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JPMorganCazenove European Real Estate Conference
15 January, 2015
ITINERARY
› 09:00 Arrive Jurys Inn
› 09:15 Presentation and Q&A
› 10:15 Split into walking groups
› 10:30 Site tour
›
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› 11:30 Departure
› Suggested train: 11:50 East Croydon to London Bridge
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HAMMERSON TEAM HERE TODAY
Timon Drakesmith – Chief Financial Officer
Peter Cole – Chief Investment Officer
Matthew McMillan – London Borough of Croydon
Carolyn Kenney – Retail DevelopmentCarolyn Kenney – Retail Development
Christie Baird – Asset Manager, Centrale
Rebecca Patton – Head of Investor Relations
Lindsay Noton – Head of Corporate Communications
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INTRODUCTION
Why Croydon? The strategic opportunity
50:50 JV
Unrivalled track record
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Unrivalled track record
Heart of Croydon’s regeneration
CROYDON PARTNERSHIP – WORKING TOGETHER
Croydon Partnership: Working together to deliver the Masterplan
› Combined Management Team
› Westfield engaged by the Partnership to undertake construction
› Hammerson asset management of existing Centrale and Whitgift
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› Hammerson asset management of existing Centrale and Whitgift
› Shared expertise on development delivery
“Croydon has huge potential to return to its former
glory as one of London’s most vibrant town
centres, and a major driver of its economy. The
redevelopment of the Whitgift Centre at its heart
is crucial to this vision”
Boris Johnson, Mayor of London
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5GATWICKBRIGHTONCROYDONTECH HUBOLD OPPORTUNITYNEW OPPORTUNITYCRYSTALPALACEBATTERSEAWATERLOOGATWICK
5GATWICKBRIGHTONCROYDONTECH HUBOLD OPPORTUNITYNEW OPPORTUNITYCRYSTALPALACEBATTERSEAWATERLOOGATWICK
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GATWICKDIAMONDNEW OPPORTUNITYLONDON’SNEW GROWTHCORRIDORGatwick Airportprovides an Olympicscale opportunityfor regeneration andinvestment in Croydon
GATWICKDIAMONDNEW OPPORTUNITYLONDON’SNEW GROWTHCORRIDORGatwick Airportprovides an Olympicscale opportunityfor regeneration andinvestment in Croydon
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CROYDON – THE RETAIL OPPORTUNITY
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CONNECTIVITY & CATCHMENT
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CONNECTIVITY & CATCHMENT
› Opportunity to capture south London corridor
› Trade area covers affluent regions of Kent, Surrey and South London
› Total catchment forecast
Brent Cross
Bluewater
Source: iCube Footfall Model 2013 16
› Total catchment forecast increase of 40% to over 2 mil people by 2021
› Attract £1bn of retail spend
THE CROYDON OF TOMORROW
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2New
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New Whitgift
site
CROYDON CORE – WHITGIFT + CENTRALE
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Whitgift
Centrale
ENHANCED CROYDON CORE
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NEW WHITGIFT DESIGN – NORTH END LEVEL
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NEW WHITGIFT DESIGN – WELLESLEY ROAD LEVEL
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NEW WHITGIFT DESIGN – FIRST FLOOR
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NEW WHITGIFT DESIGN – MEZZANINE LEISURE LEVEL
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NEW WHITGIFT SITE DESIGN – FLYTHROUGH
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SUMMARYRefurbished Centrale 700k ft2 retail & leisure, Debenhams, House of Fraser, 950 parking spaces
New Whitgift 1.5 mil ft2 new retail and leisure space
›Over 300 shops, restaurants and cafés
› Target anchor tenants – M&S, John Lewis John Lewis
›Multi-screen cinema, bowling alley, dining
› 3,500 car parking spaces
› 600 new residential units
Croydon Partnership will include
›Over 2 mil ft2 of retail and leisure
› 4 anchor tenants
› c.4,500 parking spaces 25
CROYDON PARTNERSHIP – PROGRESS TO DATE
› January 2013 Croydon Partnership formed
› March 2013 Partnership completed acquisition of 25% Whitgift interest
› November 2013 Planning resolution
› February 2014 Outline planning consent› February 2014 Outline planning consent
› April 2014 Compulsory Purchase Order made
› November 2014 Three-level scheme concept established
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PROGRAMME MILESTONES
› CPO Inquiry starts
› Confirmed CPO
› Land assembly
› Detailed planning and pre-letting
Early February 2015
H2 2015
2015 – 2016
2015 – 2016› Detailed planning and pre-letting
› Relocations and commencement
› Opening date
2015 – 2016
2016
2019 / 2020
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IMPACT ON HAMMERSON
1 mil sq ft
› Total development cost £1.25 – 1.5 billion
› Hammerson 50% share £625 – 750 million
› Would become one of
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Note: Estimated Whitgift scheme size versus net internal area of Hammerson UK existing shopping centres(potential future retail extensions indicated in black, including phase 2 of Leeds Victoria Gate)
› Would become one of Hammerson’s largest UK shopping centres
› Increased London exposure
› Growing the scale of UK shopping centre portfolio
Q&A
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