Whilst commercial investment and development is not a core activity, current annual rental income generated by the land bank now exceeds £600,000. This has been bolstered by the lease to Sainsbury's at DGV that was let on a 15 year term with a starting rent of £64,000 per annum.
Of particular note in the year was our development at West Plaza, Ashford in Middlesex of 152 apartments. This project is nearing completion with total anticipated revenue of approximately £33.0m. 90% of the development is either contracted for sale or legally completed.
Number of plots with and without planning consent
Residential plots sold (number)
*Includes plots sold with DGVL.
Planning permission was received for our development of 152 apartments and commercial space at Callis Yard, Woolwich in London. This is a brownfield site which is opposite a new Crossrail station and close to the town centre. This planning consent has resulted in a very significant increase in the value of the site over its carrying value.
The strategy of acquiring sites in the outer boroughs of London is gathering momentum and we were particularly pleased with the unconditional purchase of a builder's yard in Acton, West London which should yield over 100 residential units along with some commercial space.
Significant planning approvals or resolutions to grant planning permission gained in the year are as follows: