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Revised consent in EC3

Hedge fund for new W1 building

New application in EC3

Midtown refurbishment

Contractor start in WC2

City scheme re-design

Demolition start in midtown

Long-awaited City application

Scheme planned in EC1

Walbrook Square deal conifirmed

Major City pre-let

Letting for Midtown scheme

Early stages on City site

Walbrook Square latest

Five storey block planned in Shoreditch

RCP agrees Euston deal

Office application in Covent Garden

City demolition consent

Covent Garden refurbishment mooted

Walbrook Square update

Smithfield negotiations

City scheme tipped

Site assembly in Soho

Metrovacesa pull out

Soho start

Walbrook Square new deal

New Smithfield plans promised

Consent for City scheme

Soho office consent

Consent for EC4 refurbishment

Revised application for EC4 scheme

Walbrook Square plans to be revised?

Demolition start in EC4

Generali submits plans

Consent for £100m Soho scheme

City fringe start

Walbrook Square rumour

Consent for major EC4 scheme

Legal & General on site

Office phase to go ahead in E1

Start planned for City scheme

End 2007 start for Royal London House

Revised Farringdon proposals

Fortress House update

L&G win permission for major EC2 scheme

Start for major west end complex

Bank finds City space

Mayfair scheme construction imminent

Application for huge City scheme

Coleman Street option

LDA confirmed in SE1

City scheme looks to 2006

Consent for St Giles

Legal & General submit application

Cricklewood redevelopment latest

Multiplex joins Cricklewood scheme

HQ pre-let for Guardian Media Group

Greycoat sells Old Jewry site.

Thornfield's 5m sq ft application

Paternoster at structural completion

Riverside Quarter office underway

Berkeley Square acquisitions

Spitalfields scheme approved

Redevelopment opportunity for LMS?

Main contractor for Walker House

Legal & General fund Frogmore scheme

Announcement expected on 50 Finsbury Square

Southwark Land Regeneration win Elephant

Redevelopment plans for Walker House EC4 submitted

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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Major scheme launch

Legal & General is launching its 500,000 sq ft Renzo Piano-designed Central St Giles office scheme in London, WC2, at MIPIM 2010. The scheme includes 400,000 sq ft of offices, with large office floors of 43,000 sq ft, plus 109 apartments and retail. Letting agents are Jones Lang LaSalle and Cushman & Wakefield. - (16-03-2010)

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Bishops Place approved

Hammerson has had its Bishops Place regeneration project approved yesterday by LB Hackney. The revised scheme includes 233 Shoreditch High Street (the Light Bar building) and relates to a 1.3ha (3 acre) site in London, E1. The 1.5m sq ft project, designed by Foster + Partners, will include about 59,922 sq m (645,000 sq ft) of offices, a hotel, residential, and retail space. - (05-11-2009)

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Glasnost - Online Project, Contact & Image Management

London survey looks forward

The latest Drivers Jonas Crane Survey, researched by Cityoffices.net, has found that despite 10.3m sq ft under construction (of which 7.15m sq ft is available to let) there were only six significant starts in Q4 2008 and Q1 2009. There are 30 buildings available to let at the moment of greater than 100,000 sq ft. DJ said developers should expect more prelets in 2010-11 for completion in 2013. Tenant’s choices will be reduced over the next few years. In addition short-term lease extensions being agreed now could generate further demand. - (11-06-2009)

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Demolition start at Central St Giles

Demolition work is underway at Legal & General and Stanhope's Central St Giles scheme in London WC2. The 37,522 sq m (403,883 sq ft) development will provide 37,160 sq m (400,000 sq ft) of offices, 100 apartments in two residential towers, ground floor retail space and two public squares. Completion is expected in october 2009. - (16-03-2007)

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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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Property at the top?

The top of the property investment market has been called by agent DTZ. Joe Valente, group head of research, has commented that the peak of the commercial market had probably been reached and that the level of interest in buildings on the market has been seen to be falling recently. This accords with the general view of property cycles that prices go up and then usually go down. - (06-07-2006)

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Canary and Ballymore win Wood Wharf

British Waterways, the owner of the 8.3ha (20-acre) Wood Wharf site to the east of Canary Wharf, London, E14, has chosen Canary Wharf Group and Ballymore Properties as its preferred partners on the £2bn regeneration. Offices, residential and a hotel are planned. - (01-02-2005)

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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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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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Save Smithfield Market

Save Britain’s Heritage (SBH) is setting out to save the western buildings at Smithfield Market from redevelopment plans by the Corporation of London. SBH considers that the impending fight to be as important at that for Covent Garden in the 1970’s. The General Market buildings, owned by the Corporation of London and designed by architect Sir Horace Jones, have been vacant for at least six years. Although the entire complex is within a conservation area only about 60% of the buildings are listed. Thornfield Properties is thought to be working up a planning application for office development supported by the Corporation. The site is part of a plan by the City of London to allow 1m sq ft (92,900 sq m) of development at the western end of Smithfield and the proposed Crossrail track will bisect the site. - (18-02-2004)

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L&G unveils St Giles Court plans

Legal & General and Stanhope have unveiled designs for a mixed-use 46,451 sq m (500,000 sq ft) for St Giles Court, St Giles High Street, off Oxford Street, London WC2. The scheme has been designed by the Italian architect, Renzo Piano and includes offices, restaurants and retail based around a new semi-covered public space. The scheme also includes 100 housing units. The scheme would require the demolition of L&G’s 18,600 sq m (200,000 sq ft) St Giles Court office block, currently occupied by the Ministry of Defence on a lease until 2011. At present public consultation into the propsals is underway and a planning application could be submitted to London Borough of Camden later this year. - (16-02-2004)

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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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Stanhope and Crown Estate make plans

Stanhope plc is to be The Crown Estate's development partner in the £200m mixed-use (including 100,000 sq ft of offices) regeneration of Regent Street in Central London. A planning application for the scheme was submitted to Westminster City Council in June and is currently under consideration. The scheme includes provision of state-of-the-art residential, retail and office space. 229-247 Regent Street, between Hanover Street and Princes Street, near Oxford Circus, is the first phase of the scheme. It will contain almost 180,000 sq ft of space. This will include around 100,000 sq ft of offices and 60,000 sq ft of retail space, including 30,000 sq ft for flagship store. - (19-11-2001)

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Lend Lease buys part of Patent Office

City & Provincial and Lend Lease have acquired part of the former Patent Office at 10 Furnival Street, London EC4 for about £12.5m. The eastern part of the building has been acquired from City & General, which is currently refurbishing the 4,645 sq m (50,000 sq ft) Central Court and the 2,787 sq m (30,000 sq ft) Staple Court. This phase is due to be completed in August 2002 and Jones Land LaSalle and Montagu Evans are to begin marketing in September. The eastern part of the building will be refurbished and extended at a cost of £15m and the office content will be increased from 8,175 sq m to 10,312 sq m (88,000 sq ft to 111,000 sq ft). The Lend Lease joint venture was advised by Knight Frank. - (25-08-2001)

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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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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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Strategic thinking

The strategic plan for London will recommend a massive redevelopment to the north-east and east of the City according to deputy mayor Nicky Gavron. The spatial development strategy will rethink London's transport provision and could support the regeneration of land in the Lee Valley and Thames Gateway areas. The main strategic policies are due to be published in a consultation document in April, with a more detailed draft by the end of 2001, and a final version ready in by late 2002. - (25-03-2001)

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'Self Cleaning' glass launched

Pilkington, the UK glass company, has announced a 'self cleaning' glass pane, named Activ glass. The new galss uses a special coating to to prevent rainwater sticking to the surface and also reacts with ultraviolet light to dissolve dirt. Activ will be available next month in Ireland, which has been chosen for the test launch because of its generally wet weather. Activ will launch in Europe at the end of the year. - (07-03-2001)

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£1.5bn Elephant deal finalised

The deal with Southwark Land Regeneration, a joint Frogmore Estates and Godfrey Bradman venture, for the mixed-use redevelopment of the Elephant & Castle area, was finalised at a Southwark Council meeting on Monday 22nd January 2001. An outline planning application for the scheme could now be submitted in the autumn, following public consultation on the proposals. - (26-01-2001)

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SG to expand at Tower Hill site

A planning application has been submitted by Healey & Baker on behalf of SG (Societe Generale), for the redevelopment of the Minories multi-storey car park adjoining SG's office at 41 Tower Hill, London EC3. The proposal is to redevelop the Corporation of London car park to provide a 9-storey office block of 23,937 sq m (257,657 sq ft) gross and 18,615 sq m (200,371 sq ft) net office floorspace. - (17-10-2000)

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Plans submitted for former Patent Office

A major refurbishment is planned for the former Patent Office building at 25 Southampton Buildings and 10 Furnival Street, London WC2. A planning application has been submitted to the Corporation of London by Montagu Evans, on behalf of City & General Holdings (Holborn) Limited, for a 25,998 sq m (27,964 sq ft) refurbishment and part new build of the listed building. The Patent Office relocated to Newport in 1991 and the buildings have been in temporary use since then. - (29-09-2000)

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