Development Securities share price retreats after Hammersmith Grove news
Development Securities has taken a slight knock on the London Stock Exchange this morning (January 30th) following last week's news about the Hammersmith Grove scheme.

The share prices of organisations often dip in the days after big announcements due to the rallies that sometimes take place on the back of positive news.

As of 08:15 GMT, Development Securities had shed 0.83 per cent FTSE All-Share, a 1.25-point drop on Friday's close.

It was recently revealed by the organisation that Wates has been awarded the role of contractor at the 275,000 sq ft London offices scheme in Hammersmith Grove.

The new development of west London offices will see construction immediately start on the first phase, which is made up of 110,000 sq ft of corporate space, along with 6,000 sq ft of public areas, restaurants and cafes.

Commenting on the project, director of Development Securities Julian Barwick said: "Our scheme at Hammersmith Grove is set to deliver some of the best new office space in west London into a tightly-supplied market. The scheme will play an important part in the regeneration of Hammersmith's town centre, attracting first-class occupiers to this prime location."

Due for practical completion in 2013, the first phase of the west London offices scheme received £50 million in funding from Scottish Widows Investment Property Partnership Trust in October last year.

Meanwhile, Wates Construction director Andy Willats commented that his organisation was "delighted" to be chosen to help with the regeneration of Hammersmith and the delivery of high-quality London offices.

Earlier this month, Development Securities announced its interim management statement, which noted some of its London successes. These included exchanging contracts for the development of a residential plot in Greenwich, south-east London, as well as securing a pre-lease from Travelodge to take up the 103-bedroom hotel at the mixed-use site.

Posted by John Evans

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