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Derwent London

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Midtown deal

Astoria site decision soon

West End scheme deal

Retrofit to start

Midtown scheme start

West end start planned

Central London - a Sack Full of Refurbs

City scheme green light

City consent

Vacant office negotiations

City fringe start

Retrofit on hold

Consent for Farringdon scheme

Clerkenwell start

Major letting at EC1 building

Consent in W1

Former HQ to be refurbished

Property firm signs for EC1 building

Start date for WC2 scheme

Plans approved

New application in Farringdon

Paddington scheme consent

Refurbishment plan in SW1

Southbank application

West end refurbishment

New midtown scheme

Developer poised in W1

Aldgate office consent

Revised application in fringe

Consent in City fringe

HQ refurbishment?

Turnmill scheme update

Redevelopment plans

Central Cross plans

Offices approved in WC2

Baker Street refurbishment plan

Refurbishment in W1

Noho refurbishment start

Euston start planned

Refurbishment in W1

Fitzrovia completion

City fringe scheme for summer 2010

Deal in new W1 building

Derwent appealing

New scheme for Fitzrovia

West End pre-let

Derwent application

New office scheme for Farringdon

Delay for Midtown scheme

Euston office application

Start for EC1 refurbishment

Start in EC1

Refurbishment in EC1

Angel scheme under way

Pre-let confirmed

Pre-let for Midtown refurbishment

Office consent for EC1

Midtown consent

Consent for midtown offices

Paddington consent for Derwent

Consent in EC1

Construction start in W1

Islington office plan

Start tipped for Noho

Refurbishment planned in W1

West London start

West End scheme negotiations

Derwent Valley start demolition

Victoria start

SE1 scheme gets go-ahead

New scheme for Midtown

Summer start for W1 scheme

Start for major W2 scheme

Consent for W1 redevelopment

Derwent plan SE1 scheme

Prudential plan large W2 office scheme

Refurbishment plan for SW1 block

New W1 office scheme

Derwent Valley's Woburn Place plans

2004 start for New Garden House

Construction start at Cardinal 1

21 Grosvenor Place sold

Derwent gears-up for EC1 refurb

Derwent Valley "subdued"

Schemes completing

Centric House gets green light

Derwent to complete by summer

Derwent Valley busy in London

Tower House to start

Architect appointed on WC2 scheme

Start date for the redevelopment of Tower House, WC2

Interior plc start at Olivers Yard

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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West End letting

Linkedin, the US business social networking site, is taking the 687 sq m (7,400 sq ft) first floor of Derwent London's recently completed Charlotte Building in Gresse Street, London, W1. The rent agreed is thought to be about £511.29 pre sq m (£47.50 per sq ft). The lease is understood to expire in 2020, with a break option in 2015. - (02-09-2010)

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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 consent

LMS (City Road), part of Derwent London, has gained consent on appeal for the redevelopment of its City Road Estate in London, EC1, including 80-100 City Road. The proposal includes approximately 10,219 sq m (110,000 sq ft) of offices, 930 sq m (10,000 sq ft) of retail and 250 residential units within a 45-storey tower. Squire and Partners is the architect. - (14-11-2008)

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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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