Commercial Finance Specialists

Development Securities PLC has appointed Wates as the contractor for its 275,000 sq. ft prime office development in Hammersmith, West London.

Work is to begin immediately on the first phase of the property development, which is expected to comprise over 100,000 sq. ft of prime office space as well as 6,000 sq. ft for retail, and is due for completion early next week 2013.

The first phase of the development has been advance funded by the Scottish Widows Investment Property Partnership Trust, who supplied £50 million of asset finance in October 2011.

The 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 center, attracting first-class occupiers to this prime location. Wates are an experienced and quality contractor and we look forward to working with them to deliver this scheme."

The Director for Wates Construction, Andy Willats, expressed the company’s delight at being awarded the project. "Not only will we be delivering a first class project, but we will be playing a major part in the overall regeneration of Hammersmith. We look forward to developing our relationship with Development Securities and further strengthening our Commercial portfolio in London."

In 2011, Wates were named Contractor of the year, Employer of the Year, and were shortlisted for Major Contractor of the Year, a title that they held for the two previous years.

Shares in Development Securities rose 2.9% to 151p on Thursday.