Derwent London
Encyclopedia
Derwent London is a leading British
-based property investment and development business. It is headquartered in London
and is a constituent of the FTSE 250 Index
.
which railway dates back to 1913. The railway closed in the 1981 and in 1984 John Burns used the former operating company, Derwent Valley Holdings, as the vehicle with which to develop his London
-based property business. In 2007 the company merged with London Merchant Securities plc to form Derwent London. This deal was hailed as "the deal of the decade" by the editor of Property Week. In July 2007 the company converted to a real estate investment trust
.
but is focussed on the West End. The company divides its portfolio up into "London Villages"
portfolio. This gave the company about 1000000 square feet (92,903 m²) of property over more than 30 sites in Fitzrovia; about one fifth of the company's total portfolio. In November 2009 the company announced plans to transform part of Fitzrovia
in central London
into a new retail destination with cafes and restaurants. An exhibition was opened in Whitfield Street W1 to showcase the company's plans and the company produced a brochure entitled Your Fitzrovia. The company's plans were criticised in the local paper Fitzrovia News
who accused the company of wanting to change the character of the neighbourhood.
In April 2010 the company stated in their annual report that they were moving ahead with plans to redevelop the Saatchi & Saatchi building in Charlotte Street, and backing a business initiative called the Fitzrovia Partnership. In July 2010 they held an exhibition outlining their proposals for the Saatchi building. Fitzrovia News reported that Camden Council had confirmed that the Fitzrovia Partnership was intending to become a Business Improvement District
(BID).
In July 2010 the company bought the Central Cross office block on Tottenham Court Road, "a 2.1 acre (0.85 ha) site, the 251,000 sq ft (23,300 sq m) freehold property comprises 216,000 sq ft (20,100 sq m) of offices, 24,000 sq ft (2,200 sq m) of ground floor retail space fronting onto Tottenham Court Road and an 11,000 sq ft (1,000 sq m) cinema." The company then claimed to own 1500000 square feet (139,354.6 m²) of property in Fitzrovia.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
-based property investment and development business. It is headquartered in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and is a constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
History
The business was originally established as the operator of the Derwent Valley Light RailwayDerwent Valley Light Railway
The Derwent Valley Light Railway was a privately-owned standard-gauge railway running from Layerthorpe on the outskirts of York to Cliffe Common near Selby in North Yorkshire, England. It opened in 1913, and closed in sections between 1965 and 1981...
which railway dates back to 1913. The railway closed in the 1981 and in 1984 John Burns used the former operating company, Derwent Valley Holdings, as the vehicle with which to develop his London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
-based property business. In 2007 the company merged with London Merchant Securities plc to form Derwent London. This deal was hailed as "the deal of the decade" by the editor of Property Week. In July 2007 the company converted to a real estate investment trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
.
Operations
The Group is organised as one business - property investment and development. At 31 December 2010 its portfolio was valued at £2.4bn.Property portfolio
The company has properties all over central LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
but is focussed on the West End. The company divides its portfolio up into "London Villages"
Fitzrovia portfolio
From the merger with London Merchant Securities the company acquired 800000 square feet (74,322.4 m²) of property to add to its existing FitzroviaFitzrovia
Fitzrovia is a neighbourhood in central London, near London's West End lying partly in the London Borough of Camden and partly in the City of Westminster ; and situated between Marylebone and Bloomsbury and north of Soho. It is characterised by its mixed-use of residential, business, retail,...
portfolio. This gave the company about 1000000 square feet (92,903 m²) of property over more than 30 sites in Fitzrovia; about one fifth of the company's total portfolio. In November 2009 the company announced plans to transform part of Fitzrovia
Fitzrovia
Fitzrovia is a neighbourhood in central London, near London's West End lying partly in the London Borough of Camden and partly in the City of Westminster ; and situated between Marylebone and Bloomsbury and north of Soho. It is characterised by its mixed-use of residential, business, retail,...
in central London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
into a new retail destination with cafes and restaurants. An exhibition was opened in Whitfield Street W1 to showcase the company's plans and the company produced a brochure entitled Your Fitzrovia. The company's plans were criticised in the local paper Fitzrovia News
Fitzrovia News
The Fitzrovia News is a free community newspaper produced entirely by volunteers living and working in Fitzrovia, London, United Kingdom. It is an example of what has been called hyperlocal media or community journalism. It is notable because it is "one of the country's oldest community newspapers"...
who accused the company of wanting to change the character of the neighbourhood.
In April 2010 the company stated in their annual report that they were moving ahead with plans to redevelop the Saatchi & Saatchi building in Charlotte Street, and backing a business initiative called the Fitzrovia Partnership. In July 2010 they held an exhibition outlining their proposals for the Saatchi building. Fitzrovia News reported that Camden Council had confirmed that the Fitzrovia Partnership was intending to become a Business Improvement District
Business improvement district
A business improvement district is a defined area within which businesses pay an additional tax or fee in order to fund improvements within the district's boundaries. Grant funds acquired by the city for special programs and/or incentives such as tax abatements can be made available to assist...
(BID).
In July 2010 the company bought the Central Cross office block on Tottenham Court Road, "a 2.1 acre (0.85 ha) site, the 251,000 sq ft (23,300 sq m) freehold property comprises 216,000 sq ft (20,100 sq m) of offices, 24,000 sq ft (2,200 sq m) of ground floor retail space fronting onto Tottenham Court Road and an 11,000 sq ft (1,000 sq m) cinema." The company then claimed to own 1500000 square feet (139,354.6 m²) of property in Fitzrovia.