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* Information contained in this news release is current as of its date of announcement. Be aware that information contained herein is subject to change without notice. |
Acquisition of White City Place, London W12
A Large-Scale Urban Redevelopment
Project together with Television Centre
Jun 5, 2015
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Co., Ltd. (Head Office: 1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo) announced that through its UK subsidiary, Mitsui Fudosan UK Ltd. (Representative: Hideto Yamada), it has started to participate in a large-scale multi-purpose redevelopment project, White City Place Redevelopment Project (tentative name), located in White City of Central London. Combined with the adjacent Television Centre, it is the largest-ever city development in London by a Japanese company.
These two projects are both located in White City, having good access to Heathrow Airport. They enjoy convenient access to transport, being just 1 minute’s walk from two stations servicing three Tube lines, and 14 minutes’ ride away from the West End or 22 minute’s ride from the City. The entire area is undergoing a transformation with the construction of a new campus for Imperial College, one of the world’s leading universities, and major expansion of Westfield London. The Greater London Authority has designated White City as an “opportunity area.”
White City Place involves the construction of new buildings and renovation of existing buildings on the site acquired from the British Broadcasting Corporation (BBC). The total area of the site is approximately 17 acres (approximately 69,000 m2) with plans for total gross floor area of approximately 2,300,000 sq ft (approximately 209,000 m2) including the existing open space in which the new buildings are planned for construction. Three buildings will continue to be leased to the BBC as a long-term occupier. The Group will use this project to regenerate the existing offices as a thriving urban business park and realize synergies with Television Centre to attract occupiers from creative industries, among others, and create a bustling urban environment.
Television Centre plans to redevelop former BBC studios and offices into a mixed-use facility comprising offices, residential housing (approximately 900 units), a hotel, and other facilities in a project with total gross floor area of approximately 2,000,000 sq ft (approximately 185,800m2). It will be the Group’s first residential sales project in London.
These two projects will be undertaken in partnership with Stanhope plc, one of London’s most prominent developers with which the Group has a strategic alliance, and an additional institutional investor.
Click map to enlarge
These two projects will be the Mitsui Fudosan Group’s first master-planned redevelopment projects in the UK, The Group will leverage the know-how it has acquired in complex urban development to expand its business domain and drive further development of global businesses going forward. Having positioned overseas business as a growth area, the Group is engaged in several types of projects in Europe and the USA, including office and rental apartment development. The Group will aim for the acquisition of further opportunities, including trophy development projects. Under “Innovation 2017 stage Ⅱ,” the Group’s mid-term business plan through to FY2017 announced in May 2015, the Group is planning to execute investments of approximately \550 billion in Europe, the USA, and Asia fromFY2015 to FY2017.
Aerial view of the White City Place
White City Place site
A computer-generated image of the Television Centre Redevelopment Project
Property Overview
(1) Overview of White City Place
| Location |
White City Place, 201 Wood Lane, London |
| Site area |
Approximately 17 acres (approx. 69,000 m2) |
| Total gross floor area |
Approximately 2,300,000 sq ft (approx. 209,000 m2) |
| Main Existing Buildings |
1. Broadcast Centre (Office building)
2. Media Centre (Office building, planned for renovation)
3. White City 1 (Office building, planned for redevelopment) |
Building Overview
* Gross floor area includes annex buildings. |
1. Broadcast Centre (Annexes: Lighthouse, Energy Centre)
(1) 6 floors above ground
(2) Gross floor area: Approximately 530,000 sq ft (Approximately 49,000 m2)
(3) Project Overview: Currently on loan to the BBC
2. Media Center (Annex: Garden House)
(1) 6 floors above ground
(2) Gross floor area: Approximately 490,000 sq ft (Approximately 46,000 m2)
(3) Project Overview: Renovate and lease
3. White City 1
(1) 6 floors above ground, 1 floor below ground
(2) Total gross floor area: 520,000 sq ft (Approximately 48,000 m2)
(3) Project Overview: Redevelop and lease
4. New Buildings
(1) Multiple buildings planned for construction (details undecided)
(2) Total gross floor area: 760,000 sq ft (Approximately 71,000 m2)
(3) Project Overview: Build and lease |
| Project Schedule (Planned) |
Jun 2015: Project acquisition
2015: Start renovation of existing buildings
2017: Complete renovation of existing buildings
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(2) Overview of Television Centre
| Location |
Television Centre, 101 Wood Lane, London |
| Site area |
Approximately 14 acres (Approximately 56,000 m2) |
| Total gross floor area |
Approximately 2,000,000 sq ft (Approximately 186,000 m2) |
| Main uses of developed buildings |
Offices(Planned approximately 560,000sf, 52,000 m2),
residential housing(Planned approximately 900 units), hotel and club, retail and restaurants |
| Schedule(Planned) |
2015 Autumn Start of main construction
2018 Completion of phase 1 (*) |
* This project will be divided into first and second phases. The first phase is to deliver residential housing, offices and hotel and club. The second stage plan is mainly to provide additional residential housing. Note that the site area and total gross floor area are the accumulated total of the area for both phases.
Map
Local map
Business Development in the UK
1. One Angel Court
| Location |
One Angel Court, London EC2 |
| Completion |
September 2016 (planned) |
| Site area |
42,253 sq ft (Approximately 3,925 m2) |
| Gross floor area |
495,000 sq ft (Approximately 46,000 m2) |
| No. of floors |
27 floors above ground, 2 floors below ground |
| Main uses |
Offices, retail |
| Overview |
Developing with Stanhope since 2013 |
2. 70 Mark Lane
| Location |
70 Mark Lane, London EC3 |
| Completion |
November 2014 |
| Site area |
17,907 sq ft (Approximately 1,660 m2) |
| Gross floor area |
250,000 sq ft (Approximately 23,000 m2) |
| No. of floors |
16 floors above ground, 1 floor below ground |
| Main uses |
Offices, stores |
| Overview |
Development completed 2014 |
3. 8-10 Moorgate
| Location |
8-10 Moorgate, London EC2 |
| Completion |
May 2014 |
| Site area |
21,956 sq ft (Approximately 2,040 m2) |
| Gross floor area |
180,000 sq ft (Approximately 16,700 m2) |
| No. of floors |
9 floors above ground, 1 floor below ground |
| Main uses |
Offices, cafe |
| Overview |
Development completed 2014 |
4. 5 Hanover Square
| Location |
5 Hanover Square, London W1 |
| Completion |
March 2012 |
| Site area |
12,077 sq ft (Approximately 1,120 m2) |
| Gross floor area |
86,000 sq ft (Approximately 7,980 m2) |
| No. of floors |
7 floors above ground, 1 floor below ground |
| Main uses |
Offices, retail, housing |
| Overview |
Development completed 2012 |
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