Five Oaks Investment - Re Planning Consent
01 July 1997 - 5:30PM
UK Regulatory
RNS NO 7289T
FIVE OAKS INVESTMENTS PLC
1 JULY 1997
FIVE OAKS GAINS PLANNING CONSENT FOR
54,000 sq ft JERMYN STREET REDEVELOPMENT
Five Oaks Investments PLC today announces that it has been granted
planning consent for a proposed redevelopment of the company's
headquarters building in Jermyn Street, St James's to provide
approximately 54,000 sq ft of new space.
The company has been given the go-ahead for a mixed use development that
is expected to ultimately provide about 37,000 sq ft of office space,
around 13,000 sq ft of leisure and banking accommodation and a further
4,100 sq ft of residential comprising six apartments, which will be
created from a new penthouse floor.
Five Oaks acquired the 51,000 sq ft building from P & O Properties in
March 1996 at a cost of #8m. Apart from the space occupied by the company
itself other tenants of 130 Jermyn Street include the Royal Bank of
Scotland and Rank Theatres. At the time of the acquisition the building
generated annual rental income of just under #830,000.
Commented John Watkins, Five Oaks Managing Director: "We are extremely
pleased to have secured planning consent for the redevelopment of this
prominent building as we believe there is considerable value to be
extracted from the block. The proposed scheme fits neatly into our
strategy of focusing part of our activities in West End offices where
demand from investors and tenants alike is currently strong."
It is hoped that work on the scheme, which has an end investment value
of around #20m, can get underway early next year.
The company also announces that it has now submitted plans for the
redevelopment of 16 Berkeley Street, W1 which it acquired a year ago
in joint venture with PDFM for #6.2m. Five Oaks wants to create a new
30,000 sq ft net office building on the site together with a further
9,000 sq ft on the ground and lower ground floors suitable for restaurant
or retail use.
CONTACT: John Watkins or Tim Walter
Five Oaks Investments PLC Tel: 0171-925 2393
Baron Phillips
Baron Phillips Associates Tel: 0171-224 1302
END