| Thu 7 Jul 2005, 10:48 | | Liberty International Plc - King"s Reach, Southwar |
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Liberty International Plc - King`s Reach, Southwark, London Se1
LIBERTY INTERNATIONAL PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI I
LIBERTY INTERNATIONAL PLC
7 July 2005
KING`S REACH, SOUTHWARK, LONDON SE1
Attached is a announcement issued by Capital & Counties, wholly owned subsidiary
of Liberty International PLC.
KING`S REACH REGENERATION GETS THE GREEN LIGHT FROM LB SOUTHWARK
Capital & Counties welcomes the decision from the London Borough of Southwark
which has resolved to grant consent for the remodelling and redevelopment of
King`s Reach, an office, retail and residential complex on Stamford Street, SE1,
just south of the River Thames.
The proposals, designed by leading architects Make will continue the
regeneration of this important part of the South Bank, revitalising it for
residents, visitors and office occupiers.
Since 2002, Capital & Counties has been working closely with London Borough of
Southwark, community groups and residents to ensure the proposals met their
aspirations for the area.
The proposals for which consent has been granted will include the recladding of
the existing tower and extension by a further four floors. The presence of the
tower will be transformed with the imaginative use of colour and light. In the
case of the existing low rise office building, a new `office village` will be
created with the replacement buildings capable of offering floor plates of up to
24,000 sq ft.
New retail units and cafes will be introduced to create vibrant and friendly
public spaces replacing the existing unattractive and dated Milroy Walk shopping
arcade. This enhanced public realm will vastly improve the permeability of the
site and link the Oxo Tower, Coin Street and the South Bank through to Stamford
Street and beyond. Overall, office and retail floor space will increase from
274,000 sq ft to almost 400,000 sq ft.
John Saggers, Managing Director of Capital & Counties, said:
`We very much welcome the decision taken by the London Borough of Southwark and
believe the scheme will enhance the local area and complement the regeneration
already taking place. The South Bank area is proving attractive to a number of
new occupiers drawn by the changes that have taken place to the transport
infrastructure and the vibrancy of the environment. We will be spending the
forthcoming months refining the details of the project prior to IPC`s departure
from King`s Reach tower in 2007.`
Enquiries:
Capital & Counties:
John Saggers, Managing Director
of Capital & Counties, Director of
Liberty International
+44 (0) 20 7887 7041
Gary Marcuccilli, Director of Capital
& Counties +44 (0) 20 7887 7041
Public relations:
Karen Alcock, Four Communications plc +44 (0) 870 420 3265
FURTHER INFORMATION
CAPITAL & COUNTIES
Capital & Counties is the wholly owned retail and commercial property subsidiary
of Liberty International PLC and controls property assets of over GBP1 billion.
This includes significant holdings in Central London, particularly the West End,
Mid Town and the South Bank. The company also owns offices around the M25 as
well as major retail interests both in Central London and a number of UK cities.
As well as its UK interests, Capital & Counties has a US property company based
in San Francisco with assets in Northern and Southern California.
LIBERTY INTERNATIONAL PLC
Liberty International PLC is a major UK listed property group owning 100 per
cent of Capital & Counties together with Capital Shopping Centres PLC, the
leading UK regional shopping centre business. The Group`s property assets
amounted to over GBP5.3 billion and shareholders` funds amounted to over GBP3.2
billion at 31 December 2004.
Liberty International has been listed on the London Stock Exchange since July
1992, where it is a constituent of the FTSE-100 index of the UK`s leading
companies, and is also listed on the Johannesburg Stock Exchange.
KING`S REACH
Built in 1972, King`s Reach comprises a 30-storey office tower with an adjoining
6-storey office building totalling some 250,000 sq ft, retail units comprising
24,000 sq ft together with 99 apartments. It was purchased in 2002 with the
intention of carrying out some form of regeneration in 2007 following expiry of
the principal tenant`s occupational lease.
MAKE
Make was founded in January 2004 by Ken Shuttleworth. The practice has
established itself rapidly over the last 12 months forming a 35 strong team
working on projects across two continents, as well as opening its second office
in Edinburgh. Make has a broad range of work including office, residential,
retail, sport and master planning projects.
This announcement includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Liberty International PLC to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Any information contained in this announcement on the price at
which shares or other securities in Liberty International PLC have been bought
or sold in the past, or on the yield on such shares or other securities, should
not be relied upon as a guide to future performance.
Date: 07/07/2005 10:23:57 AM
Produced by the JSE SENS Department
