is to receive £30,000 to install a series of planters in local public spaces, develop a new community garden, café and gallery in the Centre courtyard.

Fitzrovia Youth in Action, based in Warren Street, is to receive £30,000 to resurface the Warren multi-use games area in Whitfield Place and to set up a football league for local young people, residents and local businesses.

A number of community organisations were also awarded a share of £10,000. They were All Souls Clubhouse, Cleveland Street, for their Wednesday Lunch Club for the elderly, the Fitzrovia Trust which will undertake playground replanting and a children’s tea-party and All Souls Primary School which will run a programme of after-school clubs and parenting classes.

Staff from Derwent London will also be working with some of the Fitzrovia community organisations, as part of the real estate investment trust’s newly launched volunteering programme.

John Burns Derwent’s in announcing Derwent’s interim results for 2013 also laid out the company’s timetable for construction projects in Fitzrovia. The part-demolition of 80 Charlotte Street has been put on hold until the first half of 2015 to enable the current occupants Saatchi & Saatchi to move into their new premises at 40 Chancery Lane and Turnmill. Both the Chancery Lane and Turnmill sites are currently under construction by Derwent and are due to be completed in the second half of 2014. The redevelopment of 80 Charlotte Street is due to be completed before the end of 2017. At 380,000 sq ft, this will be the largest regeneration that Derwent London has undertaken.

Burns also announced that they would be gaining vacant possession of 73 Charlotte Street this September with complete demolition of the building to start before the end of this year. Current occupants the Margaret Pyke Centre are to move to new premises in Wicklow Street, Kings Cross.

Derwent is currently redeveloping 1-2 Stephen Street. They will also gain vacant possession of the shop units at 18-30 Tottenham Court Road in the spring of 2014 to enable them to carry out their plans to fill in the colonnade and create larger retail and new restaurant premises.

Derwent have also sold Suffolk House at Whitfield Place to an unknown company who will build affordable housing. Work is expected to start shortly.

Derwent also announced its interest in 1 Oxford Street W1, a mixed-use scheme directly above Tottenham Court Road Crossrail station with construction likely to commence in early 2018 with completion in 2020. In the pipeline are Fitzrovia projects at the Network Building, Tottenham Court Road, and at 25 and 29 Berners Street.

Derwent London plc owns a portfolio of commercial real estate predominantly in central London valued at £3.1bn as at 30 June 2013, making it the largest London-focused real estate investment trust (REIT).

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