Derwent London
 | |
| Company type | Public company |
|---|---|
| Industry | Property |
| Founded | 1984 |
| Headquarters | London, UK |
Key people | John Burns, Chairman Paul Williams, CEO Simon Silver, Director and Head of Regeneration |
| Revenue |  £265.9 million (2023)[1] |
 £(428.9) million (2023)[1] | |
| £(476.4) million (2023)[1] | |
| Website | derwentlondon |
Derwent London is a British-based property investment and development business. It is headquartered in London and is a constituent of the FTSE 250 Index.
History
[edit]The business was originally established as the operator of the Derwent Valley Light Railway which opened in 1913.[2] The railway closed in 1981 and in 1984 John Burns used the former operating company, Derwent Valley Holdings, as the vehicle with which to develop his London-based property business. It joined the FTSE EPRA/NAREIT Developed Europe index on 31 December 1999 when it was launched, trading under the name Derwent Valley Holdings.[3] In 2007 the company merged with London Merchant Securities plc to form Derwent London.[4] This deal was hailed as "the deal of the decade" by the editor of Property Week.[5] In July 2007 the company converted to a real estate investment trust.[6]
Operations
[edit]The Group is organised as one business – property investment and development. At 31 December 2023 its portfolio was valued at £4.8bn.[1]
Fitzrovia portfolio
[edit]
From the merger with London Merchant Securities the company acquired 800,000 square feet (74,000 m2) of property to add to its existing Fitzrovia portfolio. This gave the company about 1,000,000 square feet (93,000 m2) of property over more than 30 sites in Fitzrovia; about one fifth of the company's total portfolio. In November 2009 the company announced plans to transform part of Fitzrovia in central London into a new retail destination with cafes and restaurants.[7][8] The company's plans were criticised in the local paper Fitzrovia News who accused the company of wanting to change the character of the neighbourhood.[9]
In July 2010 the company held an exhibition outlining its proposals for the Saatchi building in Charlotte Street: Fitzrovia News reported that Camden Council had confirmed that the Fitzrovia Partnership was intending to become a Business Improvement District (BID).[10]
The Turnmill Building Farringdon
[edit]In 2009 the company's plans to demolish Farringdon's famous Turnmills were turned down by London Borough of Islington after a campaign to save the building by local people. The company wanted to replace the 19th-century stables building with a glass and steel tower block. The company then appealed to the planning inspectorate, but their appeal was refused.[11] Subsequently, a revised planning application was granted approval and work on the new building commenced in April 2012.[12] This will create a 70,000 sq ft office and retail property close to the new Farringdon station Crossrail interchange.[13]
References
[edit]- ^ a b c d "Annual Results 2023" (PDF). Derwent London. Retrieved 28 February 2024.
- ^ The Derwent London trend that bucks the market The Telegraph, 29 August 2007
- ^ Turnbull, Dominic. "FTSE EPRA/NAREIT index series". Archived from the original on 3 May 2013. Retrieved 6 December 2012.
- ^ London Merchant swept off feet by Derwent's offer The Times, 15 November 2006
- ^ Barrie’s blog: winners and losers of the 'noughties' Archived 6 April 2010 at the Wayback Machine Property Week
- ^ Derwent London set to join UK REITs Archived 31 December 2014 at the Wayback Machine Property EU, 20 March 2007
- ^ Project banks on Fitzrovia’s bohemian appeal Financial Times, 6 November 2009
- ^ Derwent plots Fitzrovia revamp Property Week, 6 November 2009
- ^ Plan to turn "little oasis" into retail precinct, Fitzrovia News, 24 November 2009
- ^ Derwent London believe nothing is impossible in Fitzrovia Fitzrovia News, 12 July 2010
- ^ Turnmill building saved from demolition Archived 13 July 2011 at the Wayback Machine, Islington Tribune, 28 May 2010. Retrieved 18 September 2010
- ^ "Derwent London delay Saatchi exit until Turnmill and Chancery Lane sites are completed". Fitzrovia. 6 June 2013.
- ^ "Home". derwentlondon.com. Retrieved 28 March 2015.
