Repositioning properties to create value is core to our business model. Given the time required to prepare sites for redevelopment, a pipeline of future opportunities is required many years in advance. Today our programme is substantial, comprising 48% of today’s portfolio.
In addition to our three recently commenced development schemes, we have a pipeline of 13 schemes which have the potential to deliver a further 1.3 million sq ft of space. Today, the pipeline is largely income producing, has flexible start dates stretching into the 2020s and is well located around major public transport interchanges in the heart of London.
Our development team is working to finalise our development plans at schemes that could commence over the next 24 months. These include City Place House, EC2, located 200m from the new Moorgate Crossrail station, where we are looking to improve the building by relocating the office entrance onto Aldermanbury Square and adding new retail and restaurant space on the ground floor.
Close by at 50 Finsbury Square, EC2, we are exploring opportunities to increase the size of the building, either through incorporating additional floors or increasing efficiencies within the existing frame, in advance of vacant possession in 2020.
In total, our development programme, including those schemes already on site, represents around 48% of the portfolio, providing us with the bedrock of our development activities for the next cycle.