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Minerva

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Pre-lets in EC3

Law firm pre-let

St Botolph announcement

Walbrook underway

Minerva start construction

City demolition start

Redesign for St Botolphs

City scheme's new owners

Tower feasibility study in EC3

Contractor tipped in EC4

Minerva tower could be re-designed

Summer start for EC4 groundscraper

Minerva consent

Walbrook scheme scheduled for 2007

Minerva Tower for 2005

Minerva plans 1m sq ft City start

Minerva Skyscraper wins approval

Ronson forecasts skyscraper demise

Minerva seek pre-let

Minerva revises 1m sq ft scheme

Minerva buys Ludgate House in SE1

Minerva wins permission for The Walbrook

CABE praises Minerva scheme

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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Minerva in Cannon Street

The Property Merchant Group and Abacus Developments have sold their freehold at 111 Cannon Street, London EC4 to Minerva for £9m. The building, comprising 1,375 sq m (14,800 sq ft) of office and retail accommodation, is multi-let and has planning consent for a 2,787 sq m (30,000 sq ft) mixed-use scheme. - (24-08-2006)

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'Groundscraper' to 'Skyscraper'

Minerva, the property developer, is said to be about to submit a new planning application for its St Botolph's House site in Aldgate, London EC3. Minerva already has planning permission for a 14-storey 'groundscraper' development of about 48,473 sq m (525,000 sq ft) but is now looking to build a 36-storey skyscraper, with a net lettable area of around 1.1 million sq ft. Floorplates will be about 2,972 sq m (32,000 sq ft) each. The scheme will also include 1,765 sq m (19,000 sq ft) of retail space and a roof top restaurant. Nicholas Grimshaw has designed the building, which will be 516 ft high, making it slightly lower than Tower 42. - (09-09-2001)

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Minerva to start Aldgate scheme

Minerva, the property company, is thought to have obtained vacant possession of its development site at St Botolph's in London E1. The site situated on the Aldgate roundabout, and includes St Botolph's House, Ambassador House, 138-139 Houndsditch and 2 White Kennett Street. Minerva is understood to have just bought out the interest of the Consignia, previously known as the Post Office, and is now said to be likely to start construction of its 48,473 sq m (525,000 sq ft) 'groundscraper' in December 2001. The architect for the scheme is Nicholas Grimshaw & Partners. - (18-06-2001)

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British Land may be in lead for Mayfair estate

British Land is now said to be the front runner to buy the 10-acre Berkeley Square estate in Mayfair W1 from the BP Pension fund. It is thought that an offer of around £300m has been made by the company that is on a shortlist of bidders that may also include the Barclay twins and Moorfield, the property group, Simon Hallabi, a Syrian-born investor, Grosvenor Estates, and the Saudi Arabian Royal family. The BP Pension fund acquired the portfolio in 1967 for around £12m. The sale is being dealt with by Richard Womack at CB Hillier Parker. It is said that unsuccessful bids have been made by Minerva, Benchmark, and Green Properties and an unnamed US investment bank. - (09-04-2001)

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Benchmark bid for BP Amoco portfolio

Benchmark is reported to have bid nearly £300m for the 100 properties around Berkeley Square, London W1, put up for sale by the BP Amoco pension fund. Other bids submitted last week are said to include those from Minerva and the Grosvenor Estate. BP Amoco is holding the property auction at a time when headline rents in the area are passing £861 per sq m (£80 per sq ft). - (25-03-2001)

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