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Gresham Real Estate Fund II

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Space let at City scheme

City refurbishment

Refurbishment mooted in EC4

Gresham Street deal

City pre-let

Scheme start in EC2

Summer 2008 completion in the City

Mace Plus appointed

Gresham refurbishment

Construction start in EC2

Gresham street progress

January start for EC2 scheme

City scheme to start in 2007

New scheme for EC2

Gresham consent in EC2

Demolition of major City block

Letting for EC2 building

City scheme gains consent

99 QVC letting rumour

Rafael Vinoly appointed for EC3 tower

DKW takes 30 Gresham Street

Asticus plan SW1 scheme start

Happy New Year?

Land Secs stops spec

Excess of new offices for 2003?

Redesign for Gresham Street.

Sandford C Bernstein moves

10 Gresham Street to start

Completion date for Aboris

Bovis Lend Lease win Gresham Street

Standard Life raises funds for new developments

Start on site planned for Blossom's Inn EC2

Northern House acquired by Asticus

Latest London investment sales

Norwich Union submits plans for Gresham Street

Standard Life in search for head

Royal Exchange developer selected

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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LandSecs sell 30 Gresham Street

It has been reported that Land Securities has sold the freehold of 30 Gresham Street to to the Government of Singapore Investment Corp for £300m. The 36,368 sq m (391,462 sq ft) building was let to Dresdner Kleinwort Wasserstein last autumn. BH2 advised Land Sec on the sale. - (04-05-2005)

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Helical Bar pre-let

Linklaters & Alliance, the law firm, has confirmed that it has pre-let 8,830 sq m (95,000 sq ft) at 3 Bunhill Row, London EC1. The scheme is being developed by Helical Bar and adjoins the recently completed 25 Chiswell Street building let to rival law firm Slaughter & May. Linklaters has been previously rumoured to have 'overspill' requirements due to expansion and will have to relocate 250 staff from Clements House at 14-18 Gresham Street, London EC2 in the future. DTZ Debenham Tie Leung acted for Linklaters Alliance. - (22-04-2001)

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Topland could invest £600m in City

Topland, the privately owned property company, is said to be looking to acquire up to £600m of property in the City of London, and has just acquired 33 King William Street, London EC4 for £85m from Land Securities. 33 King William Street was built in 1983 and provides around 13,000 sq m (140,000 sq ft) of office space, it is the home of Merrill Lynch Investment Managers. Last year Topland acquired 51-55 Gresham Street EC2 from Land Securities for £46m and recently bought 150 Aldersgate Street EC1 from Slough Estates for £33m. - (02-02-2001)

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"The Tree House" scheme submitted

Asticus has just submitted a planning application for an alternative 10-storey scheme at Northern House, 29 Gresham Street, London EC2. The new scheme comprises a total of 15,510 sq m (166,949 sq ft) with 13,278 sq m (142,924 sq ft) of office space and 778 sq m (8,374 sq ft) of restaurant space. The new scheme, designed by Nicholas Grimshaw, seems to be named "The Tree House". - (28-09-2000)

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Company Details for Gresham Real Estate Fund II