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London Offices – An Olympic Year?

Tenders to be invited

Development site sold

Soho consent

Final Bankside blocks

Consent for Spitalfields scheme

W2 plans approved

Leadenhall triangle site bought

Site assembly in EC3

West end start planned

Soho application

Refurbishment in SW1

City building let

Mayfair scheme re-started

Consent for SW1 scheme

Mayfair scheme consent

City scheme gains impetus

110 Fetter Lane last deal

Midtown application

Office redevelopments may follow sale

Progress for Mayfair scheme

City fringe scheme to start

Refurbishment plan for EC3 building

Five storey block planned in Shoreditch

New application in St James

City refurb underway

New application in St James'

Paddington consent

Demolition in EC1 to start

New buildings for Paddington

Refurbishment in EC1

City consent

Essex House completion date

Offices for SE1

St James' scheme talks

Shortlist for Soho site

West end refurbishment

Midtown application

Fitzrovia progress

Completion scheduled for WC2 scheme

Consent for City demolition

Mayfair consent

Kings Cross scheme nears decision

Start in EC1

Mayfair consent

Midtown permission

Mayfair scheme application

Refurbishment in EC1

Midtown start

Covent Garden refurbishment

City demolition application

Shortlist for St James' scheme

Mayfair start

Refurbishment plan in WC2

City fringe consent

Bond Street consent

Valad to complete in autumn

June completion for City scheme

Consent for St James' scheme

Mayfair refurbishment start

New scheme for St James'

Refurbishment start in EC2

Chancery Lane progress

Start for EC3 scheme

New application in WC2

Consent for EC1 refurbishment

Site assembly in EC3

Gresham refurbishment

Contractor for St James scheme

New Mayfair scheme

Marylebone scheme

Spitalfields start

City scheme starts

Consent for Noho demolition

Tenants attracted to Cardinal Place

Shortlist for W1 scheme

Moorgate scheme planned

Minerva consent

New scheme for SW1

Consent for RBS scheme

Ballymore in negotiations

Moorhouse letting

Kirby Street scheme underway

Refurbishment start in WC2

77 Grosvenor Street underway

DKW takes 30 Gresham Street

Land Sec looking for contractor

New Drapers Garden plan

77 Grosvenor Street plan

Bankside may start in 2003

Things to get worse before they get better?

Miller to build Holborn scheme

JWT to move next spring

Blackfriars Court nearing completion

MPs start move to Portcullis House

Quick fix for Goldman Sachs

Spitalfield plan approved

BBC 'longlist' development consortia

May London Office Take-up

Office lettings in central London bounced back to just under 1 million sq ft in May 2011 in new research by Cityoffices. Large lettings to Google and Aon helped underpin the total, together with some stronger letting activity in the West End. A large number of leases were for around five years, illustrating the fluid state of the market. - (16-06-2011)

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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 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

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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St.James's application

Britel Fund Trustees, the investor and part of Postel Properties and Hermes, has submitted a planning application for the redevelopment of 7 & 8 St James's Square and 7 Apple Tree Yard, London, SW1. The scheme envisages 10,511 sq m gross (113,140 sq ft) of offices on basement, ground and five upper floors mainly at 8 St James's Square and 7 Apple Tree Yard, plus four apartments. Net floorspace will be about 8,500 sq m (90,000 sq ft). CB Richard Ellis is advising Britel. - (24-08-2006)

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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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LandSec's reveals New Street Square

The City of London Real Property Co Ltd, otherwise Land Securities, has submitted revised plans for the redevelopment of the New Street Square site (off Fetter Lane) in the City of London, EC4. The new plans are for 98,816 sq m (1.06m sq ft) of space to replace the existing 54,479 sq m (586,411 sq ft) of offices. The scheme, designed by Bennetts Associates, envisages five buildings, of between three and 18-storeys, providing 81,941 sq m (882,013 sq ft) of offices space and 3,082 sq m (33,175 sq ft) of retail space. - (22-11-2003)

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Selfridges unveils plans

The plans for the £300m development at the rear of Selfridges store in Oxford Street have been unveiled. The designs by Foster & Partners include about 27,870 sq m (300,000 sq ft) of offices, an additional 10,219 sq m (110,000 sq ft) of retail space, and a 12-storey five star hotel. If planning permission is granted the scheme will start in mid-2003 and will not be completed until 2007. The planning application was submitted to Westminster City Council earlier this week. - (13-12-2001)

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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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Four Millennium Quarter approvals

More than 2.6 million sq ft of new office schemes was granted planning permission by London Borough of Tower Hamlets last week. All the development are in the 20ha (50 acre) Millennium Quarter site in South Quay, London Docklands E14. The schemes include Ballymore's One Millharbour and Arrowhead Quay office schemes, the first five buildings over two phases of Capital & Provident's World Trade Centre scheme and the Quadratic building. - (20-05-2001)

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