Exemplar is calling time on new projects until at least after Brexit completes in 2019.
Warning of unsustainable pricing in the market, it will not restart its development programme until it believes “the political and economic climate offers the stability required for responsible development to be delivered”.
It has also said it would exit a number of existing projects.
Exemplar will pass the 210,000 sq ft of offices and retail at St James’s Market back to jv partners the Crown Estate and Oxford Properties once the planning application is submitted in the spring. It will also exit the 80 Fenchurch Street, EC3, development, where construction is to begin, also in the spring. Co-developer Partners Group will be the first occupier at Fenchurch Street, relocating its London office from the Heron Tower, EC2.
Exemplar will see through its London Fruit & Wool Exchange development with M&G, which completes next March. The office element is fully let to silver circle legal firm Ashurst.
Co-founder Dan Van Gelder said the next 18 months would mark a “siesta” after 15 years of growth.
“Nothing really changes for us until next June,” Van Gelder said. “We’ll wait and see what happens in 18 months’ time when Brexit goes through. We have tremendously enjoyed working with an amazing group of people to take Exemplar to where it is today, but now seems to be a good time for a little reflection, and hopefully the market will welcome us back sometime in the future.”
Founded by Van Gelder and Clive Bush in 2003, Exemplar has worked on 30 projects and more than 5m sq ft of office, residential and retail accommodation including developing headquarters for Estée Lauder, BlackRock, Addleshaw Goddard and Rio Tinto.
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