Land Securities Group PLC
Princesshay, Exeter site visits
Wednesday 12th July 2006
Richard Akers - Managing Director Retail
Slide 1 – Princesshay, Exeter
Welcome to Exeter everyone.
Slide 2 – Itinerary
We don’t need massive introductions. I think you probably know most people.
But I will just introduce the team on the scheme on Exeter. To the far right Neil
Reid is the Project Manager for the scheme. He is responsible for
procurement and delivery of the scheme. Nick Smith next to Neil, also on the
project management side. Nick joined us from Chapman Taylor quite recently
about 3 or 4 months ago? Eight months ago! Doesn’t time fly. From
Chapman Taylor who are the architects on the scheme. Nick is focusing
particularly on the residential elements of the scheme and Graham here is the
Development Manager for the scheme and Graham is going to be doing the
presentation after I have shut up and sat down, about the scheme which will
be about 20-25 minutes. Then we will take you out on a tour of the site, get
you suited and booted and we will go out on the site. We will have lunch at the
Royal Clarence Hotel and we are promising to get you back to the station in
time to get the 3.20 train back to London for those who are going back to
London. So that is the itinerary for the day.
Slide 3 – Land Securities’ business model
I am just going to say a few words about the Group and in particular our retail
business. I know that you are all pretty familiar with the portfolio and with our
strategy. So I won’t dwell on it. And I will let Graham get on with his bit as
soon as possible. But just a brief overview. We do have a focused business
model focusing on the retail sector, central London offices and property
outsourcing. And I will talk a little bit about retail in a moment.
In the central London offices over the last year we have had a very active year
with a lot of acquisitions, £640 million of acquisitions. Of buildings with
relatively low passing rents at around £28 per sq ft and that is important
because strategically that is going to work in an improving occupational
market in central London and also works well with our development
programme in central London which is truly massive, about £2 billion.
In property outsourcing, as you heard at the year end, we had a
transformational year, I think we described it, as with the crystallisation of the
profits on Telereel. And also lining ourselves up for some major bids on the
DTR, Defence Training Review with the Ministry of Defence. The Northern
Ireland Civil Estate and also our joint venture with the Mill Group, the investors
in the community JV which is going to concentrate on the education sector
and that is specifically on the building schools for the future programme.
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Slide 4 – Key elements of Group strategy
Our strategy hasn’t actually changed since Ian Henderson set this out about
six years ago. And broadly it is to invest in sectors where there are supply
sites constraints. So hence retail and central London offices and to direct
more of our capital towards high return activities. So that is property
outsourcing and development activity and all of that is underpinned by a
strong balance sheet and a relatively low cost of capital and cost of debt.
Slide 5 – Retail market
Now retail. This is a statistic I think we produce for the first time in our report
and accounts this year which was market share statistic. I am not quite sure
what conclusions you draw from it. What it says is that we have 5.8% share of
our core market in retail which is shopping centres and retail parks. Which to
me feels reasonably comfortable. It is very significant but it is not so much that
one would get scared about being too dominant. Interestingly our share of
other retail markets which is principally high street is negligible and couldn’t
even calculate the percentage here and that has been part of our strategy
over the last 5-10 years to exit from high street retail outside London and we
have pretty much completed that exit.
Slide 6 – Retail strategy
So our strategy in retail is to focus on management intensive assets, hence
shopping centres and retail parks and to generate higher returns through our
asset management and development activities and all of that is based on the
strong relationships we have with retailers which are there because of our
scale and because of the levels of customer service that we consistently
deliver to our customers on a day to day basis. So broadly that is our retail
strategy.
Slide 7 – Our portfolio
Our portfolio. You will have seen this map in the Report of Accounts and it
seems to always have a few more dots on it. What has happened over the
last two years though is quite staggering. The value of our retail portfolio
increased by 75% in the last two years. So March ’04-March ’06. And the
number of shopping centres had doubled from 15 to 30. So we have
expanded quite rapidly. Obviously some of that has been value increase, not
just acquisition activity.
But what I would just like to draw your attention to on this is actually what has
happened from a geographical perspective. Because we never really talk
about geographical concentrations. And in particular what is happening in the
South East, because two years ago we had essentially two schemes in the
South East, the Stratford Shopping Centre and Gun Wharf Quays. And
actually on this map Gun Wharf Quays is in the South West. So we only have
Stratford. Through the deals we have done on Top Estates, LxB, the Slough
swap and other acquisitions, we have acquired 14 more schemes in London
and the South East. Western Cross in Thanet, we have completed a
development in Canterbury, Whitefriars and another development in
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Maidstone- Fremlin Walk, Lewisham Centre, South Side at Wandsworth,
W12 in Shepherds Bush, Victoria Place above Victoria Station. N1 in Islington,
Shop Stop at Clapham Junction, the Galleria at Hatfield. The Howard Centre
in Welwyn Garden City, Retail Park in Bracknell and the Bishops Centre in
Taplow, Maidenhead, all added to the portfolio. And I think it is significant
because we feel it is the consensus that the South East is going to have a
higher level of economic growth and population growth than the rest of the
country.
The exception in terms of population growth in the South West I think which
probably just pips it and Graham will come onto that, talking specifically about
Exeter. And if as we think the South West will perform economically over the
coming 5-10 year period then we also have our development programme well
placed with our three biggest schemes being Exeter, Bristol and Cardiff.
Slide 8 – Achievements
Just looking at our key achievements for the last year. Obviously the
acquisition of Tops Estates, the first public company acquisition for a number
of decades and other acquisitions such as the LxB Portfolio. It has been a
very active year for retail on the acquisition front. But in terms of key
achievements, you probably can’t see this at the back but we achieved 4.6%
rental growth in shopping centres and 5.4% rental growth in our like-for-like
portfolios last year which is well ahead of the market and also well ahead of
high street shops and central London shops. We are proud of that
achievement, but that is looking back. Looking forward and interestingly I was
chatting to Martin just now about the importance of stock selection, the quality
of portfolios and how you judge that. And an indicator which we wouldn’t place
too much weight on, is our footfall, the results which we got higher footfall last
year in our shopping centres, whilst nationally the footfall is down, but we feel
that the portfolio has good potential. There is strong reversionary potential. So
relatively low level of voids and we think there are lots of opportunities for
asset management initiatives and development initiatives within the existing
portfolio. So we think that despite the fact the market is quite difficult at the
moment, that there is plenty of potential in our portfolio.
If last year was a year of a lot of acquisition activity, our strategy has changed
quite dramatically because it is much harder now to see the value in
acquisitions or acquiring prime shopping centres and retail parks. Yields have
compressed to such a degree, it is very difficult for me to persuade Martin to
accept the hit on P&L if we are buying a prime centre at 4 percent initial yield.
And it is actually quite hard to demonstrate that we will achieve total returns at
an acceptable level. So we are not acquiring a lot of assets at the moment.
We are acquiring some small assets where they are strategically important.
Slide 9 – Retail development pipeline
What we are doing is gearing up our development programme and you will
see that our retail development programme is now, or pipeline is £1.1 bn and
we will actually have started, by the end of this financial year we will have
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started 9 development schemes this year in retail. We have already started on
Christ Lane in Cambridge and Willow Place in Corby, two smaller schemes.
And we hope to start later in year on Phase 3 of the Almondvale Centre at
Livingstone and St David’s too in Cardiff, subject to getting the right level of
pre-lettings on those schemes. That is our town centre development pipeline
and we have five retail warehouse schemes which are smaller but very, very
important to the performance of the retail warehouse portfolio. So quite a high
level of proposed starts on development. You will see that the figure is not up
here, but from the rental income figure and total development cost, you will
see on average we are getting close to 7 percent development yield on that
development programme which is clearly much better than buying prime
assets at 4 percent initial.
We have got a lot of feasibility studies going on for schemes from within the
portfolio and we are looking to add to our development pipeline from the
existing portfolio.
Slide 10 – Historic town redevelopment
Just briefly before I hand over to Graham to put things in context. Over the
last five years or so, the planning environment for town centre development
has changed very, very dramatically. And the new agenda is all about mixed
use and sustainability. And we feel that we have led that agenda and that
Whitefriars in Canterbury which is pictured here, is one of the first of the new
breed of open schemes which has the mixed use and diversity and saleability
and the engagement with the surrounding town centre and with the
community. What we are doing here in Exeter is about building on that,
learning from the mistakes we made at Canterbury and trying to do something
better and Graham will tell us all about that.
Just a last word from me. There was a time when you could go, you could
build shops and people would come because they wanted shops. Now there
are lots of other competing opportunities for people to spend their money or
their time. So when we build something in a town centre, we have to do
something special. We have to do something that is really going to attract
people and make them feel that it is a place they want to go to, possibly even
when the shops are shut. So that is our objective with all of the schemes that
we are developing.
And on the retail warehouse side, we are aiming to provide a level of
accessibility and convenience which is attractive to consumers so that it
competes on that level with things like supermarkets and online shopping.
So on that note I will hand over to Graham who is going to tell us all about
Princesshay.
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Graham Thompson - Development Manager
Slide 11 – Princesshay, Exeter
Good morning. I would like to give a warm welcome you to Exeter and to
Princesshay and to have this opportunity to present our scheme. It is a very
exciting project, so Graham Thompson, Development Manager.
Slide 12 – Exeter Pheonix
We can really go back to in terms of the evolution of Princesshay, back to
1945 and the bombing raids of Adolf Hitler, the Bay [?] raids which he sent
over to destroy the Cathedrals and we know that Coventry was destroyed.
Exeter was aimed at. They missed but destroyed the central area of Exeter.
And as a result of that raid, which destroyed some very notable buildings,
particularly an area called Bedford Circus, a Georgian Circus on par with the
quality of Bath and the Royal Crescent. Thomas Sharp, a leading town
planner was asked to come up with a proposal for the central area
redevelopment. The red indicates where Princesshay sits in that plan. His
plan was largely unimplemented, other than the realignment of Paris Street
which is this area here. But he did leave one legacy which was about the
opening up of distant views of the Cathedral. It was about maintaining the
focus of the Cathedral as the focal point in the City. And that is something that
has been taken forward as part of our design.
Slide 13 – Exeter - Princesshay
Princesshay, the red line identifies the actual site area, the actual building
area is more within the area. This is more of what was previously existing. But
we have obviously done a lot of external works as well. Hence why we have a
larger footprint on the scheme. It was a post war scheme, obviously had
reached its economic physical obsolescence. There are a number of other
issues clearly. There was latent potential, we are commercial, we realise we
could work the assets. And as Richard mentioned, there was this new
approach. The urban agenda has changed. It has moved away from the late
80s, 90s concept of big centres, covered, moving to open schemes,
permeability, active frontages.
Slide 14 – Exeter urban strategy
So we worked with the City Council to work up the urban strategy in creating
the quarters, the Castle Quarter, the Leisure Quarter, the Cathedral Quarter
and Princesshay sits within the high street, there is Princesshay here, sits
within the High street and Southernhay which is the prime office area in
Exeter.
Slide 15 – Exeter masterplan
The next slide, the Masterplan slide, shows Princesshay. We are but one
player in central Exeter, the other main retail centres are the Guidhall and the
Harlequin Centre and we work very closely with these organisations to ensure
that we are working for the good of Exeter and not purely focussing on
Princesshay. Because together we can create a better attraction for the
residents and shoppers in the central area.
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Slide 16 – Urban design principles
Turning to the next slide on Urban Design Principles, the principle design
criteria for Princesshay was that the scheme should be a mixed use
development it should have active public frontages and ensure permeability of
the grid, very similar to the design and philosophy that we have employed at
Canterbury, at White Friars. The scheme at Princesshay should also be
pedestrian dominated a policy which the City Council are very active in
reducing vehicular traffic within the central area of Exeter. The other criteria
included substantial improvements to the public realm, and indeed we are
increasing the public realm area by about 16,000 sq ft or 16% of the area and
fundamentally above all this had to be a sustainable development.
Slide 17 – The architects
So we engaged three architects, Panter Hudspith, Wilkinson Eyre and
Chapman Taylor all internationally renowned practices together with
Livingston Eyre who were our landscape architects for this project.
Slide 18 – Urban design appraisal
Having looked at the design the architects looked and considered the
strengths and weaknesses of the scheme identifying both the positive and
poor areas of open space. Identifying the prominent landmarks, the important
gateways and most importantly the important views. Maintaining the long
distance views of the cathedral again ensuring that it retained the central
focus of Exeter.
Slide 19 – Design reviews
Having undertaken that design we had undertaken a collaborative study with
all the key stakeholders including English Heritage, CABE and the City
Council. Very pleasingly English Heritage, CABE and the Urban Panel all
universally concluded that this was the adoption of best practice principles in
regenerating an historic center.
Slide 20 – Accessibility
Turning to the accessibility and the demographics. Exeter itself is centrally
located, it has a strategic location within the South West, having excellent
access to the M5, A30, A38 and the A377 and as you can see from this slide
has a number of competing centres, which I’ll consider shortly.
Slide 21 – Drive time and catchment
This was promoted by the Exeter City Council as the Capital City of the South
West, strategically located with access to the M5, A38, A377 and has a CRE
and Civil Retail Capacity study ’04 showing there are about 850,000 people in
the catchment area. We actually undertook, and I will come onto it later,
commissioned CACI architects who worked for us and they believe the
catchment area is actually larger than this and extends to about 1.2 million
people, spending in the order of about £2.6 billion on comparison expenditure.
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Slide 22 – Demographics
Demographics are quite interesting. Very briefly to touch on. The population
growth. If you go into the Office for National Statistics, they have shown that
the South West was the fastest growing area between 1984 and 2004 and
projected forward on their 25 year projections is going to be one of the fastest
growing areas for the next 25 years. I believe it is only the East of England
which is going to exceed by 0.4, the South West growth rate. Unemployment
here is consistently low, it is under 2 percent and there is a higher than
average multiple car ownership to the PMA centres.
Slide 23 – Demographics
Now the actual catchment on demographics is fairly typical of the South West
as you would expect. High concentration of affluent Greys, Settled families,
balanced by lower proportions of disadvantaged groups. Great one, the
hardship high rise. But it is got a profile which is very similar to Norwich, York,
Colchester. And similar with those volumes for the South West to Chester and
York. So very good demographics.
Slide 24 – Economy
But Princesshay is only one part of the inward investment. I will put up a slide
here showing some of the significant catalysts that are creating this inward
investment. The big one being the Met Office moving from Bracknell a couple
of years ago. There is also a lot of investment in terms of the Science Park,
the new community on the East of the City with 10,000 new homes and Dunn
and Bradstreet in 2001, identified that Exeter emerged as the third best
location for big businesses.
Slide 25 – Met Office, Exeter
The Met Office employing over 2,000 people and Exeter Airport going through
a significant investment.
Slide 26 – Exeter Airport
A new terminal with upgrades back in 1988 they had a quarter of a million
passengers. Now it is three quarters of a million. So daily changing with new
destinations as well.
Slide 27 – Benchmarking
So as mentioned, we commissioned CACI to undertake some benchmarking
for us and clearly major competing centres around the area. The closest is
Plymouth, Drakes Circus, I am sure you have been to. Opens 5 October this
year. Half a million sq ft, £200 million investment, 60 percent let. P&O
scheme. Bath, the Southgate, started this year. It is a 2009-2010 by Morley
and Taunton, the Taunton Vision, that is very ambitious, 7.5 million sq ft, but
there are some significant funding CPO issues on that. And JV in Bristol with
Hammersons on what was formerly Merchant’s Quarter, Easter ’08.
Now as a result of that, the current retail profile for Exeter is that of a quality
centre, minor class, that Princesshay will actually move Exeter forward and
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move it into the major centre with premium offer which is going to be very akin
to Guildford, York, Chester, Cambridge. So very significant move in the
rankings for Exeter. It will address the shortfall in the retail offer. It will
consolidate the catchment penetration from the 20-26 percent particularly in
its core catchment, it is going to move from 64-83 percent. So a big, big move
forward. There is also all the tourism expenditure which will lift Exeter a couple
more places to 32nd.
Slide 28 – CACI key conclusions
So the key conclusions from CACI were that it is a realistic response to the
competition. It is going to address their weaknesses and most significantly for
us…
Slide 29 – Princesshay - CACI
…it could be one of the best performing schemes in the national current
pipeline.
Slide 30 – Princesshay 1952 - 2005
So turning to the scheme itself, this is prior to demolition, the existing scheme
is 5 hectors, 12 ½ acres. We owned a long head lease on this site as part of
the negotiations with the City Council that on completion we would take a new
200 year head lease. We undertook a lot of early works as part of the
managing the change strategy it is about minimising the impact on the City.
Making sure that the message out there is that it is open for business. But just
because we are building in the City, we are not closing down the retail offer.
We actually undertook and succeeded with the CPO back in May 2004, but
we would never used the CPO on any acquisition, everything was done by
private treaty. So we had over 90 lettable units to acquire, 62 which were
occupational interest.
Slide 31 – Scheme details
So the scheme details now turning to the scheme itself, it is over half a million
sq ft. It comprises a new Debenhams Department Store, four level, 130,000
sq ft. Their 2010 concept you will be familiar with, Bullring, Birmingham. Six
MSU’s at around 1,000 sq ft. 16 new shops. Key is the residential. More
mixed use. Over 121 units. And outside, we will go next door and look at the
show flat and penthouse in Bedford House which is the first phase of that
scheme. I have got some images shortly in the presentation. Restaurants,
cafes add to that mixed use we feel is significant investment in the upgrading
the public realm.
Slide 32 - Archaeology
Before we could start the building we obviously demolished a very large
archaeological dig, the largest in Exeter, it is the largest in the South West.
We found a few things. Pottery, a few coins. A couple of burial sites, but we
didn’t find Boadicea’s chariot which is good. And everything that we found has
been archived, cleaned and we have donated to the museum. As part of
managing the change process, we actually opened an information centre,
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again we will show you that on the route. But as part of it, at the back we
actually put in a window for the public so they could come in, watch the
demolition, they could watch the archaeological dig and more recently watch
some of the building. Max are now taking that back because they are doing
some works in that area. So unfortunately we can’t show you the window, but
it was a very popular initiative. We had over 3,000 visits a week at the peak
going through to look at the scheme. Huge community engagement and
uptake.
Slide 33 – Ground floor plan
So the scheme. That is the layout, just to position you. We are in here. This is
St Stephens House. And one of our early works, where we relocated,
Nationwide, Russell and Bromley, because we had to do some moving. Next
were originally in this building here. Russell and Bromley were here. Next
have moved over, Russell and Bromley here. So a little bit of a changing
chairs exercise. We also undertook contract 6, which was an early works
which was Bedford House which is the retail on the ground floor. Costa,
Quicksilver, Holland and Barrett and Fulfords, were up here and we relocated
them in order to start the demolition. On completion of the scheme, Fulfords
will actually be going back to Paris Street. And then this also comprises the
residential, 32 residential units as well. The other part of Contract 6, was the
almshouses and the upgrading of Catherine Square which we opened
September last year, which includes the refurbishment of the underground
toilets. You will see the recent addition now – Segafredo - a coffee kiosk
which opened last Saturday. And Wagmamas who opened on 5 June this
year. So Debenhams 130,000 sq ft. Next 45,000 sq ft. Zara and Arcadia Top
Shop. The green is the main retail. And the red is our small, independent units
which creates the individuality and local distinction. Yellow is A3. So we have
got on here we have got Nandos, Giraffe, La Tasca on this corner. Strada,
Wagamamas and Costa Coffee. We have also got the car park in Paris Street,
a new 273 space car park. And we will show you this tree here, the copper
beech which has influenced the whole design and costs of that building.
We are also creating new squares, new open areas where we can create the
small café society feel. People can sit out, more continental feel for the area.
Princesshay Square and Wagamamas have active sides to their units as well.
And this will be the main entertainment USP scheme where you can have
street entertainment and active activity.
And finally the Captain Square kiosk which is, as you probably know
Segafredo is part of Pacino’s Brand who actually run the unit in the Milkmaid
block here.
Slide 34 – First floor plan
First floor Debenhams, the MSU’s, Next, Zara. The main retail again, two floor
trading. A3 these units have first floor operation. The Post Office we have
relocated. The post office were actually here, before that the sorting office.
And part of the early work we moved them to Cheap Street which is off plan,
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into a new sorting office, 26,000 sq ft operation, moving them with NCP as
well and have let 30,000 sq ft to View as part of the walk I will point out that
relocation to you.
Slide 35 – Second floor plan
The second floor, additional trading space. That is the residential. So Bedford
House, 121 units in total with 32 in Bedford House and then what we call,
Block A, this is Block S where we have got 11 units. Another in Block E and F.
And then finally on Bedford Street what we call Blocks G and H, where there
are 23 in total on this unit on the third floor.
Slide 36 – Third floor plan
Debenhams and Next.
Slide 37 – Basement servicing
There is also underground servicing, a basement service which comes off
Paris Street, Dixie’s Field which is a one way route, fairly tight, separate area
for Debenhams, obviously dedicated loading area for the loading bays. Goods
lifts and maintaining access through into service the high street properties
which is also in Land Securities ownership.
And finally on Chappell Street as well, this is the residential with the retail on
the ground. We have controlled access into the back of Chappell Street.
Slide 38 – Weather protection
We are told Exeter is the wettest place in the world and it had to be fully
covered. We resisted that and went for just a limited full cover on the key high
fashion end of the scheme in Princesshay and on the cut through on Backfield
Lane. The rest is primarily canopies. The other reason for not going down the
full covered route, it would have cut short the vistas, the long distance views
of the Cathedral down Princesshay and across from the Debenhams
entrance.
Slide 39 – Tenant fit out – access dates
It is a very complicated site, I have to admit. We have a progression from
South to North properties, this is where we are now. As is Bedford House and
the Wagamamas. The next will be on the 11 December will be actually
Debenhams and then we have moved north through the scheme until the end
of July for practical completion with the scheme opening in Autumn 2007.
Slide 40 – Princesshay, Exeter
Lettings. This is the plan that you have seen next door. The main high street
is essentially mid market fashion, where when we started Zone A’s were in the
order of about 180. They are now, recent letting is at 200. Young fashion end
of the scheme. Zara, Topshop with the fashion leaders in the central area and
Zone A is in this area are in the order of 200-240.
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Our independent units, 15 of them in total. We particular focused on this and
we have employed Vindico as our Retail Delivery Consultants, work with
Kevin Kamp in house. They realise that these people, some of them will only
take the first lease. They need a lot of time, a lot of help with putting their shop
fronts. They are flexible terms because that is what creates individuality on
this project. And then on Bedford Street the more lifestyle restaurant
operations. The scheme itself is 58 percent let. Exchange in solicitors and we
have got six of our independents in solicitors and names on a board for all the
units. We have done a very expensive search around the area to find the best
local operators to encourage them to come into Exeter. We have signed up
with Carolan, a very high quality Jewellers in LS9 here. And Chandos has just
exchanged last week, which is a delicatessen operation.
Slide 41 - Programme
So the programme, well we started actually on my birthday. Couldn’t be a
better day to start, 12 January for everyone. And the next milestone is
Debenhams. The hand over is in December 2006. April will be Bedford
Street. We are opening the Southern half of Bedford Street and then also
2007 for the main scheme.
Slide 42 – Exeter, Princesshay
We have got some images which I am sure you may well have seen before.
This is Blue Boy Square with the Arcadia, Top Shop Unit, Zara here leading
towards the High Street. Debenhams. This is the other end from Southernhay
with the entrance to Debenhams, the retail on ground and it is what we call,
referred to earlier, Blocks G and H with the residential leading to the high
street at the far end. Roman Walk with our local independents which I will
come onto a little bit later. And then Princesshay Square which is our glass
pavilion and the public art.
Slide 43 – Quality design pays
And public art for us is very important. We truly believe the quality of our
design pays. It creates the image, it is an effective way of contributing to the
built environment. This is one of the almshouses which we opened last year
which is opposite Captain Square.
Slide 44 – Catherine Square
This area previously was an area that attracted delinquents. There was drug
abuse, it wasn’t a pleasant area. Now people wish to dwell and as I say we
have recently opened our kiosk as well.
Slide 45 – Public art - Almhouses
This is one of the images you won’t see because this is clearly a night-time
shots. It is “marking time”. It is all the artefacts which were found in the
almshouses that have been put into the glass door starting with the earliest at
the ground up to the coke can at the top.
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Slide 46 – Public art - Almhouses
Only last week we have been awarded the international light and design
awards. It truly is very pleasing to see this come forward.
Slide 47 – Residential
On residential, I mentioned 121 units, 32 the first phase next door which we
are going to look at. We released the first 12, we had people queuing 48
hours before we released. The first 12 went in 35 minutes. The whole lot went
in under four weeks. We are over 26 now exchanged, completion notices
have been served and the first residents will be moving in at the end of this
month. The next section will be the Blocks G and H, 29 units and the final
units we will be fitting out hopefully completing for December 2007.
In terms of per sq ft rates, the highest in the City was £270 per sq ft. As an
average we have hit that but we range up to £330.
Slide 48 – Residential
This is the show flat which we will show you, the quality, universally accepted
by a lot of people.
Slide 49 – Construction progress – June 2006
The construction, this was a photo, it was actually June. It moves on daily, we
now have got blockades, superstructure up.
Slide 50 – Where are we now – completion sequence
This just shows you the activity on the site from McAlpine who are working on
the roof, the cladding for Debenhams and here we are G&H. So all of this
area will be trading for Easter next year. The hoarding line will then run across
the back of Debenhams. The will be fitting out and then we work up towards
the Paris Street car park end. And there you can see the basement service
area. And that is really where we are at the moment, working on the super
structure, that is next at this end. Sub structure works in C&D and the car
park and working on the southern end of Bedford Street with Debenhams and
the residential. This is probably one of the most critical points.
Slide 51 – Completion sequence – January 2007
The start of the year, January we will have this southern half operational, well
fitting out on the retail and the paving works undertaken. Putting back to the
community something and minimising the impact that it is not one big
development just opening. You know you shut up and you then open for the
end of the project. When actually it is more of a phased scheme.
Slide 52 - Independent shops – Roman Walk
Talking about the independents, the 15 units, very key for us, this is local
distinction, uniqueness about for Exeter. They do have quite a high proportion
in Ghandi Street, the local operators. We had already designed this before
the clone town argument came about. So it was not a knee-jerk reaction, it
had actually been an innovative design and as I say this is the Chandos unit
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and Carolan down here with the residential above. We have four affordable
units in the residential. The other 24 are actually on Cheap Street as part of
our early works package.
Slide 53 – Princesshay Square - Debenhams
And just finishing off with Debenhams, Princesshay Square with their
restaurant. We are going to get you up onto this floor so you will be able to
see the view from this floor level looking straight up Princesshay.
Slide 54 – Eastgate - Next
Next and the shop at Eastgate with Zara and Topshop at that end.
Slide 55 – Blue Boy Square
And finally Blue Boy Square which is, this is the Giraffe Unit. This is Broad
House which is also one of Land Securities ownerships.
Slide 56 - Princesshay
This is the view down to Princesshay itself.
Slide 57 - Itinerary
So really just to conclude. In our experience the historic public realm, you can
successfully integrate retail development which is attractive to retailers which
creates a mixture of schemes which are vibrant, attractive to the shoppers, to
visitors and also maintain individuality.
That is the presentation. As we said, we will get you booted up. We have a
walk through on the plasma which it might be quite good to look at before we
go out because you will actually get the walk through feel and then we will
take you around and back here for lunch at the Clarence and then onto the
train.
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