for the benefit of societyCreating great places
LCR PROPERTY
ABOUT LCRA skilled commercial developer and sustainable regeneration expert, LCR has a 25-year track record of creating exciting new destinations for people to live, work and experience. Using its unique position on the cusp of the public and private sectors, it works to unlock the most complex sites, creating value from underused public sector real estate assets and delivering great places for the benefit of society.
LCR was responsible for the delivery of the High Speed 1 railway, which included St. Pancras International, Stratford International and Ebbsfleet. It also led the complex land assembly and master-planning to unlock the £3bn mixed-use redevelopment of King’s Cross – one of the UK’s most successful regeneration stories.
Today, LCR is embarking on an ambitious strategy to facilitate the delivery of tens of thousands of new homes and jobs, and generate in excess of £7bn of public value, through leveraging our unique position at the interface of the public, private, rail and real estate sectors.
Across the UK, LCR is also progressing a number of major development projects, including the regeneration of the 24-acre Mayfield site in Manchester, with U+I, Manchester City Council and Transport for Greater Manchester, and the 1 million sq ft redevelopment of the Axis site in Birmingham.
In London, LCR is delivering the £2.4bn International Quarter London scheme in Stratford, in a joint venture with Lendlease, and is developing Waterloo.London – a new 135,000 sq ft retail and leisure destination at the former Eurostar terminal.
Nationally, LCR is continuing to partner with local authorities and key transport bodies to bring forward development around stations across the country, unlocking investment, creating new homes and jobs, and creating positive change within local communities.
LCR is wholly-owned by the Department for Transport.KING'S CROSS, LONDON
LEAKE STREET ARCHES, LONDON
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For the past 25 years, LCR has been at the heart of some of the UK’s biggest regeneration projects.
From King’s Cross to Stratford City, LCR’s track record of world-class regeneration projects speaks for itself. Our creativity and imagination have transformed a broad portfolio of transport-linked sites and public sector assets into exciting new destinations in which people can live, work and enjoy.
We’ve delivered major infrastructure, such as the award-winning High Speed 1 (HS1) railway, created exemplar destination train stations like St Pancras, and tackled sites with challenges that had placed them out of reach for traditional developers. At King’s Cross, for example, the complex land assembly and master planning work carried out by LCR unlocked a £3bn mixed-use redevelopment, now an instantly-recognisable and high-profile destination.
As a public corporation, we also have a clear mandate to support the Government’s drive to deliver new homes, jobs and investment, and the rebalancing of the economy. Our collaboration with a range of local government partners and transport authorities is helping to bring forward some of the UK’s largest regional development projects. This includes Mayfield in Manchester – the King’s Cross of the North – the redevelopment of Axis Square in Birmingham and a major station-linked regeneration scheme in Leeds.
But our ambition does not stop there. As a regeneration and placemaking expert, on behalf of the UK Government, LCR has a major role to play in ensuring more places
reach their potential. Using our unique combination of an inherent understanding of public bodies and embedded commercial and development expertise, we have outlined an ambitious strategy for the next 10 years.
In partnership with developers, housing bodies, local and central government agencies and transport authorities, we are working to unlock development and regeneration opportunities across the UK’s network of railway stations and their surrounding land. Through this work, we are creating the conditions to deliver tens of thousands of new homes and jobs.
I was proud to become Chairman of LCR’s board in April 2019, joining an organisation that shares my vision of championing public value and urban regeneration, and that is increasingly recognised as the go-to for bridging the public and private sectors to unlock the most challenging sites for development.
This brochure provides more information on LCR’s activities across our development and management portfolio. I hope you find it an interesting read, and if you would like to discuss any aspect of our work in more detail, I and the LCR executive team would be very happy to hear from you.
INTRODUCTION
Nick Markham,Chairman, LCR
MAYFIELD, MANCHESTER*
LCR PROPERTY
IQL, LONDON - AFTER
MAYFIELD, MANCHESTER*
BEFORE REDEVELOPMENT
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CREATIVE PROBLEM SOLVERSFrom challenging sites, we enable the creation of great places for the benefit of society.
The goal: transforming underused public sector real estate assets, particularly around railway stations and key transport hubs, into exciting new destinations for people to live, work and experience.
INTERNATIONAL QUARTER LONDON (IQL)Maintaining the legacy of the home of the London 2012 Olympics
• £2.4bn development• 4m sq ft of commercial space• 25,000 new jobs• 600 new homes• Projected £2.9bn contribution to GVA
MAYFIELD, MANCHESTER A vibrant new city centre community for Manchester
• £1.4bn development• 1,300 new homes• 1.7m sq ft of commercial space • 650-room hotel• 6.5 acre park• Projected £850m GDV
MAYFIELD, MANCHESTER*
LCR PROPERTY
GENERATORS OF PUBLIC VALUELCR’s development philosophy is centred on imaginative, sustainable regeneration and creative placemaking to deliver public value.
Our approach: taking sites through every stage of the planning and development process, championing regeneration from start-to finish.
WATERLOO.LONDONA benchmark for progressive retail and transport destinations in the UK in the heart of London’s South Bank.• Anchored by Time Out Market
• 130,000 sq ft of space for local, independent and national retail and leisure occupiers
• Annual footfall of over 100 million with the regeneration of the former Eurostar platform
• 700 new jobs
• Projected £188m GDV
WATERLOO, LONDON
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LCR PROPERTY
Collaborating with partners, including local authorities, developers, LEPs and government agencies, is key to unlocking strategic sites and enabling the delivery of outstanding developments.
Our focus: meaningful outcomes, not short-term returns.
NETWORK RAIL COLLABORATIONBuilding on our 10 year relationship with Network Rail, in 2018 we entered into a formal Collaboration Agreement to enable us to unlock value from its portfolio of 2,500 UK railway stations and surrounding land, to create new housing and employment space.
Following an initial assessment, there are now 19 active schemes in the current Collaborative Working Portfolio.
• Delivering c.5,000 residential units
• Over 2m sq ft of commercial development
• More than £2bn GDV potential
• Enhancing passenger experience through connectivity and integration
We are continuing to conduct an ‘open book’ review to identify further opportunities for development and regeneration.
DELIVERINGPUBLIC VALUEIN PARTNERSHIP
LEEDS STATION
DEANSGATE STATION, MANCHESTER
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GREATER MANCHESTER STATION ALLIANCE Creating gateways to the city centre.
• Partnership between Transport for Greater Manchester, Network Rail, relevant rail franchises and LCR
• Developing stations as gateways between communities and the railway
• Investment in transport hubs as a catalyst for change
• Circa 20 sites identified with potential for more than 3,000 homes
LEEDS STATION DEVELOPMENTTransforming the busiest station in the north.
• Integration of HS2, Northern Powerhouse Rail and new and existing rail services
• Driving investment into Leeds South Bank
• Enhanced public realm
• 2m sq ft of commercial space
• 650 new homes
• 35,000 jobs created
LCR PROPERTY
ASSET MANAGEMENT Our in-house team is responsible for a growing portfolio of commercial, retail and leisure destinations across the UK. We also manage a substantial number of property interests on behalf of the Department for Transport.
A long-term view: we provide hands-on stewardship and ongoing investment to maximise value for the local area.
RTC BUSINESS PARK, DERBY
LEAKE STREET ARCHES, WATERLOO
A centre of high-tech engineering and one of Derby’s biggest employment sites• Home to a workforce of over 1,300
• 430,000 sq ft of office accommodation
• 28 acres of landscaped grounds
• High-profile tenants including Hitachi, Network Rail, Serco and Siemens
A buzzing creative and leisure destination beneath the platforms of Waterloo• World-famous destination for street art
• 130 new jobs
• 23,250 sq ft of retail space
• Home to independent restaurants, a music venue and microbrewery
LEAKE STREET ARCHES, LONDON
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LEAKE STREET ARCHES, LONDON
RTC BUSINESS PARK, DERBY
LCR PROPERTY
LCR PROPERTIES AND PROJECTS We work in partnership with local authorities, transport bodies and development specialists to create exciting new destinations. Our portfolio extends across multiple regions and we are proud to play a central role in unlocking strategic and challenging sites to deliver some of the country’s most significant regeneration schemes.
We are driven by our passion to deliver the most imaginative and creative projects, working to generate positive change and public value.
SOUTHERN HOUSE, CROYDON
AXIS, BIRMINGHAM
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MANCHESTERMayfield, Manchester
£1.1bn, 24-acre regeneration scheme in Manchester city centre
Piccadilly Gate, Manchester 125,000 sq ft of office accommodation
adjacent to Manchester Piccadilly Station
Greater Manchester Station Alliance
Working with Transport for Greater Manchester and Network Rail to develop the regional stations as quality gateways
between communities and the railway, supporting the changing needs of passengers, residents and visitors
LEEDSLeeds Integrated Station Masterplan Redevelopment of Leeds station in partnership with Leeds City Council and Network Rail
SHEFFIELDSheffield Station Partnership with Sheffield City Council to maximise regeneration opportunities around the station
STAFFORDRegeneration and development
around Stafford stationCollaboration with Staffordshire
County Council, Stafford Borough Council and Network Rail to
identify and develop regeneration opportunities within the
Stafford Gateway
DERBYRTC Business Park, DerbyEngineering cluster featuring 430,000 sq ft of refurbished office accommodation
BIRMINGHAMAxis Birmingham
1m sq ft development of Grade A office
accommodation and a new public square
WORTHINGUnion Place, Worthing
Land pool agreement with Worthing Borough Council to drive
homes, jobs and investment at a key development site
CROYDONSouthern House, Croydon
200,000 sq ft of office accommodation in Croydon’s
Central Business District
LONDONWaterloo.London
135,000 sq ft retail and leisure development in the heart of
the South Bank
Leake Street Arches, Waterloo A vibrant creative and leisure destination set
within regenerated railway arches
Maria Fidelis school, Euston£14 million investment to transform a
former school building close to Euston station into new workspace, a community
facility and construction skills centre
STRATFORDInternational Quarter London (IQL) £2.4bn mixed-use development of Grade A office space and new homes in Stratford
LCR PROPERTY
LAND AND PROPERTY SERVICESOur expertise in land and property matters is made available to support the Department for Transport and other Government agencies.
• We act as HS2 Independent Land Advisor for the DfT, providing assurance on HS2’s land assembly activities
• We monitor the performance of Highways England in its day-to-day management of the Rail Heritage Estate
LEEDS STATION
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OFFICEACCOMMODATIONFOR THEGOVERNMENTAND PRIVATESECTORTHE AXIS, BIRMINGHAM• 175,000 sq ft office space
• 4.5-acre landscaped site
• Generating £300m for the regional economy
SOUTHERN HOUSE, CROYDON • 200,000 sq ft office space
• Modern, open plan working space for Government agencies
• Residential redevelopment opportunity to deliver c. 170 units
PICCADILLY GATE, MANCHESTER • 125,000 sq ft office space
• £25m refurbishment
• BREEAM Excellent rated
AXIS, BIRMINGHAMPICCADILLY GATE, MANCHESTER
SOUTHERN HOUSE, CROYDON
KEY CONTACTSPETER HAWTHORNEChief Executive [email protected]
AMY BLACKWELLAsset Management [email protected]
ALAN PEELOFinance Director & Company Secretary [email protected]
NIGEL CRAINEYCorporate Services & Transformation Director [email protected]
[email protected] www.lcrproperty.co.uk
20 Cranbourn StreetLondon WC2H 7AA
Telephone: 020 7391 4300
* Image credit U+I