Legal & General secures planning for Â£10m regeneration of former Elstree Way Business Centre.
16 August 2012
Hertsmere Borough Council’s planning committee has approved plans for Legal & General Property’s £10m regeneration of the former Elstree Business Centre in Borehamwood.
The proposals include a new Wickes store, which will replace the current store in Borehamwood Shopping Park, along with nine trade counter, warehouse and industrial units. Demolition of the existing obsolete buildings is currently underway and the plans are expected to generate a significant number of jobs for the local area.
Chris Pearse, Head of Business Space for the Life Fund at Legal & General Property, said: “We are delighted that Hertsmere Borough Council has approved the application. The redevelopment of the Elstree Business Centre will provide much needed modern, sustainable, trade counter and warehouse space for the area while the new Wickes store will enable the development to begin immediately.
“This planning permission shows that Legal & General Property continues to invest in its portfolio and is able to increase property values through redevelopment.”
Construction work is expected to start later this year with the new Wickes store opening in late 2013.
Notes to editors
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £381bn of assets on behalf of more than 3,300 clients (30 June 2012) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 June 2012.
These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund
LGP’s UK-focused fund management platform has built and retained a strong track record of outperformance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing its high profile Covent Garden scheme, Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.