In last year's local plan review, Wandsworth Council raised the issue of the Ram Brewery site being included within a zoning which would provide for alternative land use. And in July this year London Mayor Ken Livingstone identified Wandsworth town centre as a key area for regeneration in his Draft London Plan.

Youngs is launching a two-year feasibility study with the Council on the development of a master plan for Wandsworth town centre. This will also examine the relocation of the Ram Brewery to a new site within Wandsworth Borough.

Chairman John Young said: "We are not short-term property speculators - we are looking to deliver value to our shareholders for years into the future." But he added: "Given the Council's and the Mayor's comments on Wandsworth Town Centre regeneration, the board felt that it was sensible to examine the feasibility and desirability of redeveloping the brewery site and relocating to a new site in Wandsworth before we undertook any significant further modernisation."