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US bank shortlists architects

Former HQ refurbishment

City refurbishment start

City refurbishment consent

Banks to fund scheme

Southbank re-design

Bid rejected

City refurbishment plan

Refurbishment plans

Southbank space revamp

Southbank consent

Southbank application

City refurbishment

Development starts (again)

City refurbishment plan

Expansion at City scheme

Floor let in EC2 tower

City refurbishment plan

Refurbishment plan

Bank takes floor in City scheme

Work starting on City fringe scheme

Refurbishment starts

Southbank application

Southbank development start

Bank to take space

Southbank opportunity

City HQ application

City refurbishment plan

City refurbishment

Blackfriars scheme seeks new investors

Southbank application

Docklands scheme doubt

German bank to build

Bank HQ plans

New plans submitted

Architect rumoured for scheme

Deal for new City scheme

NoHo Square developers named

City office tower deal

Shell letting details

Walbrook Square latest

Space let at City scheme

Revised plans to be submitted

Southbank scheme negotiations

Lettings at EC4 scheme

Cheapside deal

Southbank site finds new owners

Walbrook Square update

City scheme bought for HQ

Midtown scheme rethink

Riverside team

Mixed use proposal for bank offices

Swan Lane progress

Major pre let announced

Midtown opportunity

Refurbishment mooted in EC4

City block close to start

Gresham Street deal

Southbank consent

Refurbishment for EC4 offices

JP Morgan changes plans

GPE gears up for refurbishments

Bank HQ underway

City pre-let

St Botolph announcement

Moorgate scheme nears completion

Southbank office application

South Bank start

Bank scheme start

Southbank scheme underway

Contractor for EC2 scheme

Shortlist for City newbuild

Application for major EC4 scheme

GIB start on refurbishment

City refurbishment start

RBS major pre let

October start in EC4

Application for new City scheme

Contractor tipped in EC2

Legal & General on site

Refurbishment start in EC2

Bow Bells letting

Contractor for City scheme

City scheme to start

City scheme start

Dockland towers application tipped

Bank makes major City HQ decision

Southbank office HQ plan

Lothbury consent

Application for EC4 scheme

Riverbank House application

Application for EC2 offices

Letting for EC3 scheme

Fund to refurbish in EC2

Bank finds City space

Southbank office scheme sold

Consent for major EC4 redevelopment

Application in EC2

Phase 2 submission in Aldgate

Refurbishment plan for City building

Heron Tower deal

Bank Snoras, the foreign bank, has taken 1,205 sq m (12,969 sq ft) on the 20th floor of the newly-completed Heron Tower at 106-126 Bishopsgate, London, EC2. The rent is thought to be around £55 per sq ft. Mellersh & Harding advised. - (24-09-2011)

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City HQ decision

The Government has decided not to list the Broadgate complex in the City of London, EC2, clearing the way for construction of a new 12-storey 700,000 sq ft HQ for UBS bank at 5 Broadgate by developer British Land. Completion is scheduled for 2014. - (16-06-2011)

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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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Glasnost - Online Project, Contact & Image Management

Broadgate start in 2011

British Land is to demolish UBS's offices at 4 and 6 Broadgate near Liverpool Street station, and erect a 65,000 sq m (700,000) sq ft building with four trading floors. The Swiss bank will occupy the new building and has agreed an 18-month rent-free period and will then pay £54.50 per sq ft. The new 5 Broadgate will cost £340m to construct. British Land and Blackstone plan to start building in the middle of 2011 and hope to finish in 2014. British Land is also in negotiations with potential tenants for its planned 122 Leadenhall Street tower, known as the Cheesegrater. - (03-08-2010)

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Office lettings continue surge

Office lettings in central London in January 2010 topped 1.2m sq ft, according to figures from Cityoffices and Metroinfo. Some 60 deals over 5,000 sq ft were signed, including two large deals to Macquarie Bank and Blackrock. The insurance sector was particularly active. Over half (600,000 sq ft) of the office space let was recently completed, further shrinking the availability of new office floorspace. Rents edged higher. - (24-02-2010)

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Macquarie to move HQ to Ropemaker

Macquarie Bank, the Australian investment bank, is understood to have agreed to take 20,160 sq m (217,000 sq ft) offices at British Land's Ropemaker Place in the City of London for its 1000 London staff. Terms are undisclosed. Macquarie was close to letting Drapers Gardens last year has been outbid by Blackrock. The bank has a lease expiry at City Point in 2011. Ropemaker Place is now almost 80 percent let. Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Securities leased almost 230,000 sq ft in the building last year. - (12-02-2010)

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JP Morgan pre-let deal

JP Morgan, the US investment bank, has announced a £237m deal to acquire a 999 year lease from Canary Wharf Group (CWG) on the Riverside South site at Canary Wharf, London, E14. The site has planning permission for 1.8m sq ft of office space in two towers and a ‘link’ building. Infrastructure work is underway but JP Morgan is still finalising the design of the buildings and will occupy in phases. The building will be the headquarters for all the banks European operations and could be completed in 2012 or 2013. CWG will act as development and construction manager. CWG will complete the design, planning, piling and raft construction and the bank will, subject to market conditions, decide when to instruct CWG to proceed with final construction. If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain £76m representing a portion of developers profits related to the development. - (18-11-2008)

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NoHo no go!

CPC Group, the Candy & Candy venture, has transferred its equity and share in the NoHo Square development in Mortimer Street, London, W1, to Kaupthing, the Icelandic bank, which now has 100% of the project. The 1.3ha (3 acre) NoHo site was planned to be redeveloped as a 82,776 sq m (891,000 sq ft) as luxury apartments and 32,980 sq m (355,000 sq ft) of offices but the scheme may now be redesigned. Candy & Candy will cease to be development managers on the project. The site is now said to be worth £120m (down from £175m) and the bank may now sell the site or seek a new development partner. - (04-11-2008)

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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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Shard demolition plans

Teighmore, the consortium consisting of Sellar Property, CLS and Simon Halabi, is hoping to start demolition at the London Bridge Station (Shard of Glass) site in London, SE1, in mid October 2007. The demolition will take seven months. The main construction contract will not start until funding is in place but a Middle Eastern bank is said to be considering financing the £1bn scheme. Completion of the development is expected in 2010 or 2011. - (18-09-2007)

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Consent for Drapers Gardens

The Royal Bank of Scotland has at last received planning consent for the redevelopment of its Drapers Gardens site bounded by Copthall Avenue and Throgmorton Avenue, London, EC2. The existing building is 32,996 sq m (355,168 sq ft) and the current proposals, submitted in April 2004, are for a stepped building of between five and 16-storeys, providing 37,452 sq m (403,733 sq ft) gross floorspace. The office element of the scheme will be on 13 floors and amount to 30,761 sq m (331,111 sq ft) gross external. There will be 131 sq m (1,410 sq ft) of retail space on the ground floor. The architect is Foggo Associates and Drivers Jonas is the development advisors. - (21-11-2005)

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Lloyd's of London building finally sold

The iconic Lloyd's of London building, designed by Lord Rogers, at One Lime Street, London, EC3, has been sold by DekaBank Deutsche Girozentrale to a closed-end German fund fronted by CLI Group, part of Commerzbank, for about £231m. DekaBank paid around £180m for the building in 1996 and has been looking for a buyer for over a year. - (09-02-2005)

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Barclays deal with LandSec

Barclays Bank has agreed to sell 16 office buildings to Land Securities’ Trillium group. Barclays is moving London staff to a new 1m sq ft headquarters at Canary Wharf by May 2005, which will release 13 office premises. The bank will pay Land Securities to take on the commercial responsibility for the short-term leases. The deal also includes three office buildings at the Westwood Business Park in Coventry on which Barclays will take a 20-year lease back at around £20m and Land Securities will pay about £25m for the buildings. - (13-01-2005)

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Lloyds building to be acquired

The "love it or hate it" iconic Lloyds of London building in EC3 seems to be about to be sold to a Commerzbank fund by Deka, the German fund manager. Deka's property fund arm is selling the building for about £257m as part of an excercise to stabalise its property fund operations following a major outflow of funds. Deka originally paid £180m for the building in 1996. In the summer Shelbourne Developments, the Irish property investor, was due to acquire the building but the deal fell through after cracks in the concrete structure were said to have been found. Follow-up surveys are reported as failing to find any cracks. - (21-12-2004)

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Canary Wharf Group set deadline for offers

Canary Wharf Group has set a deadline of 13th February for Branscon, the Canadian property company, and Paul Reichman to make fully funded offers for the Docklands complex. The deadline is expected to clarify the position of the rival bidders to shareholders ahead of an extrodinary meeting on 23rd February, which is to vote on a recommended £1.56bn offer from a Morgan Stanley-led consortium. Recently Canary Wharf secured a £1.1bn investment deal with Royal Bank of Scotland on 5 Canada Square, let to CSFB, and 25 Canada Square, let to Citigroup. - (12-01-2004)

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Palestra for summer start

Blackfriars Investments and its joint venture partner Royal London Asset Management has said that it will start work on its 39,018 sq m (420,000 sq ft) Palestra office development in Blackfriars Road, London SE1 by June 2003 and be completed in late 2005. The scheme, designed by Will Alsop, has £79m of funding from Bank of Scotland. The site is ready for development with the previous 1960’s office building having been demolished last year. The letting agents for the scheme are Insignia Richard Ellis and DTZ. - (27-02-2003)

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Cannon Bridge sold for £167m

The headquarters of the London International Financial Futures & Options Exchange (LIFFE) has been sold in a £167m deal, a yield of about 7.9%. The 250-year lease on the 26,477 sq m (285,000 sq ft) building at Dowgate Hill, off Cannon Street EC4, has been acquired by Fordgate, a secretive private property group run by the Gertner brothers. The deal, one off the biggest this year, shows a profit for Pillar Properties, which paid Railtrack and General Electric £64m for the building in 1995. Pillar sold a 75% stake in the building to the Teachers Insurance and Annuity Association, the US pension fund, in 2000 for about £140m. Liffe occupies about half of the Canon Bridge building and has a 'rolling' tenant break. The rest of the space is occupied by Standard Chartered Bank and Winterflood Securities. In July 78 Cannon Street, adjoining Cannon Bridge, was sold by Marylebone Warwick Balfour (MWB) to Hines, the US property developer, for £53.3m. In the 1980's developer Speyhawk was considering linking the two buildings and there must still be potential for longer term redevelopment. Pillar and Teachers were advised by FPD Savills. - (06-10-2002)

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Millbank Tower on the market

Millbank Tower, the Grade II listed skyscraper owned by Tishman Speyer Properties, is thought to be on the market for around £125m. The US-owned private property group owns several landmark buildings including the Chrysler Building and the Rockerfeller Centre in New York, and the MesseTurm in Frankfurt, Germany. Jones Lang LaSalle is acting on the sale of Millbank Tower. - (06-10-2002)

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Drapers Gardens plans submitted

The Royal Bank of Scotland, advised by Montagu Evans, has formerly applied for consent to redevelop its 32,996 sq m (354,478 sq ft) tower offices at Drapers Gardens, 12 Throgmorton Avenue, London EC2. The new 17-storey office building has been designed by Foggo Associates (020 7490 4040) and will provide 30,780 sq m (331,315 sq ft) net of office accommodation along with 319 sq m (3,433 sq ft) of retail space. - (16-02-2002)

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Deutsche Bank tower for EC2

Deutsche Bank is said to have plans for a 38-storey skyscraper on the edge of the City of London to be developed by its property arm Deutsche Grundbesitz (DGI). The building planned for Ropemaker Place, Ropemaker Street, London EC2 is said to be a "commercial development" and Deutsche has refused to say if it intends to occupy the building. The 200m high tower has been designed by Sheppard Robson and will rise to 10 storeys before leaning 20 degrees from vertical before straightening up. The bank was looking for a second headquarters building last year but this is now said to be no longer a top priority. No formal planning application has yet been made to London Borough of Islington. - (16-02-2002)

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HOK to design Barclays' tower

Barclays Bank has revealed the plans for its 30-storey headquarters tower at Churchill Place, Canary Wharf, London E14, which will accommodate 5,000 staff by 2005. The building is being designed by HOK International. Barclays has signed the final agreement with Canary Wharf Group to occupy up to 1 million sq ft of office space in the tower. The new building will be completed in late 2004 for occupation in 2005. - (28-11-2001)

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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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'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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Barclays to take space at Canary

Barclays Bank has confirmed that it is has reached agreement in principle with Canary Wharf Group to take a new headquarters building at Canary Wharf, London E14. The bank is to take the BP1 site at Churchill Place, at the eastern end of the scheme. The building will be about 1 million sq ft and initially 60,386 sq m (650,000 sq ft) will be occupied by Barclays, with the flexibility to move into more space as required. Design work is underway and construction of the new tower will start at the end of 2001 and is due to be occupied by Barclays in 2005. Barclays Bank is being advised by Weatherall Green & Smith. - (05-09-2001)

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Grosvenor may buy 41 Lothbury

Grosvenor, the private property company, is said to be in advanced negotiations to buy 41 Lothbury, London EC2 from the Royal Bank of Scotland. The scheme has planning approval for the refurbishment and partial redevelopment of the 9-storey, Grade II listed, building, the former National Westminster headquarters. The scheme involves a change of use from a banking hall to office (B1) use, with retail and restaurant space. The net office floorspace proposed is estimated to be about 13,935 sq m (150,000 sq ft). DTZ Debenham Tie Leung is thought to be advising RBS and CB Hillier Parker is acting for Grosvenor. - (29-07-2001)

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41 Lothbury plans approved

The Royal Bank of Scotland has received planning approval to the refurbishment and partial redevelopment of the Grade II listed, former National Westminster headquarters, at 41 Lothbury, London EC2. The scheme involves a change of use from a banking hall to office (B1) use, with retail and restaurant space and also includes 12 Angel Court, which adjoins the main building. The gross floorspace of the proposals for the 9-storey building is put at around 26,000 sq m (279,864 sq ft), and the net office floorspace is estimated from the plans to be about 13,935 sq m (150,000 sq ft). - (22-04-2001)

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Drapers Gardens potential redevelopment

The Royal Bank of Scotland currently occupies Drapers Gardens, a Seifert-designed office tower providing around 16,710 sq m (180,000 sq ft), which was developed by Harry Hyams Oldham Estate in 1967. It is thought that the Royal Bank of Scotland could vacate the building in October 2001 and that it could then potentially be redeveloped or refurbished. Royal Bank of Scotland is said to be in discussions with the freeholder, the Worshipful Company of Drapers, about the development. There has been speculation that the development potential of the site could be in the order of 32,515 sq m (350,000 sq ft), although nothing else is known at this stage. - (05-04-2001)

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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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Sainsbury to move to Holborn Place

Sainsbury has taken the whole of the Holborn Place, 33 Holborn the 27,870 sq m (300,000 sq ft) building on the site of the former Daily Mirror building. Sainsbury has taken a 25-year lease at a reported rent of around £52.50 per sq ft. The group has been based on the Southbank since 1912 and has 4,000 staff in about 13 buildings. The company will move to Holborn Place in summer 2001 and will set up a 3,500 sq m (37,674 sq ft) Sainsbury Local convenience store in the new premises. The freehold of the Stamford Street site is to be sold and redeveloped for offices and a Sainsbury store. Sainsbury is to keep its recently refurbished office in Union Street, London SE1. - (09-12-2000)

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Land Securities to develop One New Change

Land Securities has acquired the One New Change site in the City of London from the Bank of England for "more than £175m". The property group is said to be planning a retail and leisure complex to provide "the feel of the West End" on the 1.14ha (2.73 acre) site, which is close to St Paul's Cathedral. Land Securities won the site against competition from eight other bidders. - (12-10-2000)

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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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Eurohypo funding for Tower Place EC3

A seven year development/investment facility of £135m has been announced for the Marsh & McLennan development at Tower Place EC3, being carried out by Tishman Speyer Properties. The funding is to be provided by Eurohypo (Europaische Hypothekenbank der Deutschen Bank), a member of the Deutsche Bank Group. - (01-10-2000)

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Land Securities may bid for One New Change

Land Securities is reported to have launched a £175m bid for the One New Change building in London EC4, occupied by the Bank of England on a long leasehold. The 1.4ha (3.5 acre) site currently provides about 37,160 sq m (400,000 sq ft) of office space and could be redeveloped to provide a much larger scheme. Other bidders for the building are said to include Gerald Hines, the US investor, Blackstone Real Estate, Tishman Speyer, City & West and a limited partnership led by Wates City of London Properties. Development Securities is also said to be a possible bidder along with several European institutions. - (25-09-2000)

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