Grosvenor Britain & Ireland

Transcription

1 Grosvenor Britain & Ireland Living cities

2 High-quality places Long-term value Creating and managing inspiring places and neighbourhoods, delivering value for customers, shareholders and co-investors with our placemaking expertise. Cover: 65 Davies Street, Mayfair, London Opposite: Mount Street, Mayfair, London Overview Grosvenor Britain & Ireland (GBI) is part of the Grosvenor Group, a privately owned property company active in some of the world's most dynamic cities. Our objective is to generate long-term and growing income from recurring sources. We do so by creating and managing sustainable, urban neighbourhoods across the UK that are great places to live, work and visit. We focus on the importance of places, rather than just the individual buildings, to the people who use them. We own, develop and manage a diverse property portfolio in cities across Britain and Ireland. Business units are focused on its London estate - 00 acres of Mayfair and Belgravia in the heart of the UK's capital - and developments elsewhere in London, Edinburgh, Liverpool, Oxford, Cambridge and Southampton. As at 1 December 015, Grosvenor Britain & Ireland had 5.7bn of assets under management. Exceptional new neighbourhoods We ensure that scalable capital exposure and investment create not just buildings, but places. Income and capital growth for investors are combined with a high-quality environment for occupiers. We apply long-term stewardship with careful design and management principles so that the physical environment is managed through periods of change. We have skills as masterplanner, developer, asset manager, landlord and public sector partner, and avoid a one-size-fitsall approach. Revenue profit 1.4m Total return 10.7% Assets under management 5.7bn Hotel 101m Retail 1.1bn GBI's share of property assets Residential 1.4bn 1.6bn

3 Britain & Ireland Grosvenor has applied its London estate model for the creation of mixed-use districts and neighbourhoods in Liverpool and Cambridge, amongst other places. 1 Bermondsey, London A 1 acre development in the heart of Bermondsey to create homes for private rent, affordable housing, a new secondary school, high quality open spaces and improved connections to the Tube station and local businesses. Our proposal is being shaped in close engagement with the surrounding communities and Southwark Council. Liverpool ONE, Liverpool City centre, retail-led regeneration across 4 acres with a mixed-used development of new and refurbished buildings, streets and spaces. Opened in 008 and a catalyst for over 5,000 new jobs. Winner of 60 awards, including the prestigious architectural award the, Stirling Prize, for its masterplan. We partnered with the city's planners to deliver 1.6m square feet of retail space, bars, restaurants, a bus station, BBC studios and a remodelled park bordered by a hotel, 600 apartments and new multi-screen cinema. Our vision off estate is to be the developer, long-term co-investor and manager of high quality, enduring mixed-use neighbourhoods that have thriving communities. Trumpington Meadows, Cambridge A new and growing 59 acre neighbourhood bordering a 150- acre country park. Fully realised, 1,00 new homes are due, 40% of which will be affordable, alongside a primary school and village centre. A joint venture between Grosvenor and the Universities Superannuation Scheme. Winner of awards including the Evening Standard's New Homes Award 014 for Best Large Development. 5 In London, Grosvenor is adapting its long-term principles to a site in Southwark as a response to London s housing crisis. 4 g Cities in which we have assets h f a e b c d a b c d e f g h Bournemouth Southampton London Cambridge Oxford Liverpool Edinburgh Dublin 4 Barton Park, Oxford A 1st century garden suburb across 90 acres. Planning approval for up to 885 new homes, a new primary school, food store, community hub and linear park. Winner of the award for Planning for Housing Growth at the 014 Planning Awards. We are the master developer, responsible for master planning, installing infrastructure and setting high design standards with our partner, Oxford City Council. 5 Springside, Edinburgh A circa 9 acre residential-led development at the heart of the regeneration of the city district. New homes for Edinburgh, including homes to rent. Nearly 50 residential units have been completed alongside new investment in the urban realm and over 600 units of student accommodation. and retail space, a new three-star plus hotel and further residential accommodation and public realm are due to be delivered.

4 Mayfair 1 1 Mayfair and Belgravia were primarily designed as vehicles for development of, and investment in, housing. Size 98.5 acres million sq ft Value.7bn Estimated rental value 1 Our management of them has focused on constantly improving these neighbourhoods for the long term, actively refreshing buildings and the public realm. Residents c.,500 Workers c.7,800 96m 4 1 The Beaumont Hotel The conversion of a Grade II listed Art Deco property into a five-star hotel containing ROOM, a habitable structure by artist Antony Gormley. Voted Best Luxury Hotel Opening in the World for 014 by Luxury Travel Intelligence. 69 Grosvenor Street The careful transformation of a period townhouse for contemporary office use. Benefiting from the opening of the Gagosian Gallery nearby as well as area-wide improvements to public realm. Retail Residential Hotel 65 Duke Street The refurbishment and restoration of sixteen apartments and five retail properties combining the buildings' historic features with contemporary interiors. Helping to drive the commercial reinvigoration of north Mayfair's retail offer. 4 The Gagosian, Grosvenor Hill Internationally-renowned gallery forming part of the longterm transformation of Grosvenor's Mayfair, and drawing on the area's art and design heritage. The,000 square feet gallery's interior includes double height, daylit spaces and is designed by Caruso St. John.

5 EATON PLACE GERALD ROAD LYALL STREET ELIZABETH STREET LOWNDES PLACE CHESTER WILTON CRESCENT LOWER BELGRAVE STREET EATON ROW WILTON MEWS BARRACK OLD MONTROSE PLACE HALKIN STREET HEADFORT PLACE PLACE Belgravia 1 Mayfair and Belgravia have not been static but have changed over time to fulfil the requirements of Londoners, redeveloping obsolete or low density buildings and areas to meet demand. Size acres.9 million sq ft Residents c.6,800 Workers c.7,100 Value.5bn Estimated rental value 57m They now have a global reputation, reflecting their position for centuries as being amongst the most desirable residential quarters of the capital. KINNERTON STREET WILTON WILTON PLACE CRESCENT GARDEN WILTON CRESCENT WILTON PLACE WILTON ROW HYDE PARK YARD WILTON ROW CRESCENT MEWS CRESCENT MEWS MOTCOMB STREET WEST HALKIN STREET WILTON TERRACE BELGRAVE MEWS NORTH CRESCENT HYDE PARK CORNER HALKIN PLACE BELGRAVE MEWS WEST BELGRAVE GARDEN Residential Retail Hotel LYALL MEWS BELGRAVE PLACE GROOM PLACE CHESTER STREET EATON PLACE LITTLE CHESTER STREET UPPER BELGRAVE STREET CHAPEL STREET CHESTER MEWS CHESTER CLOSE BUCKINGHAM PALACE WEST EATON PLACE EATON MEWS NORTH ECCLESTON MEWS WILTON STREET SLOANE CLIVEDEN PLACE EATON GATE EATON HOBART PLACE GARDENS LOWER PLACE 1 Peninsula London HOLBEIN PLACE PASSMORE STREET BLOOMFIELD TERRACE BOURNE STREET ORANGE ST BARNABAS STREET GRAHAM TERRACE PIMLICO ROAD RANELAGH GROVE CAROLINE TERRACE EBURY BRIDGE ROAD EATON TERRACE CUNDY STREET EBURY STREET EBURY SOUTH EATON PLACE EATON MEWS WEST EBURY MEWS EATON MEWS SOUTH EBURY STREET ECCLESTON PLACE CHESTER ECCLESTON STREET EBURY MEWS EAST BUCKINGHAM PALACE ROAD LYGON PLACE GARDENS BEESTON PLACE VICTORIA A 50/50 partnership with The Hongkong and Shanghai Hotels, Limited (HSH) to redevelop a 1.5 acre site opposite the gardens of Buckingham Palace and overlooking Hyde Park into a mixed use scheme incorporating residential apartments, an element of retail and HSH's first hotel in the UK - The Peninsula London. Planning consent received. Pantechnicon Building The transformation of a Grade II listed, three-storey building into a flexible retail and restaurant space that will complement the existing offering on Motcomb Street and cement its reputation as one of London's leading retail destinations. 119 Ebury Street The high-quality sustainable retrofit of a Grade II listed residential property - the first listed building in the UK to win BREEAM Outstanding, the highest possible rating. An exemplar of new sustainable technologies applied to historic buildings, anticipated to cut carbon emissions by 80 per cent, and part of our sustainable retrofitting programme which will see 00 residential properties retrofitted across Mayfair and Belgravia.

6 The family and the land Mayfair, London - 170s Belgravia, London - 180s International expansion s Corporate structure - 000s Ownership The Grosvenor family history stretches back almost 1,000 years, to the time of William the Conqueror. However, the origins of the property business lie in the land in London that came into the family in 1677 with the marriage of Mary Davies and Sir Thomas Grosvenor 500 acres of swamp, pasture and orchards to the west of the City, of which 00 acres remain with the family today as Grosvenor's London estate. Mayfair, the northern part of this land, took its name from the fair held there in May until well into the 19th century. In 170, the family began developing the land into a fashionable residential area, centred on Grosvenor Square. The area's character continued to evolve through subsequent redevelopment. In the 19th century, shops and, later, embassies and diplomatic residences moved in. During the 0th century, it saw the westerly migration of office users from the war-damaged City of London. Belgravia, which lies south west of Mayfair, was originally part of the Five Fields - open land between Hyde Park and the Thames. The end of the Napoleonic Wars and the conversion of nearby Buckingham House into a palace for George IV prompted the Grosvenors to develop it. In the 180s, the family's surveyor, together with master builder Thomas Cubitt, oversaw the creation of an elegant estate in the classic Regency style of squares, including Belgrave Square, streets and crescents overlooking private gardens. During the second half of the 0th century, Grosvenor began to apply its estate management skills of investment, development and asset management elsewhere in the world. Our business expanded, successively, into the Americas (from the 1950s with a development at Annacis Island, Vancouver, our first international project, Australia (from the 1960s), Asia Pacific (from the early 1990s) and Continental Europe (later that decade). Many projects were undertaken in partnership with other investors, leading us gradually into fund management. Grosvenor's corporate governance has evolved with the maturing of the Group. In April 000, when we moved into new London offices, we adopted a corporate structure as a Group of regional businesses and published our first full Annual Report and Accounts. In 005, our international fund management business was formalised as a discrete entity. In 011, we brought all our indirect investments in property together, creating the present structure of direct proprietary activities; indirect proprietary activities; and fund management. Grosvenor remains privately owned. Our Shareholders - the Trustees of the Grosvenor Estate - hold the shares and other assets for the benefit of current and future members of the Grosvenor family. The family is headed by the 6th Duke of Westminster, who is Chairman of the Trustees. Today, we have 17 offices in 11 countries and assets in 16 countries. Our story When the Mayfair and Belgravia estates were first developed, London was growing very quickly. Demand for housing outstripped supply. 1 We applied a model of land promotion. An estate was laid out and we invested in expensive infrastructure and amenities to encourage house builders to take sites. The properties on those sites were built in joint venture using ground rents, so that we granted a long lease of the land to the builder, who undertook the development. The ground lease provided an opportunity to a builder with limited upfront capital, while the model created shared incentives: land profit for the landowner and development profit for the developer. It also created longer term alignment between the owner as landlord and the future tenant. Both would be interested in the maintenance of their investment. The land owner/manager was incentivised to invest in the design and stewardship of the neighbourhood by bearing the residual risk, and so retained a long-term approach to promoting value On this model, there was no benefit in holding land back to speculate - the aim was to get it built, get the rental income and in due course, gain the benefit in reversionary value. 1 Mary Davies Sir Thomas Grosvenor Grosvenor Square, London 4 Belgrave Square, London 5 Motcomb Street, London 6 Annacis Island, Vancouver 7 70 Grosvenor Street, London 8 The Westminster Roppongi, Tokyo 7 8

7 Contact us Rob Fox Head of External Affairs Grosvenor Britain & Ireland Telephone: +44 (0) Visit our website: Follow us on