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City scheme underway

Refurbishment in EC2

Refurbishment plan in EC1

Refurbishment underway

Mayfair scheme deal

Refurbished office let

Midtown options

West End refurbishment

Noho refurbishment start

New plans revealed

Soho scheme poised

City scheme nears completion

Contractor tipped

City refurbishment start

Summer completion expected

Contractor tipped

Refurbishment completed

Refurbishment on market

City refurbishment start

Phase 4 on site

Demolition starts

HQ refurbishment starts

Application in EC1

Tower contractor

Midtown scheme start

Midtown refurb

Refurbishment starts

First tenant for Victoria scheme

Liverpool Street consent

Potential in WC2

West end start

Consent in SW1

EC3 construction to start

Hedge fund for new W1 building

West end start planned

City refurbishment consent

West End pre-let

Refusal in SE1

Midtown appointment

Midtown start

Consent in EC2

City scheme underway

Early days for SE1 scheme

Midtown scheme underway

City refurbishment plan

Phase 2 start date

Mayfair refubishment

City construction start

Victoria consent

Contractor shortlist

Refurbishment plans

Refurbishment underway

Demolition to re-start

Refurbishment mooted in EC4

City site sale

Southbank consent

City refurbishment

Cheapside consent

EC2 office start

London Office Market – Special Report

Vacant office negotiations

City fringe start

Refurbishment about to start

City consent

Construction start

Refurbishment underway

Refurbishment starts

Refurbishment underway

Demolition in EC3

Clerkenwell start

Midtown refurbishment

Marylebone refurbishment

Mayfair office start

Baker Street deal

Revised consent in EC2

Major Soho consent

Midtown scheme under offer

Knightsbridge redevelopment

City refurbishment planned

City consent

Expansion at City scheme

West End HQ plan

York House update

St James's building to be refurbished

Riverside refurbishment

Mayfair consent

Noho scheme scheduled

Planning for Mayfair block

Victoria scheme on-site

Refurbishment plan

Plans approved

Contractor appointed

Plans progress

Site assembly in EC3

LandSecs submits plans

City refurbishment start

Midtown scheme deal

Dashwood House deal

Refurbishment in EC4

Redevelopment plans

March lettings - deals climb

London office lettings in March 2012 as researched by Cityoffices, reached 800,000 sq ft, in line with recent monthly totals. The largest letting was Pushbutton's near 50,000 sq ft deal at the Glasshouse building in EC1. A healthy 70 deals of 5,000 sq ft or more were recorded in the month. - (18-04-2012)

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Towering Ambition

London’s next development cycle is now well underway with some 30 office schemes starting in the last six months, amounting to 510,962 sq m (5.5m sq ft) of new space coming on-stream.

Skyscrapers are topical again, and in this CityOffices newswire we look in detail at the unprecedented ‘clutch’ of new office towers (defined as 20+ storeys) nearing completion, underway and planned.

The last development cycle saw completion of the 37,160 sq m (398,000 sq ft), 34-storey Broadgate tower, EC2, now largely fully let; the 38,740 sq m (417,000 sq ft) 36-storey 125 Old Broad Street, EC2 has only 5,000 sq ft still available; the 55,091 sq m (593,000 sq ft), 36-storey Ropemaker Place, EC2, which is fully let; and the 25-storey, 30,750 sq m (331,000 sq ft) Drapers Gardens scheme in Throgmorton Avenue, EC2, which was pre-let.

All the above towers are in the City of London and interestingly there were no skyscrapers completed in Canary Wharf in the last cycle, or, less unusually, in the West End, Midtown or fringe. The almost-complete 59,921 sq m (645,000 sq ft), 46-storey Heron Tower in Bishopsgate, EC2, will end the tower building activity for the 2006-2011 property cycle.

The next cycle will see completion of the 75,901 sq m (817,000 sq ft), 80-storey, Shard, SE1 in 2012; the 63-storey, 111,482 sq m (1.2m sq ft) Pinnacle, EC2, in 2013; the 37-storey, 79,895 sq m (860,000 sq ft) 20 Fenchurch Street, EC3 (Walkie Talkie) and 47-storey, 67,075 sq m (722,000 sq ft) Leadenhall Building (Cheesegrater) both in 2014.

Schemes which are not yet under construction and may be completed in the next cycle are the 40-storey, 71,534 sq m (770,000 sq ft) 100 Bishopsgate, EC3, where a 2011 start is envisaged; the 22-storey, 27,870 sq m (300,000 sq ft), 60-70 St Mary Axe, EC3 (Can of Spam); and the 21-storey 93,440 sq m (1m sq ft) Aldgate Place, E1.

Elsewhere, a possible 20-storey plus scheme is being designed for Elizabeth House, and a 31-storey scheme for Kings Reach House, both in SE1. At Canary Wharf, the 2m sq ft redevelopment of Heron Quays is planned to include a 33-storey tower and there are still outstanding proposals for a 43-storey part office tower at Crossharbour; a 43-storey tower at Millharbour; and a 63-storey tower at the site formerly known as Columbus Tower in E14. In the West End, plans for the Victoria Interchange include a tower of up to 20-storeys.

The question is how successful are these new towers likely to be? The Gherkin (30 St Mary Axe) in EC3, has rapidly became a London icon, but 10-years ago, post 9/11, it was very slow to let, with over 50% still vacant on completion. Other high-rise buildings such as Centrepoint in the West End and 1 Canada Square at Canary Wharf were slow to let in the early days. Despite these examples developers seem keener than ever to build towers.

In total some 315,868 sq m (3.4m sq ft) of office space is under construction in five office towers, but still available, with a further 260,126 sq m (2.8m sq ft) in towers that could start in 2011 or 2012. These are big numbers, however, to put it in context, the City of London saw lettings of new unoccupied office space of 260,126 sq m (2.8m sq ft) in 2010, so a single year’s take-up could almost fill them. The five towers will be completed over a four-year period, during which they will currently face limited competition from newly completed, large, low-rise schemes in the City.





Experience from completed towers such as Broadgate Tower, 125 Old Broad Street and Ropemaker Place shows that the majority of lettings tend to be signed-up after the development has been completed. In general, only a small proportion of a tower’s floorspace is pre-let before completion. However, the experience of the recent letting of 17,744 sq m (191,000 sq ft) to Aon at the Leadenhall Building may indicate a more active pre-let market than previously for the new London towers.

An analysis of the occupiers of recently completed towers shows that the major share (51%) is taken-up by financial services with professional services (including law), in second place (23%). With the just two sectors accounting for 74% of deals done it is no wonder that these are the main targets for developers and their agents. .



An unusual ‘bulge’ of lease expiry and breaks due in the period 2013-15 has partly contributed to developers enthusiasm in starting new schemes in the last few months; and in-turn this has led to developers with refurbishment schemes to also leap into competitive starts to achieve completion before the towers come on-stream.

The future of the next generation of towers will depend on attitude of the 200 medium to large office occupiers in the City of London now actively looking for space, or with lease expiries due in the next four years. If occupiers show the same enthusiasm for high-rise working as those firms moving in the previous office cycle, then the new towers coming to the London skyline will succeed. it will just take a little time.

Andy King
Director
CityOffices.net

- (20-05-2011)

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London: 30 new office schemes in Q1

London Springs Forward

The first quarter of 2011 marked the beginning of a new cycle in London’s office construction. Since January 2011, Cityoffices research has revealed that 30 new office schemes have seen starts on demolition and construction work. Schemes such as Africa House, Howick Place, Grosvenor Hill, and 20 Fenchurch Street (full list at cityoffices.net) are just some of those now underway. When completed, these schemes will add over 5.5m sq ft to London’s available office space.

These 30 schemes appear to be speculative as none of the developers has yet announced a pre-let; although 30,000 sq ft is rumoured to be under offer at Waterhouse Square.

It is possible that the start on the two towers; 20 Fenchurch Street, by Land Securities, and the Leadenhall Building, by British Land, both in EC3, may have prompted other developers to get schemes underway and completed before the two towers are on-stream in 2014.

Almost half the new developments underway are refurbishments. Many of these refurbishments do not require planning permission and are being bought forward quickly for the period 2011 to 2014 to meet a perceived short-term ‘gap’ in office supply.



These refurbishments include the upgrading of former premises of large companies which have recently moved into new developments. Examples include the former Cancer UK HQ at 40 Kingsway, WC2, and the former DEFRA building in Page Street, SW1.

Our research shows that a further tranche of construction should be underway in the second quarter of 2011, with a number of developers now appointing construction teams and initiating archaeological digs in advance of spring/summer starts. CityOffices is now monitoring over 100 office schemes in central London that could start this year. - (12-04-2011)

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Glasnost - Online Project, Contact & Image Management

London Offices – 2011, Looking Up

The central London property market seems to be at a turning point in terms of construction activity. It would seem that we are at the start of the next development cycle, with the prospect of major office projects starting in 2011.

CityOffices constantly reviews London’s office development projects. The latest ‘Skyline Monitor’ shows that a total of 11 schemes started on site during summer 2010. Schemes such as The Pinnacle in the City, 62 Buckingham Gate, SW1, and Park House in Oxford Street, W1, added a further 1.3m sq ft to office space under construction.

The current total office space under construction in London is 4.2m sq ft, comprising 2.4m in the City; 1.1m sq ft in the West End, 600,000 sq ft on the Southbank and 130,000 sq ft in Midtown.

The 4.2m under construction at present is low when compared to the 13m sq ft under construction two years ago, but does compares favourably with the mere five office schemes started this time last year.

This summer nearly 5.8m sq ft of offices were completed in schemes such as Minerva’s St Botolphs building, EC3; Derwent’s Angel Building, EC1; and Standard Life’s 95 Gresham Street, EC2. A number of lettings have been secured in these buildings and currently half of the 5.8m sq ft has been let, in line with the overall sharp reduction in prime office space available in central London.

CityOffices has identified 21 London office projects where demolition is either underway or the site has been cleared. It is anticipated that starts on around half of these before Christmas 2010, which could result in a further 1.5m sq ft of offices under construction by the New Year.



Looking forward to 2011, Cityoffices is currently tracking 110 office schemes in central London totaling over 22m sq ft, which have planning permission, and where the developer is thought to be considering a start in 2011. The short-list of developers lining up schemes to start next year includes British Land, Land Securities, Great Portland Estates, Helical Bar, and Exemplar.

The reason behind the increasing activity in central London is that Grade A office space availability is expected to hit a low point in late 2014 and rents are already rising to reflect shortages of prime space. Developers are keen to catch the next property ‘wave’ before it peaks and are trying to push ahead with developments. In reality not all these schemes will start but Cityoffices is tracking them all to identify the ‘winning’ development teams. - (19-11-2010)

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Approval for west end tower

Portman Estate has gained London Mayor's approval for its demolition of the 7,636 sq m (82,200 sq ft) Marble Arch House at 32-50 Edgware Road, London, W2 and its replacement with a 9,940 sq m (107,000 sq ft) tower with retail on the ground floor and offices above. The architect is Bennetts Associates. - (01-07-2010)

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Overspend on HQ

The BBC has admitted that it has gone nearly £60m over budget on its £1bn redevelopment of Broadcasting House, Portland Place, London, W1. Most of the mistakes occured during phase 1 to 2004. The new HQ will become the new home to BBC News and Radio, including the World Service at the end of 2010. Around 4,500 staff are expected to relocate to Broadcasting House in the next year. - (24-02-2010)

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Developer schedules three schemes for 2010

Land Securities plan to start work on three West End office developments in 2010 with the intention of completion in 2013. The developer is looking to start Park House in London W1, Selborne House in SW1 and possibly Victoria Interchange. Park House includes more than 100,000 sq ft of retail and 160,000 sq ft of office space. Selborne House is close to Parliament. Land Securities is prepared to build both without pre-lets, ahead of likely completion in 2013. - (14-01-2010)

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New Broadcasting House fit out

The New Broadcasting House project for the BBC in Portland Place, W1, is seeking workplace and interior design consultants for the 45,000 sq m (484,380 sq ft) net fit-out of the eight story Phase 2. The £110m Phase 1 involved the refurbishment of Broadcasting House of 16,600 sq m (178,882 sq ft), and the new build East Wing (Egton House), a five storey 6,800 sq m (73,195 sq ft). Phase 1 completed in early 2006. The £262m Phase 2 is an eight storey 54,000 sq m (581,256 sq ft) gross building due to be completed in mid 2009. The fit out project is due to be appointed in the New Year for a start in April 2009 and occupation is planned for September 2012. - (17-12-2008)

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Mayfair scheme for March 2009

Completion of D2 Private's 9,300 sq m (100,000 sq ft) speculative office building at 23 Savile Row, Mayfair, London, W1, designed by Eric Parry Architects, is expected in March 2009. The development manager of the scheme, which also has retail on the ground floor and six flats on the top two floors, is Stanhope. Mace is the main contractor at the old English Heritage Fortress House HQ. - (05-12-2008)

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Derwent call halt

Derwent London, the property developer, has said that it is not planning to start any new commercial developments until 2010 or 2011. The company has made the decision because of the credit crunch and the fall in occupier requirements for new space. Derwent has three buildings under construction and has let 408,000 sq ft in the last nine months, and has a further 35,000 sq ft of office space under offer. John Burns, chief executive, has said that the next two years are about "good housekeeping" and his comments mirror those expressed by Great Portland Estates, Hammerson and Liberty International. - (20-11-2008)

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City scheme close to completion

Lancaster Holdings, part of Warner Estates, is well underway with the refurbishment of the 5,300 sq m (57,000 sq ft) Cable House office building at 60 New Broad Street, London, EC2. Completion is expected in December 2008 and Montagu Evans is the letting agent. - (14-11-2008)

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Southwark offices inquiry

A public inquiry has been ordered into P&O and Morgan Stanley Real Estate's proposed 1.43m sq ft redevelopment of Elizabeth House in London, SE1. The ‘Three Sisters’ scheme proposes two office towers, totalling almost 1.2m sq ft and reaching up to 22 storeys and a 33 storey, 277,500 sq ft residential tower. The inquiry will focus on the 'appropriateness of tall towers at this location'. Completion was planned for 2011. - (07-11-2008)

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Green light for Shard

Sellar Property is likely to start construction of the Shard tower in London, SE1 later in 2008, after a finance package was agreed with Qatari-backed consortium - the Qatari Islamic Investment bank QInvest, Qatar National Bank and Qatari Islamic Bank. Sellar will remain the developer for completion of Shard of Glass tower and 55,740 sq m (600,000 sq ft) New London Bridge House in 2011. The schemes were designed by Renzo Piano. Cushman & Wakefield advised on planning, and Mace is project manager. - (01-02-2008)

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Shell-Mex House sold

Shell-Mex House in the Strand has been sold for just under £500m to Westbrook, the US fund manager. The 51,096 sq m (550,000 sq ft) art deco building was owned by a group of private investors, including Robert and Vincent Tchenguiz, David and Simon Reuben and Jack Dellal, who acquired the building in 2002 for £327m from Lehman Brothers. The building has been on the market since early 2006 and has seen several bids fall through, possibly because of rising interest rates. Westbrook was advised by Knight Frank and CB Richard Ellis advised the consortium. - (06-07-2007)

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New Year launch for WC1 scheme

Arlington Property has almost completed its refurbishment of the former Alton House at 177 High Holborn, London, WC1. The scheme will be launched in January 2007 and consist of 3,051 sq m (32,500 sq ft) of refurbished office space on ten floors. The project manager is Cyril Leonard & Co and the agent is Farebrother. - (05-12-2006)

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Smithfield plans called in

Thornfield Developments has had its plans to redevelop the west wing (General Market building) of the former Smithfield market at 43 Farringdon Street, London, EC1, called in and could face a public inquiry. The plans are seen as a possible conflict with “national policies on important matters”. The £150m plans are for a seven storey 39,204 sq m (422,000 sq ft) redevelopment. Other buildings in Smithfield are no longer part of the plans, which have been scaled down following the listing of the Red House cold store earlier in the year. - (06-07-2006)

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Beetham big plans in Aldgate

The Beetham Organization is thought to be about to submit plans for a 92,920 sq m (1m sq ft) office and retail scheme on a 1.3ha (3.2 acre) site that includes Bain Dawes House and Latham House, 16 Minories, London, EC3, and Aldgate bus station. The scheme involves three office buildings with 3,251 sq m (35,000 sq ft) of retail space. The first phase of the development could start in March 2007, subject to planning permission. The tallest building is 22 storeys and the 12 storey block could be first and developed as a speculative building. - (06-07-2006)

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Offices for Brook Street

Gracemark Investments and Oppenheim Property Fund, the property investors have submitted plans for the redevelopment of the vacant £11m Melbourne House, 8-12 Brook Street, London, W1. The scheme envisages a 1,860 sq m (20,000 sq ft) refurbishment to include 1,626 sq m (17,500 sq ft) of offices, plus two floors of retail. The refurbishment has been designed by DP9. - (21-11-2005)

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York House on-site

The development of the former York House at 15-17, Great Cumberland Place in London, W1, started on site on 18th April 2005. The mixed-use scheme, which may be marketed as The York Building, will provide about 27,870 sq m (300,000 sq ft) of office space, residential apartments and retail. The office element is thought to be around 11,000 sq m (118,000 sq ft). - (27-04-2005)

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Refurb possible for St Michael House.

London & Regional, the property group, which recently bought the 35,500 sq m (371,000 sq ft) Michael House (former headquarters of Marks & Spencer), in Baker Street, London, W1 is expected to opt for an early refurbishment rather than the KPF redevelopment, which has planning consent. M&S moved the last remaining staff from the Baker Street site to its new headquarters at Paddington late last year. - (18-04-2005)

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Start date for 150 Cheapside

St Martin's Property Corporation’s planned 19,000 sq m (204,516 sq ft) 8-storey office scheme at 150 Cheapside, London EC2, has been granted detailed planning permission and a shortlist of main contractors has been drawn up. Sir Robert McAlpine, Carillion, Mowlem, Skanska and Balfour Beatty are all reported to be on the shortlist for the new office building. Demolition of the existing site (known as St. Vedast House) is likely to begin before the end of this year and the building should be ready during 2008. - (14-04-2005)

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Bath House goes under the hammer.

Investment company, Favermead Assets has decided not to redevelop the largely vacant 1960s Bath House, 52-60 Holborn Viaduct, London, EC1A 2DY and has instead decided to sell it. The company has planning permission to replace the building with a speculative, eight storey mixed scheme including 14,000 sq m (150,700 sq ft) of offices, plus ground floor retail. The building is nearly opposite the City Thameslink station northern entrance and adjacent to Lovells new HQ. Favermead will have disposed of the site within the next 4-6 weeks. Nelson Bakewell is advising Aside from the ground floor retail space the building is empty. Sheppard Robson was the architect. - (09-04-2005)

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City office refurbishment.

The Mercer Company is having most of Basildon House on Moorgate, London EC2, refurbished. The building will be available from early June 2005 and is being marketed by DTZ and Ingleby Trice. The building is still partially occupied but the areas currently being renovated cover approximately 2,322 sq m (25,000 sq ft). The entire lower ground, 1st, 2nd, & 3rd floors are being refurbished along with part of the 5th and ground floors. - (24-03-2005)

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Spring start for Winchmore House

British Steel Pension Fund is planning a refurbishment of the 7,897 sq m (85,000 sq ft) Winchmore House on Fetter Lane in EC4. The fund has vacant possession of the building and the refurbishment could start in spring 2005 for completion in early 2006. - (23-02-2005)

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L&R buy Michael House

London & Regional Properties has acquired the long leasehold interest in the former central London headquarters of Marks & Spencer for £115m. M&S moved from Michael House at 37-67 Baker Street, London, W1, to Paddington last year. Jones Lang LaSalle advised M&S. - (05-02-2005)

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Albion House for March completion

Work on Investstream’s refurbishment of Albion House, 55, New Oxford Street, London WC1, will complete during March 2005. The speculative office scheme will provide 4,088 sqm (44,003 sq ft) of space and is being marketed by Hodnett Martin Smith and Jones Lang LaSalle. Chorus is handling the fit-out and TP Bennett is the architect. CB Richard Ellis is the QS and project manager. - (14-01-2005)

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Condor House nears completion

In March 2005, Sir Robert McAlpine is expected to complete the construction of City Office’s (Greycoat) new 12,322 sq m (132,642 sq ft) Condor House office and retail scheme at 4 St Paul’s Churchyard, London, EC4. The building, known as Condor House, is being marketed by CB Richard Ellis. The building will provide a net office area of 10,033 sq m (108,000 sq ft). - (13-01-2005)

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L&G confirm pre-let

2005 starts with good news, as Legal & General, the insurer, confirms, at last, that it has taken an initial 11,148 sq m (120,000 sq ft) pre-let on floors 3 to 8 at CLOUT’s 16,727 sq m (180,000 sq ft) 1, Coleman Street scheme (Austral House) in London, EC2. The new headquarters building will be completed in early 2007 and demolition of Austral House will start this month. Legal & General is planning to relocate 700 staff from Bucklersbury House and has taken a 20-year lease at £493.53 per sq m (£45.85 per sq ft) with a 30 month rent free period. Knight Frank is advising L&G. - (08-01-2005)

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CIS plans big scheme in Victoria area

Co-Op Investment Services is planning to renovate Abford House at 333 Vauxhall Bridge Road, London, London SW1. The company will soon submit an application to refurbish the nine-storey building into 13,935 sq m (150,000 sq ft) of offices. Gerald Eve is the planning consultant. - (03-12-2004)

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Late 2005 start for Bath House?

Investment company, Favermead Assets has yet to begin work on its redevelopment of the largely vacant 1960's Bath House, 52-60 Holborn Viaduct, London, EC1A 2DY. The company has planning permission to replace the building with a speculative, eight-storey mixed scheme including 14,000 sq m (150,700 sq ft) of offices, plus ground floor retail. The building is nearly opposite the City Thameslink station northern entrance and adjacent to Lovells new HQ. When contacted, Favermead that it will not begin work before late 2005 at the earliest. Aside from the ground floor retail space the building is empty. Jones Lang LaSalle’s City office is advising. - (27-11-2004)

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Moor House nears completion

Moor House at 119 London Wall will now be completed at the end of 2004. Skanska is currently completing the fitout of the 306,395 sq ft speculative office building, which was originaly due for completion in September. At this time the space is fully available with a rent in the £50's per sq ft expected. The agents are JLL (Mathew Hammond) and Strutt & Parker. - (12-11-2004)

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Hanover Cube opens for business

Hanover Cube, a new project management company set up by former directors at Jones Lang LaSalle, has taken over the project management role at Scottish Widows and Teachers' office development at Royex House, Aldermanbury Square, London, EC2. Hanover Cube opened for business on 1st November 2004 and is based in the West End. - (11-11-2004)

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Imminent start for Chesham House.

Demolition of the original premises at 132-154 Regent Street has been completed and work on the 6,596 sq m (71,000 sq ft) new offices is about to commence. The new address of the building, dubbed Chesham House, is actually now 1 Warwick Street and has been conceived by City Office Developments and Morley Fund Management. The building will be ready by autumn 2006 and the agent is CBRE. - (20-10-2004)

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UBS buys Mondial House

UBS, the investment bank, is reported as having acquired Mondial House, 90, Upper Thames Street, London, EC4, from British Telecom for around £55m for it’s Triton fund. City Offices, the Greycoat subsidiary, is partnering UBS on the scheme which could include a refurbishment of building or redevelopment to provide over 46,451 sq m (500,000 sq ft). BT will take a two-year lease on the 37,160 sq m (400,000 sq ft) building to remove telephone switchgear having originally planned to redevelop the 1970’s building to a design by Foggo Associates. The site could also be incorporated into an adjoining site where the Corporation of London has been considering a development. - (10-07-2004)

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L&G appoints on Bucklersbury House

Legal & General has appointed French architect Jean Nouvel to design the redevelopment of Bucklersbury House in London, EC4. Jean Nouvel has previously been involved in early concept designs at Canary Wharf and will work in collaboration with Foster & Partners. Stanhope has been appointed as the development manager. The 1.3ha (3-acre) site is bounded by Cannon Street, Queen Victoria Street and Walbrook and includes Bucklersbury House, Temple Court and 9, Queen Victoria Street. The new development could provide a 139,353 sq m (1.5m sq ft) mixed-use office and retail scheme. - (30-03-2004)

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Delancey submits York House scheme

Delancey Estates is planning an eleven-storey 23,225 sq m (250,000 sq ft) redevelopment of the 4,645 sq m (50,000 sq ft) York House on Lambeth Palace Road, London, SE1. The developer has recently submitted a planning application to the London Borough of Lambeth. - (24-02-2004)

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Regent Street proposals submitted

The Crown Estate has submitted proposals to Westminster City Council for it’s £500m mixed-use scheme for the redevelopment of the southern part of Regent Street, London, W1. The scheme, named ‘The Quadrant’, is for 90,000 sq m (968,760 sq ft) of space and includes a five-star hotel, apartments, and about 60,386 sq m (650,000 sq ft) of office space. The scheme includes Regent Street, Brewer Street, Glasshouse Street and Aire Street, and has been designed by architect Allies & Morrison with CB Richard Ellis advising on the development. - (18-02-2004)

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Elizabeth House redevelopment unveiled

Elizabeth House, the 1960’s tower block on York Road, London, SE1, is planned to be redeveloped by P&O Properties. The developer has submitted a planning application to London Borough of Lambeth for a 116,128 sq m (1.25 sq ft) development to include a 33-storey tower, designed by architect RHWL. The site has an existing planning permission for 92,902 sq m (1m sq ft) scheme approved in 1993 in three buildings. The new scheme is for just one building and incorporates two floorplates of 4,645 sq m (50,000 sq ft) and four of 3,251 sq m (35,000 sq ft). The development will also require diverting York Road to run alongside Waterloo Station and new pedestrian links to the SouthBank. - (16-02-2004)

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Unilever submits new plans

Unilever has submitted a new planning application for the redevelopment of it’s 35,303 sq m (380,000 sq ft) headquarters building Unilever House, Victoria Embankment, London EC4. The scheme is to be developed by Stanhope and has been designed by KPF Architects. The façade of the Grade II listed building is to be retained and rear sections rebuilt. If planning and listed building consents are granted the scheme could start in summer 2004 with completion in mid-2006. Unilever is to accommodate staff at 60, Victoria Embankment, London, W1 before re-occupying the Unilever House. - (31-01-2004)

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Victoria House sold for about £160m

Garbe’s Victoria House scheme in Bloomsbury Square, London, WC1, has been sold for about £160m to Moritz Holdings, run by Irish investor Michael Whelan. Originally completed in 1932, for the Liverpool Victoria Friendly Society, the 27,220 sq m (293,000 sq ft) Grade II listed Victoria House was acquired by Garbe in 1999 from Blackfriars Investments for around £40m and redeveloped as 20,156 sq m (216,961 sq ft) of office space at a cost of nearly £40m. - (12-01-2004)

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Hammerson sale falls through

Hammerson has issued a statement on the London Stock Exchange to the effect that its deal to sell three office buildings to Fordgate, a private company, has fallen through. Fordate was to have paid around £122m for 21 Moorfields, London EC2, and Grant Thornton House and 40, Melton Street, Euston Square, NW1. Hammerson has said that it has "fulfilled the outstanding conditions" and that "the proposed purchaser has failed to complete the transaction in accordance with the contract". Hammerson has therefore terminated the contract and appears to be intending to retain Fordgate's deposit and seek redress. Fordgate has responded to Hammerson's statement saying it was "factually incorrect and libellous... No subsidiary of Fordgate Limited asn contracted to acquire the properties mentioned". - (26-11-2003)

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Delancey change to Bream's Buildings

A planning application has been submitted for revised details to the redevelopment of Bream’s Buildings and Rolls Buildings (Rolls House and Arnold House) in Fetter Lane, London, EC4, and the part retention of the façade of 8 Bream’s Buildings. The application has been made by Delancey Arnold & Co, otherwise Delancey Estates, and the architect is Woods Bagot. The existing buildings provide about 24,481 sq m (263,513 sq ft) of offices and the new proposals are for an eight-storey building providing 34,968 sq m (376,395 sq ft) of offices and 491 sq m (5,285 sq ft) of retail space. The revised proposals include changes to the massing and the appearance of the scheme. - (22-11-2003)

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Henderson sells Alder Castle House

DEGI, the German fund, is thought to have paid Henderson Global Investors about £56.5 for Alder Castle House in EC2. Argent originally marketed the building for sale in May 2000 and was expecting to raise about £75m. In early 2001 Henderson, acting for Pearl Assurance, was said to have acquired the building for about £59m. - (21-11-2003)

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Hammerson sell London offices

Hammerson, the property company, has sold three office blocks to reduce its exposure to the central London office market. Fordgate, a private company, has paid around £122m for 21 Moorfields, London EC2 (151,000 sq ft), and Grant Thornton House (69,000 sq ft) and 40, Melton Street (116,000 sq ft), two buildings that are part of the Euston Square Estate. 21 Moorfields is vacant but leased to Lazard Brothers until 2008. Hammerson had plans to redevelop the site and as part of the sale agreement is understood to have retained a role as development manager and an option to participate in any redevelopment. At Euston Square, Grant Thornton House is leased to Grant Thornton and 40, Melton Street is leased to Network Rail. Hammerson has retained ownership of the 117,000 sq ft building at One Eversholt Street which will allow the company to be involved in any future redevelopment of Euston Square. - (21-10-2003)

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M&S unveils Baker Street design

Marks & Spencer, the retailer, has submitted detailed plans for an eight-storey 71,070 sq m (765,000 sq ft) on the 0.8ha (2-acre) site of the firm’s present headquarters at Michael House in Baker Street, London W1. The building, designed by Kohn Pedersen Fox (KPF), will include 60,386 sq m (650,000 sq ft) of offices, 4,366 sq m (47,000 sq ft) of shops and a health club and 32 residential units. Marks & Spencer will seek a developer to undertake the scheme, which could be carried out as two building phases. Marks & Spencer is anticipating a planning consent in spring 2004 and the building will cost around £125m. Jones Lang LaSalle is the development advisor. - (06-09-2003)

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Benchmark to focus on West End

Benchmark Group has sold its interest in three office properties in the City of London for about £8.6m. Benchmark ha sold the leasehold interests inMitre House, Cheapside, and Compter House, Wood Street, London EC2, to clients of ING Real Estate. Benchmark has said that the disposals will allow the compnay to focus on the West End market. - (24-08-2003)

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Chesham House to go to Greycoat

The Crown Estate is being tipped to appoint the partnership between Greycoat and Morley Fund Management as the developer of Chesham House at 132-154 Regent Street, London W1. The 9,662 sq m (104,000 sq ft) scheme designed by Squire and Partners, was recently granted planning permission and involves the demolition of the existing Grade II-listed Chesham House behind retained facades on Regent Street, Beak Street and Regent Place. The scheme will also create a new façade to Warwick Street and a new fifth floor. The basement, ground and first floor levels will house retail space, with office space provided on the upper levels. - (03-05-2003)

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Holborn Viaduct plans submitted

A planning application has been submitted for the redevelopment of 40 Holborn Viaduct and 2 Charterhouse Street, London EC1 by the developer Castlemore Holborn Partnership. The architect for the development is Rolfe Judd and the scheme is for a new office building of 21,658 sq m (233,126 sq ft) with 130 sq m (1,399 sq ft) of retail units on the ground floor. - (27-02-2003)

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BBC £252m "live news centre"

The BBC is to spend £252m creating a “live news centre” at Broadcasting House, Portland Place, London W1. The development will start shortly with the demolition of Egton House, an adjoining building, starting in January 2003. Bovis Lend Lease has been appointed as the construction manager. The 9 to 13 storey complex has been designed by Sir Richard McCormac and will include 140 studios, a central atrium, and a huge newsroom. All the BBC’s radio operations and television news will be brought together in the building. The first stage of the project is the refurbishment and extension of Broadcasting House, a 1932 Grade II* listed building, and the demolition of four adjoining properties to create two new buildings of about 74,321 sq m (800,000 sq ft). The scheme will be completed by 2008. - (16-12-2002)

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Skanska to build Moor House

Skanska has been appointed as the main contractor for the Moor House scheme, which is being funded as a limited partnership with Henderson Investors and Hammerson. The 44,658 sq m (480,710 sq ft) gross external scheme, is conceived as a curved vertical design of 19-storeys. The building will comprise about 26,400 sq m (284,000 sq ft) net of offices and 1,810 sq m (19,500 sq ft) of retail space. Completion is planned for early 2003. - (03-04-2002)

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Marsham Street deal finalised

The £311m deal to redevelop the former Department of the Environment offices at 2 Marsham Street, London SW1 has finally been agreed. The Home Office and the Prison Service will relocate from six buildings in London, including Queen Anne's Gate, to the new building in February 2005. The new building, designed by Terry Farrell & Partners, will provide about 46,450 sq m (500,000 sq ft) and will house 3,000 staff. - (27-03-2002)

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Royex House plans submitted

Scottish Widows has submitted a planning application for the redevelopment of Royex House in Aldermanbury Square, London EC2. Royex House is a 'classic' slab 1960's building in steel and blue glass designed by Richard Seifert. The proposed 17-storey replacement tower has been designed by Eric Parry architects. Subject to planning permission the development could be on-site in late 2003 for completion in late 2005 or early 2006. - (04-03-2002)

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Mercer's scheme approved

The Mercers Company and Scottish Provident Institution have received planning approval for the redevelopment of a site on the corner of Cheapside and Ironmongers Lane, London EC2. The site incorporates Becket House at 81-90 Cheapside, 36-37 Old Jewry, the Mercers Hall, Daunsey House, 4, 4a, 4b and 5 Frederick Place, and 4 Ironmongers Lane. Siddell Gibson has designed a new 10-strorey building of 20,114 sq m (216,507 sq ft) gross, with 9,407 sq m (101,256 sq ft) net of offices and 1,836 sq m (19,762 sq ft) of retail space. - (03-03-2002)

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Juxon House designs unveiled

Standard Life Investments has unveiled the final designs for the redeveloped Juxon House, part of the Paternoster Square scheme in London EC4. The seven-storey building has been designed by Sidell Gibson Partnership and will provide about 11,891 sq m (128,000 sq ft) of office space with 1,858 sq m (20,000 sq ft) of retail space on the ground floor. The overall masterplan for the Paternoster Square area is by Whitfield Partners. The building, which has a curved classical façade in contrast to the previous 1960's 'box' design, will be completed in summer 2003. - (13-01-2002)

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Unilever thinks again on refurbishment

Unilever the multinational household products company, has decided to re-assess its refurbishment plans for Unilever House in London EC4. The company had gained consent for a 35,000 sq m (377,000 sq ft) refurbishment of its nine-storey 100 Victora Embankment headquarters in Blackfriars. However, the project has now been put on hold pending 'reassessment of options' - (16-11-2001)

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New Kings Cross plans revealed

P&O Property Holdings Ltd has submitted plans for the refurbishment and redevelopment of four major buildings at Kings Cross,London N1. Block A (3,000 sq m)is known as the Lighthouse and plan retains 1870s office building with construction of 3 storey office building with retail. Block B (3,000 sq m) retains the majority of building, with some new build elements. Block C (4,000 sq m), comprises mainly refurbishment and re-building with the construction of new four storey headquarter offices, and five storey hotel to SW of site. Remaining block D retains listed facades with conversion of some buildings to create residential units. Architect is Rolfe Judd. - (14-11-2001)

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West End firms put space on market

A number of London firms based in the West End are currently rationalising their offices. Tiscali's takeover of World Online has released its 1,665 sq m (17,922 sq ft) at 20 Broadwick Street in W1; Advertising agency CDP is marketing its 33 Soho Square headquarters in W1; EPB Communications is looking to dispose of its Berners Mews offices in W1; IT company, Informa is looking to dispose of 745 sq m (8,019 sq ft) at Newlands House W1, while Colt Telecom is about to market its 3,345 sq m (36,000 sq ft) office at 79 New Cavendish Street, also in W1. - (14-11-2001)

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LandSecs submits plans for Southbank

Land Securities has submitted a planning application for the redevelopment of St Christopher's House and Tabard House on the Southbank in SE1. The new scheme by Allies & Morrison includes about 69,676 sq m (750,000 sq ft) of office space with 7,989 sq m (86,000 sq ft) of retail and leisure space. If planning permission is granted work on the scheme could start in 2003 and be completed in 2006. Jones Lang LaSalle is the development advisor and letting agent on the scheme. - (31-10-2001)

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Land Securities buys in WC1

Compaq, the US computer company, has sold the 7,803 sq m (84,000 sq ft) net Enterprise House, 190 High Holborn, London WC1 to Land Securities in a £30m deal. The eight-storey building currently accommodates disaster recovery and data storage operations and Compaq will vacate the building by the end of 2001. Land Securities is understood to be intending to offer the refurbished space at around £50 per sq ft, below current rent levels for new space. Saxon Law advises Compaq and Land Securities was advised by King Sturge. - (01-10-2001)

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'right to light' claim

Churchill Securities is now said to be seeking an injunction against Marks & Spencer claiming that its development at 70 Gracechurch Street, also known as Limebank House, 168 Fenchurch Street, London EC3 affects a "right to light" clause on an adjoining building that Churchill owns. It appears that discussions have not resolved the issue and the threat of legal action is making it harder for M&S to find a tenant. Churchill is thought to have made M&S an offer of £150m for the building, subject to planning consent being granted to convert the recently completed building into a 34-storey tower (which would reportedly cost another £130m).

Colliers Conrad Ritblat Erdman and Jones Lang LaSalle are the letting agents for the scheme. It has also been reported that three City firms have pulled out of negotiations for Limebank House due to the legal problems. - (01-10-2001)

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Leases unravelled at Belgrave House

Boodle Hatfield, the UK law firm acting for Grosvenor, is understood to have unravelled the BP leashold interest at Belgrave House, 76 Buckingham Palace Road, London SW1. BP is thought to be paying a reverse premium to end the leasehold interest and the agreement is said to include 'overage' arrangements. Belgrave House, a 1970's building, which is currently vacant, is planned to be demolished by Grosvenor. The scheme will also incorporate the Grade II listed Chantrey House. Planning consent has been granted following completion of a Section 106 (planning gain) agreements. The development should start on site in November 2001. - (27-09-2001)

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Austral House revised

The City of London Office Unit Trust (Clout), which includes Pillar Properties, has submitted a new planning application for Austral House, Basinghall Avenue, London EC2. The present 9,570 sq m (103,011 sq ft) building is proposed to be redeveloped as a nine-storey 22,990 sq m (247,464 sq ft) scheme. The building has been designed by Swanke Hayden Connell Architects. The existing planning consent for the scheme was granted in December 1999, and was for an eight-storey building of 21,111 sq m (227,238 sq ft). - (13-09-2001)

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'Groundscraper' to 'Skyscraper'

Minerva, the property developer, is said to be about to submit a new planning application for its St Botolph's House site in Aldgate, London EC3. Minerva already has planning permission for a 14-storey 'groundscraper' development of about 48,473 sq m (525,000 sq ft) but is now looking to build a 36-storey skyscraper, with a net lettable area of around 1.1 million sq ft. Floorplates will be about 2,972 sq m (32,000 sq ft) each. The scheme will also include 1,765 sq m (19,000 sq ft) of retail space and a roof top restaurant. Nicholas Grimshaw has designed the building, which will be 516 ft high, making it slightly lower than Tower 42. - (09-09-2001)

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Greycoat to win Paternoster Row site?

The site of Sheldon House at 1 Paternoster Row could be developed by Greycoat. Earlier this year the Sheldon House and Transept House sites, owned by HSBC, were put on the market at a price said to be around £25m. Greycoat is said to be the favorite to win the site from Pillar Property, Helical Bar and Development Securities. CCF Charterhouse originally planned to occupy the 9,500 sq m (102,000 sq ft) new build scheme but these plans were abandoned when the firm was taken over by HSBC and then sold to ING. - (06-08-2001)

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Broadcasting House plans

The BBC is said to be about to go ahead with the redevelopment of Broadcasting House in Langham Place, London W1, behind the Grade II listed facade. The 46,451 sq m (500,000 sq ft) building would be redeveloped by Land Securities Trillium, which includes Bovis Lend Lease, and could take six years to complete. The scheme will increase the useable floorspace by 6,967 sq m (75,000 sq ft) to about 50,167 sq m (540,000 sq ft). The construction work is estimated to be about £200m and technology costs account for another £200m. An application for planning permission may be made by November 2001. - (29-07-2001)

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St Katherine's Dock on the market

The St Katherine's Dock mixed-use development in East Smithfield, London E1 is understood to have been put on the market by Taylor Woodrow. In 1969 the Port of London Authority sold the docks in Wapping to the Greater London Council for £1.5m and in 1969 the GLC awarded Taylor Woodrow the project to develop the docks, the first London Docklands regeneration project. The development includes the K2 site, previously called Europe House, which is planned as a 21,802sq m (234,676 sq ft) building that will provide seven-floors of office space, amounting to 16,720 sq m (180,000 sq ft), and a lower ground floor of 1,394 sq m (15,000 sq ft) of retail and restaurant space. The whole St Katherine's Dock development is on the market through Jones Lang LaSalle and is expected to be sold for around £250m. Possible bidders are said to include Catalyst Capital (previously Greenwich Group) with Lehman Brothers, and the US funds JE Roberts and Blackstone. - (01-07-2001)

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Grosvenor wins planning consent

The Grosvenor Estate has been granted planning permission for its planned refurbishment and extension to provide office space at Belgrave House, 76 Buckingham Palace Road, London SW1. Belgrave House is the former headquarters of BP Amoco and the new £60m scheme will provide around 22,296 sq m (240,000 sq ft) of office space. Grosvenor owns the freehold of the building and a private investor has the long leashold. The adjoining Chantry House is planned to be converted to provide 37 residential units and a restaurant on the ground floor and basement. The architect for the project is Michael Squire & Partners. - (18-06-2001)

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Minerva to start Aldgate scheme

Minerva, the property company, is thought to have obtained vacant possession of its development site at St Botolph's in London E1. The site situated on the Aldgate roundabout, and includes St Botolph's House, Ambassador House, 138-139 Houndsditch and 2 White Kennett Street. Minerva is understood to have just bought out the interest of the Consignia, previously known as the Post Office, and is now said to be likely to start construction of its 48,473 sq m (525,000 sq ft) 'groundscraper' in December 2001. The architect for the scheme is Nicholas Grimshaw & Partners. - (18-06-2001)

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Kumagai Gumi raises £60m

Kumagai Gumi, the Japanese property company, has sold three of its London properties and raised about £60m. The buildings include 55 Bishopsgate; Trafalgar House in Waterloo Place, Pall Mall; and Phoenix House. No details of the purchaser are available at present. - (17-06-2001)

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Derwent Valley acquires site in E1

Derwent Valley Holdings, the specialist central London developer, has acquired Centric House, the former warehouse building, in Shoreditch High Street, London E1 for around £21.7m. The 31,586 sq m (340,000 sq ft) building has been acquired from Hayes Commercial Services and will be leased back for one-year. Derwent Valley is thought to be planning to redevelop the 0.5ha (1.2 acre) site for offices and storage facilities. The site, which is just north of the Broadgate office complex, is the latest of several proposed regeneration projects for the area. - (30-05-2001)

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M&S to relocate to Paddington

Marks & Spencer has confirmed that it is moving from its headquarters at Michael House, Baker Street, London W1 to Chelsfield's Paddington Basin development in London W2. Marks & Spencer has taken the 22,300 sq m (240,000 sq ft) Waterside building. The relocation of M&S from Baker Street is already prompting interest in the redevelopment of Michael House, and M&S is said to have appointed architect BDP to obtain planning permission for a mixed office and residential scheme that could include around 1 million sq ft of office space. - (27-05-2001)

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Victoria House wins planning permission

Garbe UK has been granted planning permission by the London Borough of Camden for its Victoria House development in Bloomsbury Square, London WC2. Garbe UK plans to retain the buildings listed façade and create a 20,000 sq m (215,286 sq ft) office scheme. - (20-05-2001)

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Sainsbury plans SE1 towers

Foster & Partners has revealed plans for a 35,765 sq m (385,000 sq ft) 19-storey oval office tower to replace food retailers Sainsbury's existing Drury House and Stamford House headquarters at Stamford Street, London SE1. Sainsbury is linked with Stanhope on the proposals. A planning application for the £270m scheme has just been submitted to London Borough of Southwark along with an application for a second new building on the firm's car park site in Maymott Street. The tower has a tapered 'neck' and a low-rise office block forms the base. A Sainsbury's 'Central' supermarket could be incorporated in the ground floor. The 14,490 sq m (156,000 sq ft) Maymott Street scheme could cost £70m and is planned as a 22-storey tower designed by architect Lifschutz Davidson. Sainsbury is working on the site assembly for the scheme and is said to be in the process of acquiring Wakefield House and 19-21 Blackfriars Road from Dunloe Ewart, the developer. Sainsbury is thought to be seeking to develop around 46,451 sq m (500,000 sq ft) in the various SE1 developments for completion in 2004. Sainsbury is still thought to be considering its options on the 11,150 sq m (120,000 sq ft) Rennie House, on the south side of Stamford Street. Sainsbury staff will relocate to 33 Holborn Place, London WC1, to allow the headquarters development to proceed. Healey & Baker is advising Sainsbury. - (22-04-2001)

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Helical Bar pre-let

Linklaters & Alliance, the law firm, has confirmed that it has pre-let 8,830 sq m (95,000 sq ft) at 3 Bunhill Row, London EC1. The scheme is being developed by Helical Bar and adjoins the recently completed 25 Chiswell Street building let to rival law firm Slaughter & May. Linklaters has been previously rumoured to have 'overspill' requirements due to expansion and will have to relocate 250 staff from Clements House at 14-18 Gresham Street, London EC2 in the future. DTZ Debenham Tie Leung acted for Linklaters Alliance. - (22-04-2001)

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Burberry replaces eToys

Burberry, the UK luxury clothing chain owned by GUS, is said to have taken an assignment of eToys former office space at St Alban's House, 10 St Alban's Street, London SW1. The office space amounts to about 4,270 sq m (45,962 sq ft) and is to be used as Burberry's headquarters. Robert Neil & Co is advising Burberry. Burberry has its administrative office at 29 Chatham Place, London E9 and its main retail store at 18 Haymarket, London SW1. - (21-04-2001)

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BT may sell portflio to LandSec's

British Telecom is said to be close to arranging a sale and leaseback deal on its £2bn property portfolio with Land Securities. Land Securities is rumoured to have beaten Mapeley to the deal. In what is thought to be a speeding up of the process BT may now complete its £2bn portfolio sale and leaseback deal by summer 2001. BT's advisor Schroder Salomon Smith Barney is understood to have recently shortlisted Land Securities Trillium and Mapeley, the George Soros backed venture, as the final two bidders for the 7,500 sites in the UK. Oftel, the telephone regulator, has set restrictions on BT's ability to sell sites and they are to be leased to the successful bidders for 130-years and then leased back by BT on 30-year agreements. The leases are understood to have break options for BT to vacate premises after 15-years, providing redevelopment opportunities for central London sites such as Mondial House, Upper Thames Street and Fleet Building, Farringdon Street, both in EC4 - (09-04-2001)

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The Eye underway

Bee Bee Developments has gained planning permission for the re-development of Procter House in High Holborn WC1. The office scheme named 'The Eye' is eight storeys and involves stripping the existing building back to frame and recladding and extending the space. The Eye will provide 7,550 sq m (81, 268 sq ft) net in a central building with links to two wings, the 2,508 sq m (27,000 sq ft) Lion Court and the 2,137 sq m (23,000 sq ft) Eagle House. Lion Court and Eagle House are currently awaiting planning permission and could be marketed separately. The construction work on The Eye is underway and will be completed to shell and core in in April 2002. - (02-04-2001)

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Ernst & Young confirm SE1 pre-let

Ernst & Young, the accountancy firm, has confirmed that it is to take about 35,767 sq m (385,000 sq ft) at CIT's More London Bridge development in London SE1. Ernst & Young is said to be taking Building 1A, with an option to take a further 10,684 sq m (115,000 sq ft) in the linked Building 1B. The firm's relocation in early 2003 could release up to 12 buildings onto the market, including Rolls House, 7 Rolls Buildings, London EC4 and Becket House and York House, London SE1. DTZ Debenham Tie Leung is advising Ernst & Young. - (25-03-2001)

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BBC prefers Land Securities

The BBC has announced that Land Securities Trillium as the preferred bidder in its proposed property partnership. Land Securities submitted a joint bid with Trillium, the outsourcing group, last year. The Land Securities team is also understood to include Bovis Lend Lease. The BBC's reserve bidder is Amey. If Land Securities/Trillium secure the deal the first project is likely to be the £200m development of the White City site in London W12, which could provide 60,000 sq m (645,840 sq ft). The Grade II listed Broadcasting House in Langham Place, London W4 is included in the property portfolio and the BBC is also said to be renegotiating its lease on Bush House, Aldwych, London WC2, which expires in 2005, and could be a refurbishment project. - (25-03-2001)

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Shell-Mex House for sale

Shell-Mex House in the Strand, London WC2 is rumoured to be on the market at around £300m. The landmark office building was built by Royal Dutch Shell as its head office in 1931 and was acquired by Witkoff, the US property company, for about £180m in 1999. The 53,400 sq m (575,000 sq ft) building completed a major refurbishment last year and is now occupied by Omnicom, the advertising group, Pearson, the media company, and Vizzavi, the internet joint venture between Vodafone and Vivendi. It is said that Insignia Richard Ellis is to market the investment opportunity. - (11-03-2001)

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Crown Estate buys Fleet Place House

The Crown Estate acquired Fleet Place House, London EC4 in January 2001 from Heron London Developments for £59.9m, reflecting a net initial yield of 6.7%. CB Hillier Parker acted for the Crown Estate and Insignia Richard Ellis for Heron. - (02-02-2001)

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Pillar to redevelop 5 Cheapside

Pillar Property plc has submitted a planning application for the redevelopment of 5 Cheapside, London EC2, the former Bank of Boston House. The scheme designed by Allies & Morrison Architects will provide 10,264 sq m (110,481 sq ft) of office space in a six-storey building. The development will also include ground floor retail uses and a new entrance to the St Paul's London Underground station. Pillar acquired the freehold of the building in 1998. - (18-12-2000)

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Heron buys Equitable Life site

Equitable Life has sold a redevelopment site in Bishopsgate to Heron International. The site, which includes Stone House, 128-140 Bishopsgate; Staple Hall, 87-90 Houndsditch; Devonshire House, 142-150 Bishopsgate; and 13-17 Devonshire Row, London EC2, is opposite Heron's 110 Bishopsgate site (Kempson House). Equitable Life paid £45m for the four buildings in 1999 and has sold them for £60m, reflecting a yield of 7.5%. BH2 acted for Equitable Life. In September 2000 Equitable Life submitted a planning application for a scheme, by Sidell Gibson, involving the part refurbishment and part redevelopment of the buildings on the site. - (17-12-2000)

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Revised skyscraper design unveiled

A revised design for a 80-storey skyscraper at London Bridge station, by Italian architect Renzo Piano, is now being put forward by developer Irvine Sellar. The 390m (1,279 ft) tower will include 65,031 sq m (700,000 sq ft) of offices and 18,580 sq m (200,000 sq ft) of flats along with hotel and retail space. A planning application could be submitted to the London Borough of Southwark by the end of the year but is likely to be determined by the Greater London Authority. The skyscraper would not be completed before 2005 and construction costs are put at £300m. Bovis Lend Lease is the project manager. The scheme is unlikely to proceed without a major pre-let and the developer is said to be in discussion with firms including Pricewaterhouse Coopers. - (13-11-2000)

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Grosvenor submits planning application

The Grosvenor Estate has submitted a planning application for the refurbishment and extension to provide B1 office space at Belgrave House, 76 Buckingham Palace Road, London SW1. Belgrave House is the former headquarters of BP Amoco and the new scheme will provide around 22,296 sq m (240,000 sq ft) of office space. Chantry House will be converted to provide 37 residential units and a restaurant in the ground and basement. - (05-11-2000)

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Greycoat to raise funds for offices

Greycoat Estates is said to be about to sell its stake in Tower 42, the former NatWest Tower, in order to invest in central London office schemes. Greycoat's 32 per cent holding in Tower 42 could raise around £36m. Greycoat is expected to shortly start on the demolition of Moor House, 119 London Wall, London EC2, which is to be redeveloped as a 19-storey speculative schme of 44,658 sq m (480,710 sq ft). The construction contracts for Moor House are currently out to tender. - (05-11-2000)

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BBC to extend Broadcasting House

The BBC is to bring its news operations, with 2,200 staff, into one centre at Broadcasting House, Portland Place, London W1. A new building, will be developed on the site of two existing 1960's office blocks, Egton House and 16 Langham Street. The new centre will be completed in 2008 and include 4,645 sq m (50,000 sq ft) of publicly accessible space. The BBC World Service, with 1,100 staff, will vacate Bush House in the Aldwych, London WC2 and move to the extended Broadcasting House a 1930's Grade II listed building. Architect MacCormac Jamieson Prichard has been commissioned to design the 'state-of-the-art centre. The redevelopment is likely to be carried out as a joint venture with the winning bidder for the BBC's property portfolio. - (01-11-2000)

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Tower Hamlets agrees two South Quay schemes

The World Trade Centre proposal at Marsh Wall, London E14, put forward by Capital & Provident Management, received planning approval this week from London Borough of Tower Hamlets. The World Trade Centre will in total comprise 2 million sq ft, in nine buildings, and is to include a Posthouse Premier Hotel. Separately, the Arrowhead Quay scheme on Marsh Wall E14, planned by Ballymore, also obtained planning permission. The Arrowhead Quay scheme is in total a 66,239 sq m (713,000 sq ft) mixed use development incorporating office, retail, and leisure. The 16-storey and 26-storey glass and steel buildings have been designed by Skidmore Owings & Merrill (020 7793 1007). - (04-10-2000)

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British Land announces deal with WestLB

British Land has announced a joint venture with Westdeutsche Landesbank (WestLB), the German bank, to dispose of a 50 per cent interest in four London office properties and receive £358m cash. The four properties are One and 10 Fleet Place, 100 New Bridge Street, and Watling House on Cannon Street. The remainder of the venture will be owned by WestLB, and Westdeutsche ImmobilienBank and Provinzial-Feuerversicherungsanstalt Der Rheinprovinz-Versicherung Der Sparkassen. John Weston-Smith, finance director at British Land, has been reported as saying that the deal is "more than enough" to pay for current developments in the City of London. - (03-10-2000)

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Equitable Life plans scheme in Bishopsgate

The Equitable Life Assurance Society has submitted a planning application for the demolition of Stone House and Staple Hall in London EC2 and the rebuilding behind facades. In addition properties at 1 and 3-5 Stone Court, 142-148 Bishopsgate, and 1-11 & 13-17 Devonshire Row are to be refurbished. Overall the new development will provide 18,650 sq m (200,748 sq ft) net of office space and 5,800 sq m (62,431 sq ft) net of retail space. The scheme would be opposite the site at 110 Bishopsgate on which Heron propose to build a skyscraper development. - (01-10-2000)

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"The Tree House" scheme submitted

Asticus has just submitted a planning application for an alternative 10-storey scheme at Northern House, 29 Gresham Street, London EC2. The new scheme comprises a total of 15,510 sq m (166,949 sq ft) with 13,278 sq m (142,924 sq ft) of office space and 778 sq m (8,374 sq ft) of restaurant space. The new scheme, designed by Nicholas Grimshaw, seems to be named "The Tree House". - (28-09-2000)

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