Hines to carry out £360m commercial property development - commercial mortgages

12 April 2007

Real estate developer Hines has announced plans to carry out a multi-million pound commercial property development in central London, creating extensive new retail and office space in the City working with Network Rail.

Part of the project, which will use £360 million of property development finance, includes the development of Cannon Street Underground station. Work begins this summer and is due for completion in 2010.

The Cannon Street development comes under a wider £1.3 billion regeneration programme from Network Rail, designed to significantly boost the commercial potential and value of its principal London stations. Cannon Street will lead the development, which also includes Euston, Victoria and London Bridge.

Stephen Musgrave, managing director of Hines UK, describes the project as a "major transformation".

"It is one of London''s principal transport interchanges, and with our partners, Network Rail, we will create a project of the highest quality."

Network Rail is believed to be the UK''s largest provider of commercial property to small and medium sized enterprises.