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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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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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Development Securities could be about to start on one of the 32,515 sq m (350,000 sq ft) second phase buildings at Paddington Central in London, W2. The financial backers to the scheme, HBOS and Morley Fund Management, are thought to be close to agreeing the funding for the next phase to proceed on this £1bn project. Development Securities has already completed the first phase of the 157,933 sq m (1.7m sq ft) development. Michael Marx, joint chief executive at Development Securities, has said “now was a good time to embark on redevelopments in central London as the occupier market started to pick up”. - (05-10-2004)
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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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Helical Bar has joined other property developers in calling the bottom of the central London office market. Michael Slade, managing director, has commented to the effect that although the City of London office market has bottomed out, he saw no rapid upturn and it might not come on-stream for three years. Taking a more positive view of the West End market he has said that it will come on-stream in two years time. - (28-11-2003)
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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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Michael Slade, chief executive of devepment company Helical Bar is reported as saying that West End rents have further to fall before a 2005 recovery. Mr Slade puts vacancy rates in the City of London at 1993 levels and the West End at 1994 levels. Helical Bar has reduced its exposure to London offices through disposals worth £190m to 41% from 71% a year ago. Helical Bar has said that it is aiming to reduce London offices to 20% of it’s portfolio on expectations of a “flat year”. Mr Salde thinks that the time to come back into the London property market will be 2005 or 2006. - (08-06-2003)
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Fidelity Investment Management, through its property arm Pembroke Real Estate, has now started site preparation for the redevelopment of the former 'The Guardian' printworks site at South Quay, London E14. The new scheme, known as 'London Millharbour' will provide a total of 71,000 sq m (764,224 sq ft) of office space and 2,787 sq m (30,000 sq ft) of retail and restaurant space, in four linked buildings ranging from of 9 to 19 storeys. Michael Hopkins and Partners is the architect for the scheme, which will be built in two phases. The Eastern Tower will be Phase 1, providing 42,800 sq m (460,699 sq ft) of offices and retail, with the Western Tower providing the remaining space. The main construction is due to start in early 2002 with completion planned for 2004. - (15-10-2001)
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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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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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Grenadier Investments has been granted planning permission for a new 27,870 sq m (300,000 sq ft) office building at 1 Park Place, close to Westferry Circus, Canary Wharf, London E14. The new development, on the site of the Littlejohn Frazer building, has been designed by Michael Squire & Partners and the developer is being advised by Delta Land. - (08-05-2001)
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