Developments Onsite, upcoming and pipeline July 2017 - Hammerson
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Developments Onsite, upcoming and pipeline July 2017
01 Onsite developments
Parc Tawe, Swansea
Orchard Centre, Didcot
Elliott’s Field, Rugby – Phase II
Fife Central, Kirkcaldy
2
On-site developments overview
Scheme (1) Lettable Expected Value 30 Estimated Estimated Let (5)
area m2 completion Jun 2017 cost to annual %
£m(2) complete(3) income(4)
£m £m
Parc Tawe, Swansea 21,400 Q4 2017 n/a 9 2 76
Elliott’s Field Shopping Park (Phase 2), 7,900 Q4 2017 24 14 3 78
Rugby
Orchard Centre, Didcot 8,700 Q1 2018 21 23 3 45
Total 38,000 46 8
(1) Group ownership 100% for all on-site schemes
(2) Values are not included for extension projects which are incorporated into the value
of the existing property
(3) Incremental capital cost including capitalised interest
(4) Incremental income net of head rents and after expiry of rent-free periods
33
(5) Let or in solicitors' hands by income at 25 July 2017
Investment Rationale Key facts
Located in the heart of Swansea, Wales’ second
city, Parc Tawe is an easily accessible and Size
established retail and leisure park
Parc Tawe, Swansea 21,400m2
There are over 850 free car parking spaces and
Total development cost
the population within 20 minutes driving
distance is estimated to be 214,000 £16m
The refurbishment will completely transform the Gross rental income at completion
park, providing space for five additional retail
brands as well as further restaurant space and £2m
new open areas, with seating and living green
Yield on cost
walls. Already exchanged are Mothercare, Toys
‘R’ Us and Costa Coffee with a new eco-pod 11%
Start on site The scheme will act as a catalyst for the future Pre-let %
growth of Swansea as a key retail destination in
Q1 2016 the region. This is supported by the increased 76%
amount of investment and development taking
Completion
place in the local area, including the planned St
Q4 2017 David’s city centre development.
4
Parc Tawe today
Existing aerial view
5
Parc Tawe
The vision: transforming the scheme through refurbishment and re-tenanting
6
Parc Tawe
The vision: transforming the scheme through refurbishment and re-tenanting
7
Parc Tawe ideally situated to benefit from local investment and development projects
1 The Castle Quarter
An £8million residential and leisure
development located adjacent to Parc
Tawe
2 SA1 Swansea Waterfront
A transformation of the Old Dockyard
into a vibrant residential and retail
area. Initial phase completed and
over 2,000 new homes planned.
3 Swansea University campus
A £450million development is already
on site
4 Investment in transport links
Road, bus and railway stations
upgraded including the Boulevard
improvements which links Parc Tawe,
SA1 and the City Cente
8
Parc Tawe: a catalyst for growth in a strong catchment
Key facts
Dwell time
72 mins
Average visits per year
56
Primary catchment population
147k
Secondary catchment population
136k
Tertiary catchment population
97k
9
Investment Rationale Key facts
Didcot is strategically located between Reading,
Oxford, Newbury and High Wycombe Size
(population c.265,000).
The Orchard Centre, 8,700m2
Didcot The mixed-use development will add 8,700m2 of
Total development cost
shopping and leisure space to the existing
18,000m2 Orchard Centre. £42m
Anchored by an M&S Food Hall, the expansion Gross rental income at completion
will deliver an additional 21 new high street
shops, seven restaurants and cafes. Leases have £3m
already been exchanged with H&M, River
Yield on cost
Island, TK Maxx, Boots, Costa and Starbucks.
Work started on site in January 2017 and the
7%
Start on site first stage of construction including highways Pre-let %
upgrades and rerouting of the existing bus
Q1 2017 routes is complete, with practical completion of 45%
the development on target for March 2018.
Completion
Q1 2018
10The Orchard Centre
The vision: delivering a next generation fashion park
11The Orchard Centre
The vision: delivering a next generation fashion park
12The Orchard Centre
The vision: delivering a next generation fashion park
13The Orchard Centre scheme plan
Scheme plan – existing and new tenants
14Didcot is located in a wealthy and rapidly growing catchment
Affluent achievers in profile (compared to UK average of 22%
Affluent Achievers comprise
30% of the profile compared
to UK average of 22%
£15 million catering market
potential
£71 million comparison good
market potential. 41% uplift
between 2015-2017
Source: CACI 15Investment Rationale Key facts
Capitalising on the success of Elliott’s Field
Phase I and the strong demand from homeware Size
retailers, planning consent was granted in
Elliott’s Field, Rugby November 2016 for a 7,900m² second phase 7,900 m2
Phase II adjacent to the existing shopping park.
Total development cost
The scheme is currently 78% pre-let to retailers
including DFS, Furniture Village, Sofology, Oak £30m
Furniture Land and Tapi.
Gross rental income at completion
The Phase II development has achieved an
interim BREEAM ‘Outstanding’ accreditation and £3m
will be the first scheme in our portfolio which is
carbon neutral in terms of its operational energy. Yield on cost
Work started on site in February 2017 and is on 8%
target to complete in November 2017 ready for
Pre-let %
Start on site Christmas trade.
Q1 2017 78%
Completion
Q4 2017
16Elliott’s Field, Phase II
The vision
17Elliott’s Field, Phase II
The vision
18Elliott’s Field, Phase II
The vision
19Elliott’s Field, Phase II
Scheme plan
Existing scheme
20Elliott’s Field, Phase II
Catchment
21Investment Rationale Key facts
Fife Central is a highly successful retail park
Size
and Fife’s largest at 30,000m2. The
Fife Central, redevelopment replaced a vacant Homebase
unit with new contemporary fully glazed retail
4,300m2
Kirkcaldy
Completed units ranging from 700m2 to 1300 m2 Total development cost
The project completed in June 2017 and was £10m
100% pre-let. Brands signed include Oak
Gross rental income at completion
Furniture Land, Sofology, Wren Kitchens and
DW Sports, all of which are new to Fife and
enhance the homeware and fashion offer. In
£1m
addition two new pods have been pre-let to Yield on cost
Costa and Greggs
9%
Start on site
The new stores are joining existing tenants Pre-let %
Sainsbury’s, Next, M&S Simply Food, B&Q,
Q1 2017 Toys ‘R’ Us and Boots 100%
Completion
The redevelopment brought over 100 new jobs
Q2 2017 to the area
22Fife Central
The vision
2302 Upcoming
developments
Brent Cross extension, London
Les Trois Fontaines, Cergy Pontoise, Paris
24Investment Rationale Key facts
Opened in 1976, Brent Cross Shopping Centre
(84,000m2) has become an iconic north London Size
destination, with a catchment of 1.9 million
Brent Cross, London The scheme is held with Standard Life Shopping 90,000m2
Centre Trust – Hammerson share is 41% (1)
Total development cost
This project forms part of the wider Brent Cross
Cricklewood regeneration plan with the extended £475-550m
shopping centre comprising 175,000m² of retail,
catering and leisure use and will be the principal retail Gross rental income at completion
destination for north London
£33.1m
The development agreement and CPO inquiry were
completed in 2016 Yield on cost
Confirmation of CPO expected by end of 2017 5.3%
Detailed planning was registered in May 2017 and Pre-let %
includes over 200 new retail stores, 60 restaurants,
Earliest start on site
state of the art cinema complex, hotel
2018 accommodation, a new town square, a relocated and
enlarged bus station and improved public spaces
We are currently finalising agreements with
department stores and appointing contractors.
(1) Hammerson share 25Brent Cross today
Existing aerial view
26An affluent and • 2 million principle catchment • 146 different languages spoken in the
culturally diverse • 332,000 residents in primary catchment catchment
catchment • Above average catchment penetration
• Highest concentration (55%) affluent
ACORN groups (City Sophisticates; for regional centre
Lavish Lifestyle; Executive Wealth) • Resident population expected to grow by
60,000 to 2020
27Brent Cross
The vision
28Brent Cross
The living bridge
29Brent Cross
Inside the mall
30Brent Cross
Floor plan – upper ground level
Existing scheme
Anchor store
Anchor store
Extension
Anchor store
31Brent Cross
Floor plan – first floor
Retail units
Car parks
F&B units
32Investment rationale Key facts
Extension of existing scheme to establish the centre Size
as the leading retail, dining and leisure destination 85,000m2
in the area
Les 3 Fontaines, Total development cost
Cergy Pontoise, A refurbishment of the current asset took place in €230m
Paris 2016. Main anchors are Primark, Inditex and H&M
Ideally located in a large catchment area of an
estimated 1.2 million people
The extension project is part of plans for the wider
regeneration of area
Consent and building permits obtained and
agreements with co-owners Auchan reached
Good pre-letting with 21% pre-let
Earliest start on site The extension will enhance the overall asset and
2018 create the third trophy asset in our French portfolio
alongside Les Terrasses du Port and Italie Deux.
33Les Trois Fontaines, Cergy Pontoise
Paris and suburbs map
34Les 3 Fontaines today
Existing aerial view
Existing scheme
35Les 3 Fontaines
The vision
36Les 3 Fontaines
The vision
3703 Pipeline developments
Croydon Town Centre, South London
The Goodsyard, London
Italie Deux extension, Paris
38Investment Rationale Key facts
The proposed scheme will bring an outstanding
retail and leisure development to the centre of
Size
Croydon, which has a catchment of 1.1 million
Croydon town people, helping to fulfil Croydon’s potential as a
strategic growth area
200,000m2
centre, South
London Part of the wider large-scale regeneration already Total project
Estimated costcost
to complete (1)
underway £650-£700m
Existing assets Whitgift and Centrale already part of
Croydon partnership – 50/50 Hammerson and
Westfield
Confirmed CPO in Spring 2017. Outline planning
application for updated redevelopment proposal
submitted October 2016
Earliest start on site
Revisions include new M&S anchor store and
incorporates three retail levels, over 300 shops,
2018 restaurants and cafes, improved leisure and public
realm, and additional homes
Subject to finalised design and completing
agreements with anchor tenants, the earliest start on
site could be during 2018
[1] Hammerson share
39Croydon town centre
Primary North End entrance to scheme
40Croydon:
Connectivity and
catchment
Opportunity to cover South
London catchment
Trade area covers affluent
regions of Kent, Surrey and
South London
Total catchment forecast
increase of 40% to over 2m
GATWICK AIRPORT
people by 2021
40 minutes drive time
Attract £1bn of retail spend
30 minutes public transport
41The new scheme will sit at the heart of Croydon’s regeneration
1 2
1 6
6
Croydon 2
town
centre 5
5 3
3
4 4
42Croydon: the wider regeneration
Croydon is at the forefront of
urban regeneration in London.
Investment of over £5bn will
deliver new residential,
commercial and retail space,
and create over 25,000 new
Walkway linking station to town centre: part of
jobs.
Connect Croydon public realm improvement Berkeley Homes residential development, Saffron Square
programme
Morello residential development, Cherry Orchard Road Boxpark, Croydon Ruskin Square adjacent to East Croydon station.
Building one now let to HMRC
43Investment Rationale Key facts
Situated between Shoreditch, the edge of the
City and Spitalfields
Size
The Goodsyard, Held in a 50:50 JV with Ballymore 270,000m2
London
Total Phase
Total project1cost
cost to complete (1)
The planning application was ‘called in’ by the
Mayor of London in September 2015 as it £140-160m
represented one of London’s strategic mixed-use
sites
Determination was deferred in July 2016 to allow
further consultation with the GLA’s planning
officers
The JV is currently having active discussions with
Earliest start on site the GLA to address points of concern raised in
2016
2018 (Phase I)
GLA is largely supportive of the scheme and it
remains with the GLA for determination
Hammerson remains committed to progressing
the planning application
(1) Hammerson share 44The Goodsyard, London
The vision
45The Goodsyard, London
The vision
46Investment Rationale Key facts
Opportunity to create a modern and commercial
façade for Italie Deux and attract aspirational
Size
brands
Italie Deux 2,000 m2
enhancement, Paris The extension will significantly enhance the centre
Extension enabling it to capitalise on a wider catchment
Total project cost
£26m
Project was selected by City of Paris as part of the
‘Reinventing Paris’ project in 2016
The development will create 12 new units and
1,100 m2 of green roofing which will offer an
educational garden and allotment area
Earliest start on site A 900 m2 event area will be operated by Noctis,
the existing operators of the rooftop at Les
2018 Terrasses du Port, Marseilles
Land acquisition expected by the end of 2017. In
advanced negotiations with three international
brands
47Italie Deux extension
The vision
48Italie Deux extension
The vision
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