Subsidiary's Joint Venture Project - Chelsea Dev.
Taylor Woodrow PLC
13 March 2000
LONDON LANDMARK TO BE REVITALISED
A major London landmark is to be revitalised in one of the UK's most ambitious
brownfield developments undertaken to date.
A joint venture company comprising developers Taylor Woodrow Capital
Developments and Hutchison Whampoa, part of the Hong Kong based interests of
Li Ka-shing, announced today that it has acquired the 6.2 acre Lots Road power
station site on the banks of the River Thames in Chelsea, West London.
Probably the last prime riverside development site in this part of London,
Lots Road includes one of the world's oldest operating power stations.
Although the station currently generates power for the London Underground it
is part of an on-going PFI project to secure alternative power sources as part
of the Underground's modernisation. This has resulted in a land surplus. The
site also includes Chelsea Creek and its mouth into the River Thames which
require environmental improvements.
The joint venture plans to regenerate the site with a £350 million mixed use
scheme consisting of one, two and three bedroom apartments, together with
commercial space which in total will amount to just under one million square
feet. The power station building itself will be restored and converted to
provide an exciting mix of modern fashionable flats, including loft style
apartments.
Environmental and transport considerations will be a major priority. The
tidal creek will be cleaned up and sensitively restored. The existing
riverside walk will be extended to provide public access to the whole of the
Chelsea riverside area. There will also be an on-going emphasis on a
strategic mix of private and public transport initiatives.
Taylor Woodrow Capital Developments is a leading residential property
developer in Central London. Its proven track record in creating high quality
apartment schemes on brownfield sites includes The City Quay in St Katharine's
Dock, Greenwich Millennium Village and Montevetro.
Similarly, Hutchison Whampoa has extensive Central London experience. In
addition to Belgravia Place and Royal Gate Kensington, it is developing
Montevetro in joint venture with Taylor Woodrow.
The Montevetro scheme, situated on the riverside at Battersea directly
opposite Lots Road, has been one of the outstanding success stories of the
90's. It is one of London's most talked about projects in consequence of its
innovative design and unique specification and its luxury apartments have
commanded premium prices.
Keith Egerton, Chief Executive of the Taylor Woodrow Group said, 'Lots Road is
of major national significance in terms of size, complexity and environmental
sensitivity. Taylor Woodrow is unique in being able to provide the full range
of skills required to develop such a site. In addition to our specialist
engineering and construction expertise we are a leader in developing,
marketing and managing residential and commercial properties. Our proposals
for the site will contribute significantly to the continued regeneration of
this important part of London.'
Dr Edmond Ho, the London based Director of Hutchison Whampoa was equally
pleased.
'Lots Road is exactly the kind of project Hutchison wants to be involved with
in terms of prominence and scale. We have had an excellent relationship with
Taylor Woodrow through Montevetro and now look forward to further success at
Lots Road.'
London Transport Property, advised by Knight Frank, acted on behalf of London
Underground in the sale. Property Development Manager Michael Withers said,
'We were keen to secure a purchaser of undoubted covenant and ability to take
on this exciting opportunity who would both respect the ongoing operational
sensitivities of the site and be able to produce a first class regeneration
scheme. London Underground will receive a share in the completed development
based on its success.'
Note for Editors:
For further information, please contact:
Tim Trueman/Jeremy Dodd 01344 622280
Nicholas Jones 020 7629 1201
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