MOVING OUT. There is greater emphasis, activity and price growth away from London s prime markets, but is this set to last?

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1 MOVING OUT There is greater emphasis, activity and price growth away from London s prime markets, but is this set to last? UK Research, September 2014 Central March 2014 London Development jll.co.uk/residential RESIDENTIAL

2 CENTRAL LONDON DEVELOPMENt 2 OUR view MOVING OUT In several respects the Central London residential market is moving out and further away from its core. But is this a short-term change or will it become a more permanent fixture? Adjusting expectations The Central London residential development market has changed dramatically during The heady days of price bubbles and overheating markets of earlier in the year are now behind us. But what remains is a far more realistic and sustainable marketplace. A high and healthy number of sales are taking place and record prices are still being achieved, albeit in smaller increments. However, buyers are more price-sensitive and some schemes which do not tick all the boxes are sometimes starting to struggle. Developers are having to adjust their price growth expectations to these changing dynamics. All change But the real change has been a shift from Core markets to Outer Core locations and is reflected in prices, sales and development activity. Prices in the most expensive parts of London have come under pressure while those further afield continue to rise. JLL research shows that JLL RESIDENTIAL RESEARCH Neil Chegwidden average prices in Core locations have risen by 4.4% during the first half of this year while they have escalated by 5.9% in Outer Core markets. Project marketing and sales activity also follows this trend; a 33% fall in new unit sales in the first half of 2014 (H1 2014) compared with H in Core markets but a 31% increase in the Outer Core. In development terms too, there were significantly more starts in Outer Core markets and the under construction bias has also swung firmly away from London s most central locations, although land availability has played a key role. Heads up Developers have increasingly been looking outside of prime when buying land. But their behaviour has become far more pronounced during the course of this year. Many perceive margins to be greater, and increasingly safer, outside of the traditional centre. Even international developers are swaying this way. Where are we heading? We believe that the Outer Core story still has some time to run and that the broader Central London market will continue to be active and strong despite general election and taxation concerns. The market may not be as exuberant over the next few years, but we certainly think it will remain healthy with market dynamics rather more sustainable.

3 This is our New Residential Thinking. Join the discussion on CENTRAL LONDON DEVELOPMENt 3 IN THIS ISSUE PAGE NO. 04 SHIFTING SANDS Developers shift their focus away from centre in search of better margins PAGE NO. 08 sales increase, prices up Central London prices still notably higher in past year 13.7% DEVELOPMENT ACTIVITY ACCELERATES And housebuilders are keen to expand further PAGE NO. 10 PAGE NO. 12 OUTLOOK MORE SUSTAINABLE Our price growth forecasts are reduced but will still make happy reading TWO NEW HEARTS Nine Elms and the South Bank development will help ensure hearts beat strong south of the river PAGE NO. 14 NINE ELMS PAGE NO. 23 The final word Andrew Frost anticipates dynamic delivery in London s new residential hubs JLL is excited about being part of this transformation. 3,500 13, units under construction UNITS IN PLANNING PIPELINE WITH PLENTY MORE TO COME GO LIVE DATE, TUBE & POWER STATION RETAIL OPEN

4 CENTRAL LONDON DEVELOPMENt 4 land market shifting sands The Central London residential land market continues to move at pace. Prices have risen strongly amid ever-increasing competition and a construction industry bottleneck is constraining supply. Both new and established developers are working hard and looking further afield to maximise and de-risk margins. Approaching the limit The residential land market in Central London has appeared unstoppable in the past four years, fuelled by demand from all parts of the globe. As a consequence, many developers have been paying in excess of 50% of a projects gross development value just on land. The big question now is how long can this be sustained? Land values way above peak Whilst the UK economy only passed its pre-crisis peak this year, Central London land values surpassed their previous high as far back as Apartment prices are also well above their earlier peak and have been rising strongly. This is highly relevant as a 10% increase in sales value has the capacity to add over 30% to a residual land value appraisal. However, sales price growth has recently slowed and successful sales launches are now determined by developer s price expectations. Office conversion opportunities On the supply side, quality sites of significant scale have been insufficient to meet developer demand. Many opportunities have come in the form of office to residential conversions where land values have typically been 25-30% above office values and in some cases as high as 2,000 psf. JLL RESIDENTIAL LAND CENTRAL LONDON will grant It will be interesting to see whether the quality of residential product is maintained, especially given that not all conversions create optimum apartment layouts. But the proportion of office to residential land transactions is beginning to slow as market forces such as stronger office rental growth and occupier demand, alongside the threat of further tax changes at the top-end of the residential market, tip the balance back towards the commercial sector Crowded market The land market is characterised by an increasing pool of diverse operators, refinanced housebuilders and private equity funded niche developers, which has led to a rather crowded marketplace. New overseas entrants are often prominent, principally targeting the West End and Prime Central London, while more and more domestic-based prime developers are formed, often funded by private equity on a deal-bydeal basis. Commercial property companies are also joining in, frequently now choosing to build out residential consents rather than sell early and lose out on the lucrative development margins they have previously forgone. Redefining Central London Some of the established developers and housebuilders have reassessed their core strategy of buying in prime markets in Central London not necessarily because it is expected to correct, but because there are higher profit margins to be made in peripheral, emerging areas. These locations are characterised by more modest values typically in the 800-1,500 psf range which are less sensitive to political intervention and where there are more opportunities and less competition, at least for the time being. Other developers, particularly those with balance sheet and delivery expertise, are looking to acquire tower sites or multi-phased schemes where there is also less competition, but even this is changing as increasing numbers of international developers enter the market.

5 Almost every openly marketed site sale receives in excess of 20 bids. And the key difference over the past two years is the considerable number of funders now in the market money is chasing schemes, not the other way around. Will Grant, JLL Residential Land New Scotland Yard, marketing Q These new strategies have led to the development of superior schemes in these emerging markets which has encouraged demand and pushed prices higher. The consequence is that the definition of Central London has now widened, with locations such as Aldgate, Canary Wharf, Nine Elms and Hammersmith all now essentially Central London. Bursting capacity The consistent message from established developers eager to get building is that their biggest concern is not funding, planning or sales risk, but delivery. In particular, construction costs and the availability of materials, construction staff and plant, are all constraining supply. This has been caused by the slowdown in development in , followed by the strong resurgence, with a corresponding rise in new entrants seeking in-house development managers, construction and project expertise along with external contractors and sub-contractors. Shifting sands The next 12 months are likely to be characterised by more overseas developer interest, especially from China. Their arrival should be welcomed as they bring specialist knowledge and experience and will help deliver some of the most dramatic buildings the Capital has seen, as well as bolstering supply. Tall buildings themselves will not solve London s housing shortage but greater developer interest will lead to more highly contested site acquisitions. The continued release of public sector land could have a marked impact in London, with some landmark sites including the Old War Office and New Scotland Yard, as well as a number of infrastructure related development opportunities from TFL, Crossrail and National Grid. The future landscape is likely to be an increasing ambition to identify and develop new emerging markets with the inevitable strong competition for the best opportunities. CENTRAL LONDON DEVELOPMENt 5

6 CENTRAL LONDON DEVELOPMENt 6 MAJOR LONDON LAND TRANSACTIONS SITE PRICE PURCHASER Heron Plaza, City, EC2 97m UOL Keybridge House, Vauxhall, SW8 90m + Mount Anvil Moxon Street, Marylebone, W2 85m + Ridgeford Hertsmere House, Canary Wharf, E14 Confidential Greenland Grosvenor Gardens House, Victoria, SW1 90m Private overseas 35 Marylebone High Street, W2 75m Royalton Group Ram Brewery, Wandsworth, SW18 Confidential Greenland Chelsea Island, SW10 60m Hadley Group / Omni New Court, Carey Street, WC2 90m Lodha What are today s challenges? It is a natural progression of the market that established central London developers are now looking to the city s inner fringes and no longer limiting themselves to building in Zone s 1 and 2. The ongoing challenge for development at this point in the cycle is being able to maintain margins against a backdrop of rapidly increasing construction costs and stubbornly high land prices. Alastair Nicholls, Native Land How do you view prospects? The key concerns are the general election and interest rate speculation. I don t expect either to produce anything shocking, but uncertainty always puts a dampener on the market. This is especially the case once the press gets stuck in and links both to their favourite obsession; housing boom and bust. There s also much talk about oversupply in London. I m not overly concerned. There is worldwide demand for Destination London and unless the Government does something stupid, I think this will continue. Charlie Baxter, Managing Director, Alchemi How do you view the current skills shortage? The sales arena is certainly much more buoyant than it was five years ago; but this comes with new issues and challenges to overcome in different areas. The supply of labour to my mind is the number one concern these days and I mean that both in terms of construction on site reliable availability of trades, but also within the office environment in terms of skilled employees. This is particularly true when it comes to attracting a new and diverse workforce. We need to make this an industry that people think of as a top choice to come into be that from school, university or from another career. Ingrid Skinner, Managing Director, Taylor Wimpey Central London What are the constraints on development? The availability of resources and contractors in London is becoming more challenging, and therefore the established relationships between developers and contractors is key to ensuring stability in build costs and delivery. Whilst construction activity is a key issue, the underlying constraint to the delivery of new homes remains the availability of suitable land opportunities and deliverable planning consents. Tom Pocock, Managing Director, Berkeley Homes (Urban Developments) Ltd.

7 Old War Office, marketing Q CENTRAL LONDON DEVELOPMENt 7 JLL RESIDENTIAL FUNDING TOM UPTON How is the funding environment? Since the beginning of the year, residential capital market investors have remained highly active due to the UK economy s recovery and the continued mismatch in demand and supply dynamics. Senior lender terms have become more competitive with margins for schemes which have been de-risked from a construction and sales perspective priced at below 3%. However, the majority of senior lenders remain out of the market for schemes requiring support of more than 65% cost and will apply more typical finance costs for true speculative build to sell schemes. The stretched senior debt market remains active and there are a number of relatively new entrants offering highly competitive terms for large scale tickets. The smaller end of the scale is also well provided for with various lenders offering high leverage ratios of above 80% of cost. These providers remain characteristically more expensive, however they do offer flexibility and speed in decision making. Equity investor interest in London locations has been consistently competitive this year. In some cases this has meant developers have been able to secure relatively favourable joint venture terms, however, this is true only for those groups that are able to offer secured land opportunities and with track records that ensure high levels of confidence around delivery and ability to exit.

8 CENTRAL LONDON DEVELOPMENt 8 BUYERS MORE DISCERNING The Central London sales market remains active and strong. Plenty of units are still being sold, often at record prices, but the market has become less frantic in recent months. Buyers are a little more fastidious with ambitiously-priced schemes seeing lower interest while less established areas or those without a story, are now a little more vulnerable. Increasingly active Over the past 18 months the number of new unit sales each half year has been in the 6,000-6,500 range, consistently and significantly higher than the preceding 18 months when closer to 3,500 units were being sold each half year. The first half of 2014 (H1 2014) saw a 13% decline in unit launches compared with H but despite this there has been a marginal rise in new unit sales. The number of sales across Central London was 6,500 in H slightly higher than the 6,300 in H Moving out A notable trend during the first half of 2014 has been a shift in activity away from Core markets and into Outer Core areas. Only 1,300 units launched in Core markets in H1, a 57% fall from H In contrast, unit launches soared to 4,700 in Outer Core locations, a 21% rise and the first time the 4,000 unit milestone has been surpassed in this cycle. Understandably, sales have followed a similar pattern. There were 1,750 unit sales during H in Core markets, a 33% fall, whereas in Outer Core markets sales increased by 31% to 4, % Fall in unit sales in Core markets Significantly, the number of units unsold at the end of H1 fell below 2,000 units for the first time in three years reaffirming the underlying strength of the market despite the steady easing. Prices rise, but at a slower rate Price growth has slowed during H1 2014, but prices are still rising in the majority of schemes and areas. The six monthly rate of growth slowed from 8.1% in H to 5.1% in H Furthermore, quarterly price growth has slowed from 3.4% in Q1 to 1.7% in Q2. Annual price growth remains high at 13.7% but this will ease significantly as 2014 progresses when the strong price rises during H2 last year fall out of the annual equation. Developers acknowledge this cooling. In our half-yearly survey, where developers rate the temperature of the sales market on a scale of 1 to 10, the average score has fallen to 7.1 (hot) from 8.1 (very hot) just six months ago (see chart). Price bracket matters A further consequence from the market cooling is that greater importance is being placed on price level. Not only whether units are fully-priced or not but how they fit into the current and future government s taxation regime. UK buyers in ascendancy The UK first initiative has helped contribute to a higher proportion of domestic buyers during H % of housebuilders report a notable or a slight increase compared with last year. 73% Of developers have seen an increase in UK buyers

9 DEVELOPERS STILL RATE MARKET AS HOT Scale 1-10, 10 is white hot, 1 is very cold 7.1 H H H UNITS SOLD ALL CENTRAL LONDON H ,100 Source: JLL, Molior H ,300 H ,500 QUARTERLY PRICE GROWTH EASES DOWN 4.0% INCREASE CENTRAL LONDON DEVELOPMENt 9 3.0% H % H % H % ANNUAL RISE Source: JLL Source: JLL PRICE GROWTH IN YEAR TO H OUTER CORE OVERTAKES CORE HIGHEST Central North CENTRAL NORTH WEST 14.7 % North NORTH 14.1 % WEST West 12.8 % Central CENTRAL WEST West 7.0 % West End 13.2 % WEST END CENTRAL Central River RIVER 14.4 % City CITY 19.0 % Canary CANARY Wharf WHARF 11.6 % East 17.3 EAST % LOWEST Outer OUTER River RIVER 11.3 % South West SOUTH WEST 14.3 % Central CENTRAL South SOUTH 14.6 % SOUTH South EAST East 13.4 % OUTER RIVER 13.5% CORE Source: JLL 13.9% OUTER CORE

10 CENTRAL LONDON DEVELOPMENt 10 BUILDING UP The volume of schemes under construction continues to escalate. Levels are at their highest since the credit crisis and have doubled in two years. However, housing starts have already begun to slow despite continued enthusiasm from developers. Construction at new high The Central London development market has taken a further leap forward in recent months. Already elevated following stronger activity over the past two years, the number of units under construction has moved to a new high during H There are now 21,900 units on site having more than doubled in just two years and risen by 15% during H alone. The number of unit starts eased down slightly to 6,600 units in H1 2014, from 7,000 in H2 2013, but remains notably higher than the 2,500-3,000 units per half year two to three years ago. 28% Uplift in units under construction in Outer Core markets during H By far the greatest shift in schemes under way is in Outer Core markets. There was only a marginal 1% rise in Core markets but a far more substantial rise in the Outer Core. Completions to rise soon The notably higher levels of construction activity have not yet filtered through to completions. The number of new unit completions during H was a lowly 2,900, a level similar to that of the past three years. However, with development activity rising strongly over the past 18 months, the number of units finishing should begin to grow soon. We could well see completions in 2015 push towards the 10,000 unit mark in Central London for the first time in years. Blossoming pipeline The planning pipeline is also now looking fuller with the number of units applied for and granted permission during H increasing significantly. 12,000 units were submitted for planning application, while 15,500 units were granted planning permission during the first half of this year. These were 28% and 57% higher, respectively, than H numbers. The total Central London planning pipeline now stands at 119,200 units, its highest level for three years. The latest highs in development terms are reflected in the results of our half-yearly survey. We ask developers how keen they are to progress their schemes through planning and to get them on site. They then rate their level of eagerness on a scale of 1 to 10, where 10 represents exceptionally keen and 1 is not keen at all. The average response has slipped from 9.0 at the end of H to 8.2 in H So developers are still very keen but some of the edge has come off their enthusiasm.

11 UNITS UNDER CONSTRUCTION ALL CENTRAL LONDON H H H ,400 19,100 21,900 15% INCREASE CENTRAL LONDON DEVELOPMENt 11 Source: JLL, Molior NUMBER OF CONSTRUCTION STARTS ALL CENTRAL LONDON DEVELOPERS STILL KEEN TO BUILD MORE Scale 1-10, 10 is exceptionally keen, 1 is not keen at all 5,200 7,000 6,600 H H H H H H Source: JLL, Molior Source: JLL UNIT STARTS IN YEAR TO H LONDON S MOST ACTIVE SUB-MARKETS Central CENTRAL North NORTH WEST NORTHNorth South East 2,990 East 2,320 South West 860 Outer River 680 WEST West Outer OUTER RIVER River WEST END West End City CITY CENTRAL RIVER CENTRAL Central River Central WEST West Central CENTRAL South SOUTH South SOUTH West WEST Canary CANARY Wharf WHARF East EAST SOUTH EAST South East Outer River OUTER RIVER Central South 1,950 North 1,800 Central River 1,620 Central North 930 West End 880 City 610 Central West 600 Canary Wharf 460 West 210 HIGHEST LOWEST Source: JLL, Molior

12 CENTRAL LONDON DEVELOPMENt 12 outlook The Central London market has moved into a more stable state. Although the outlook is more subdued compared to 6-12 months ago, we believe the market dynamics moving forward are both more sustainable and more balanced. There are some near-term headwinds but we believe that the majority of the fundamental and long-held reasons why people buy and invest in Central London will soon reaffirm themselves. This is particularly true for the vast majority of new developments which are priced below 2m. Safer ground Some of the heat has come out of the Central London residential sales market during Q However, prices are still rising, albeit at a slightly slower pace, and sales activity is still on the up. Developers remain optimistic and are keen to accelerate their rate of delivery. Overall, we believe that market has moved to safer ground over the past few months with market dynamics still positive but more evenly balanced. Near-term headwinds However, there are some headwinds facing the market and these are contributing towards the more tempered conditions. The general election next year is creating uncertainty rather than necessarily being negative while the possible introduction of a mansion tax is also generating debate, especially in the market around and above 2m. CGT, the other new tax initiative, will have to be paid by overseas owners when they sell after April 2015, although the details are yet to be announced. We believe that most buyers are already accepting of this tax in the name of fairness as they will only be falling in-line with UKbased investors and we think this will have little medium-term impact. Medium-term stability The market is presently in good health with both demand and supply dynamics being positive, and we think that these more sustainable market conditions will reassert themselves to a large extent following the general election. There are still many valid, strong and fundamental reasons why people buy and invest in London and these will still largely hold true for most in the medium-term. 8% Price growth forecast for 2014 We have adjusted our price forecasts slightly, however, we are still expecting price growth in the order of 4-6% pa post-2014 (see chart). Developers still upbeat Despite the tempering of market sentiment in recent months, developers remain very positive and keen to build more. Developers see a slowing in sales rates as the main fallout from the cooling market. 32% of developers we asked thought sales rates would slow during the second half of this year. Half foresaw no change while 18% expected a further rise (see chart). They were far more bullish on prices, with over 50% anticipating further rises during H2 while a notable 18% expected prices to fall. 68% Of developers expect unit starts to increase Significantly, developers thought that the escalation in build rates would accelerate through the remainder of this year. Over two-thirds of respondents expected unit starts to increase during H2 with 45% anticipating there to be a strong rise. Only 9% thought developers would cut back (see chart).

13 CENTRAL LONDON DEVELOPMENt 13 HOW DO YOU EXPECT THE MARKET TO CHANGE - H RELATIVE TO H1? % 4% 14% 27% SALES RATES 50% % 32% PRICES 27% 23% % 23% UNIT STARTS 1 45% 23% 2 1 Increase notably 2 Increase slightly 3 Little or no change 4 Reduce slightly 5 Reduce notably 1 Increase notably 2 Increase slightly 3 Little or no change 4 Reduce slightly 5 Reduce notably 1 Increase notably 2 Increase slightly 3 Little or no change 4 Reduce slightly 5 Reduce notably Source: JLL RESIDENTIAL PRICE GROWTH FORECASTS - ALL CENTRAL LONDON (%PA) % % % % % Source: JLL

14 two new CENTRAL LONDON DEVELOPMENt Riverlight phase one completes, first VNEB residents move in Circus West, phase one, Battersea Power Station completes US Embassy staff relocate Power Station retail opens and new Northern Line stations operational

15 Courtesy of SoM WEST Central South CENTRAL LONDON DEVELOPMENt 15 hearts Central South For decades the focus of Central London life has been firmly north of the river. But this is now changing with locations south of the river commanding attention. Two new and pulsating hearts are being born. Nine Elms will emerge from the embers of the Power Station and surrounds, while the South Bank will thrive as new towers are delivered. Nine Elms Life will truly begin once again in the Nine Elms area later this year when the first new residential development completes and the area s first settlers take occupancy. This will just be the start for this dormant, but centrallylocated, London destination. Battersea Power Station closed for business in 1983, so the rebirth has hardly been quick. Catalysts for the eventual kick-starting of regeneration have been SP Setia s plans to redevelop the Power Station and the US Embassy s decision to relocate here. Many others have jumped on the coattails. But breathing new life into this area will take time. Residents will only slowly filter in. Riverlight phase one will complete later this year, parts of Embassy Gardens next and Circus West in US Embassy workers moving into their new home in 2017 will be a real milestone in the Nine Elms evolution. Several other residential schemes should also be sprouting by then. Although much will have happened in the meantime, 2020 should be the real Go Live date. The Battersea Power Station Shopping Centre as well as the new Northern Line tube stations are due to open then. South Bank London s South Bank has benefitted from greater attention recently, led principally by The Shard and supported by other developments towards Tower Bridge. But now a real throng of schemes are set to transform the skyline and the streetscape further west, and create another beating heart south of the river. Sleeping giants like the Shell Centre, One Blackfriars and Doon Street Tower look set to go while further south several developments along the Albert Embankment will brighten this hitherto untapped and dreary backwater.

16 CENTRAL LONDON DEVELOPMENt 16 SALES MARKET CENTRAL SOUTH The residential market in Central South is maturing fast with several new schemes coming to the market and record prices being set. The scale, nature and pricing of new development is quickly propelling Central South upwards in the Central London hierarchy. Central South In excess of 1,300 units were sold in Central South in the year to H With over 3,000 sales in the past two years, Central South has been the most active of all our Core markets. 1,300 New unit sales in Central South in year to H Buyer enthusiasm has meant that price growth has been stronger than several other parts of Central London over the past couple of years. Prices increased by almost 15% in the year to H1 2014, notably higher than the 13.7% Central London average. 14.6% Annual price growth in Central South in year to H Nine Elms Pricing in the Nine Elms area has risen notably since the first scheme, Riverlight, was marketed back in The scheme was launched into an untested marketplace but at prices initially averaging around 900 psf, units sold quickly amid fervent demand. Typical pricing at more recent launches in Nine Elms has been around 1,200 psf with upwards of 2,000 psf frequently achieved. The success at Riverlight, confirmed that the aspirations of developers, planners, architects and government were shared by the public. This helped fuel greater confidence and kick-started further sales successes. Phases 1 and 2 at Battersea Power Station, as well as Embassy Gardens and Vauxhall Sky Gardens have all sold exceptionally well. South Bank The South Bank has been a hive of activity recently, with typically around half a dozen schemes on the market at any one time over the past couple of years. The last 12 months has witnessed The Corniche, Merano Residences and One Blackfriars launch, adding to the other live schemes at One Tower Bridge, Southbank Tower and Neo Bankside. The South Bank s more central location means that prices are a little higher than in Nine Elms, typically ranging between 1,500 and 2,500 psf.

17 The Corniche, St James CENTRAL LONDON DEVELOPMENt 17 Group Sales & Marketing Director, St James Group part of the Berkeley Group Kathryn McCombe St James, part of the Berkeley Group, believes strongly in the vision and future of the Vauxhall Nine Elms and South Bank markets. We feel this area has the potential to be like a new district in Prime Central London south of the River. We think it will appeal to both owner occupiers and investors looking for the lifestyle that living in Central London offers but at more competitive prices. Purchasers do not want to compromise on the quality of interior design, architecture and resident s facilities but they are willing to buy into a new destination or address. CENTRAL SOUTH price growth ACCELERATES PAST central london AVERAGE % change pa JUN 2010 DEC 2010 JUN 2011 DEC 2011 JUN 2012 DEC 2012 JUN 2013 DEC 2013 JUN 2014 Nine Elms will flourish over the next five to ten years and St James has become the first developer to complete a new residential scheme in the Opportunity Area at Riverlight designed by Rogers Stirk Harbour + Partners. This will be followed by two developments on the Albert Embankment The Corniche and Merano Residences designed by internationally acclaimed architects, Foster + Partners and Rogers Stirk Harbour + Partners with all of the projects using strong cultural strategies and great public realm to create a real sense of place. By 2017, the area will be a thriving community for residents, local workers and the general public and confirms that the Vauxhall Nine Elms and South Bank area is fast becoming one of central London s most exciting and vibrant places to live and visit. Source: JLL CENTRAL SOUTH CENTRAL LONDON

18 CENTRAL LONDON DEVELOPMENt 18 DEVELOPMENTS nine elms 1 2 vauxhall sky gardens frasers property, strawberry star & caddick developments 180 private units Under construction - all sold All units pre-sold in Q2 2013, completion due battersea power station bpsdc 7 the garden 8 vsm estates 2,971 private units A revised application, increasing the units planned was recently submitted by the Vinci and St. Modwen JV. nine elms parkside royal mail group 3 c. 3,000 private units Under construction - for sale Phase 1, Circus West, 866 units under construction, limited penthouses remain, completion due Q Phase 2, main power station, majority sold. embassy gardens ballymore 9 1,590 private units Royal Mail are looking to sell this consented site ponton road bellway homes 437 private units 1,683 private units Under construction - for sale Phase 1 construction is underway, with all 541 units sold. late Q2 2014, due to start later this year. Scheme will include 114 PRS units. 4 riverlight st james 699 private units Under construction - for sale Vast majority of units sold, first completions due Q one nine elms dalian wanda 436 private units Two tower scheme will replace the existing office block, first launch of units due in nine elms point sainsbury s & barratt homes 11 vauxhall square cls holdings 593 private units 410 private units 6 Under construction - not launched Phase 1 under construction, completion due vista berkeley homes Mixed use scheme with eight buildings, the tallest will be 50 storeys private units - for sale Demolition underway, construction to start soon, off-plan sales progressing. Battersea PArk Source: JLL, Molior * New Northern Line station 17

19 12 keybridge house bt 405 private units FIve buildings in this mixed use scheme will replace this out-dated office block. 14 vauxhall cross island site kylun & wendover investments 225 private units Mixed use scheme, two towers, 41 and 32 storeys. 16 new bondway mclaren & citygrove 360 private units Resolution to grant permission McLaren and Citygrove have a resolution to grant planning permission on this scheme. CENTRAL LONDON DEVELOPMENt dairycrest & sleaford street bpsdc 250 private units BPSDC purchased the site in Q park place park place developments 39 private units Small residential conversion of existing office. 17 Battersea Park East taylor wimpey 246 private units Application stage Application submitted Summer 2014 for mixed use scheme, the tallest building will be 18 storeys. Vauxhall oval nine elms* nine elms* battersea* battersea* 13 7

20 CENTRAL LONDON DEVELOPMENt DEVELOPMENTS south bank 20 1 NEO BANKSIDE native land 8 parliament house telford homes 15 brandon house crest nicholson 217 private units 73 private units 80 private units Complete - for sale Under construction - for sale Scheme completed in Q4 2012, a handful of units remain unsold. A number of penthouses remain and will be released closer to completion in Q Site has existing tenants until parliament reach bellway homes 45 private units Under construction - all sold All 45 units were sold to middle-man Investin, who have sold on all but a few units, completion due Q merano residences st james 34 private units Under construction - for sale Construction started in Q2 2014, the majority of the scheme has been sold long lane universities superannuation scheme 75 private units in Q for development up to nine storeys. 3 one tower bridge berkeley homes 356 private units Under construction - for sale Over 300 units sold, completions due in phases between Q and shell centre canary wharf group 779 private units Under judicial review Scheme granted permission in June 2014, but the lawfulness of the decision is nowunder judicial review. westmins 4 5 one blackfriars st george 274 private units Under construction - for sale Circa 150 units sold, completion due by end south bank tower 11 bankside quarter the carlyle group 492 private units The Sampson House and Ludgate House scheme has been rebranded, construction due to start in cit group 191 private units 12 doon street tower coin street community builders Under construction - for sale 236 private units Approximately 130 units have been sold, around 50 to middle-man Investin, completion due by Q Construction unlikely to start until the corniche st james blackfriars road black pearl 168 private units Under construction - for sale Construction is underway, majority of units are sold. 167 private units A new application is expected after the site was sold to Black Pearl. 7 baylis old school henley homes 14 elizabeth house london & regional properties 89 private units Under construction - for sale The scheme has sold circa 50 units. Completions are due in phases between Q and Q private units Mixed use scheme with tallest element a 29 storey tower. Source: JLL, Molior

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