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Derwent London’s proposals failed to comply with the council’s policies, it has been reported. The development control committee voted to reject the plans by eight votes to three.
The rejected plans included the intention to knock down The Pregnant Man pub and add 15,000 square feet more of office space to the already existing 40,000 square feet.
Additionally, the plans called for retail and restaurant space and expanding the building to nine floors.
Though Camden’s planning officers recommended that the plans be approved, some criticised them as not including enough public space and not providing enough affordable housing.
Fitzrovia News quoted Councillor Flick Rea’s criticism of the proposed pocket park: “The open space is not enough for the office workers, let alone the surrounding residential community.”
And Councillor Matthew Sanders said Derwent “have failed to meet any of our policies”.
Holborn and St Pancras MP Fred Holborn also came out against the development, calling the plans a “grotesque overdevelopment”.
And many neighbours and residents of the area also wrote furious letters to the council when the plans were submitted.
It is believed that Derwent London may appeal the decision, though nothing has been forthcoming as yet.
In 2009 Derwent London’s plans to knock down Farringdon’s famous Turnmill building were rejected by the London Borough of Islington after a campaign to save the building by local people
Recently Derwent won a British Council of Offices award for its Angel Building in the category of Refurbished/Recycled Workspace 2011.
Derwent London currently has an operating income of GBP 394.7 million and revenue of GBP 121.1 million. As of December 31st last year, the company’s portfolio was measured at GPB 2.4 billion.
Editor’s notes: In September 2011, Derwent London was granted planning permission, and the redevelopment of 80 Charlotte Street was completed in 2020.
The mixed-use his mixed-use scheme was completed in June 2020, and the 377,000 square-foot mixed-use scheme comprised 326,000 square feet of offices, 43,000 square feet of residential, of which 10,000 square feet was affordable housing), retail units, a new public realm park and community hub for Derwent London occupiers in London DL/78.
In 2017, Saatchi & Saatchi vacated 80 Charlotte Street after four decades and moved into another one of Derwent London’s properties – 40 Chancery Lane.
As of 31st December 2022, Derwent London owned a portfolio of 5.5 million square feet of commercial real estate, predominantly in central London, which was valued at GBP 5.4 billion. This made it the largest London office-focused real estate investment trust (REIT).
It posted revenues of GBP 248.8 million in 2022 and secured commercial property lettings worth GBP 9.8 million on 163,000 square feet, which represented a 13.0 percent increase compared to the previous year.
In May 2024, it was announced that Derwent London had sold its 70,300-square-foot office building, The Turnmill in Clerkenwell, to Titan Investors for GDP 77.35 million.
The London-based property developer and investor advised that the proceeds were earmarked for 2 new major schemes – 25 Baker Street W1 and Network W1.
At the time, these projects were already on site and would deliver 437,000 square feet together. Both developments were aiming for net-zero carbon emissions.