Land Securities has reached an out-of-court settlement in a dispute over rights to light at its £150m New Street Square scheme in London EC4.
City law firm Kendall Freeman and its landlord, Midtown, have settled a damages claim for alleged interference with their right to light at a Fetter Lane office, less than two months before the High Court was due to decide the level of compensation.
Earlier this year, the court refused to grant an injunction to stop Land Securities constructing an 18-storey building as part of the 691,000 sq ft office and retail scheme at 11-23 New Fetter Lane, but said that Kendall Freeman and Midtown might be entitled to “substantial” damages at a separate damages hearing scheduled for January.
No details of the settlement have been disclosed.
The claim, initially brought in 2004, has prompted a spate of rights-to-light cases over developments within the City.
In July, the Corporation of London threatened to exercise rarely used planning powers to prevent such claims from delaying another development Hammerson’s proposed 525,000 sq ft office-led scheme at the former London Stock Exchange site.
References: EGi Legal News 04/11/05
