Financial discipline is at the heart of how we manage our portfolio. We are deeply analytical and every building we own needs to earn its place in the portfolio. We review the forward look returns from each and every building quarterly and, where our hurdles are not met, they are often sold. In December 2017, after completing our business plans, we sold 240 Blackfriars Road, SE1 and 30 Broadwick Street, W1 in two separate transactions, taking advantage of the supportive investment market to crystallise a combined whole life surplus of £145 million.
In addition to three committed development schemes on site, totalling 414,900 sq ft, our pipeline consists of ten schemes, all of which are income producing, have flexible start dates stretching into the 2020s and are well located around major public transport interchanges in the heart of London.
At New City Court, SE1 in the London Bridge Quarter, our development team have been working closely with Southwark Council and have recently submitted a planning application to transform the building from the existing 98,000 sq ft of tired, outdated offices into 373,100 sq ft of brand new space.
The proposed new office and retail building will incorporate exceptional sustainability and wellbeing credentials as well as a hub with auditorium and exhibition space. The property would also bring a number of new benefits to the local community, including a public, elevated garden, a landscaped courtyard, affordable workspace and a new entrance to London Bridge Underground Station.
In total, our development programme is set to provide London with in excess of 1.8 million sq ft of modern, high quality, sustainable spaces and provide us with a strong platform of organic growth into the next cycle.