Derwent London secures planning permission for two West End projects

Derwent London has secured planning permission from the City of Westminster for two projects totalling 443,000 square feet.

The first is for a "major" mixed-use development at 19-35 Baker Street W1 and the second is for a "significant" retail-led project at Holden House, Oxford Street W1.

The Baker Street property is held in a joint venture with The Portman Estate in which Derwent has a 55% stake. This scheme will comprise around 293,000 sq ft of net lettable space.

Meanwhile, Holden House, 54-68 Oxford Street and 51-58 Rathbone Place W1 will comprise a 150,000 sq ft redevelopment behind a retained façade. There is also potential for a single flagship retail store or a retail-led scheme with offices at the fast improving eastern end of Oxford Street.

Chief executive John Burns said: "Given the excellent progress we have seen with our on-site projects this year we are delighted to receive resolutions to grant consent for these two potential pipeline schemes. Delivery could be phased into the early years of the next decade while, in the short term, we will continue to benefit from the income on the existing space."

At 1430 GMT, the shares were up 1.2% to 2,715p.