Commercial Property News

Hammerson signs up to develop Southampton business property

Hammerson has reached an agreement with Southampton City Council that will see it develop a new commercial property scheme in the city.

According to Property Week, the firm has signed a deal with the council for the construction of Watermark WestQuay, which was granted planning permission last April.

It is set to consist of retail business property measuring up to 258,300 sq ft, as well as a cinema, hotel and a residential complex consisting of up to 240 apartments.

Development of the site will begin when the economic conditions are more favourable and Russell Beresford of Hammerson was quoted by the news source as saying that this is the "latest milestone" in the scheme.

"Following months of hard work, it demonstrates commitment from both sides to the continued regeneration of the city centre," he remarked.

The firm's portfolio currently consists of property in the UK and France worth £5.1 billion, including over 1.6 million m sq of retail space.ADNFCR-2842-ID-19632664-ADNFCR

Tue, 23rd Feb 2010

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