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Major scheme starts on site

SE1 scheme on site

US bank shortlists architects

City refurbishment start

HQ refurbishment starts

London Offices – An Olympic Year?

Mayfair HQ revised

West End start

Central London - a Sack Full of Refurbs

Scheme discussions

Refurbishment possible

More London letting

Development starts (again)

London Office Market – Special Report

Tower sees more deals

Baker Street deal

Leadenhall triangle site bought

Noho scheme underway

Planning for Mayfair block

Midtown scheme poised

Tower completion

St James office sale

West End scheme tipped

City building let

Rex fully let

City fringe scheme to start

Revised scheme plans in Hammersmith

Refurbishment plan for EC3 building

Five storey block planned in Shoreditch

More offices for Kings Cross

Start in SE1

West End scheme Q3 completion

West end scheme start

SE1 redevelopment could be revived

Midtown refurbishment

Mixed use consent in W1

Fresh start at Crossharbour

Availability down

Docklands application

West end scheme schedule

Oxford Street plans

Start in Noho

West end construction start imminent

Victoria mixed-use underway

City consent

Camden office plan

Shortlist for Soho site

Planning inquiry in SE1

Consent in EC2

Pinnacle update

Scheme lands first tenant

Regent demolition

City consent

City scheme on track

Victoria re-design

Wood Wharf application

Wood Wharf outline plans

Gresham Street deal

Revised application for EC4 scheme

Walbrook Square plans to be revised?

City refurbishment start

New scheme for EC4

Office redevelopment in W1

Castlemore start on site

Construction start in EC3

Fitzrovia consent

Summer 2008 completion in the City

Quadrant East consent

Marsh Wall scheme underway

Work underway in E14

New tower scheme for E14

Letting at More London

Another Docklands start

Major pre-let for SE1

HQ is underway

Tenders invited for City refurbishment

Ballymore submits new plans

More buildings at Eastbourne Terrace

Paddington refurbishment

Docklands start rumoured

Gresham street progress

Preparation for More London building

Redesign for St Botolphs

More offices for EC3

More buildings for Aldgate

Revised scheme for Docklands

More office space for EC3

Refurbishment plan for City building

Gresham consent in EC2

Station sites shortlist

Contractor appointed for SE1 scheme

More offices for E1 site

Tower gets underway in EC2

Consent for Strand redevelopment

Consent for SE1 scheme

Ballymore in negotiations

New scheme planned for London Bridge

Construction underway in EC4

Office construction for E14 site

Holborn scheme construction details

March lettings - deals climb

London office lettings in March 2012 as researched by Cityoffices, reached 800,000 sq ft, in line with recent monthly totals. The largest letting was Pushbutton's near 50,000 sq ft deal at the Glasshouse building in EC1. A healthy 70 deals of 5,000 sq ft or more were recorded in the month. - (18-04-2012)

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Docklands scheme progress

Canary Wharf Group has bought ownership of the Wood Wharf Limited Partnership from British Waterways and Ballymore Properties. Canary Wharf Group will now have control of design over the 16.8 acre Wood Wharf mixed use development scheme site, which is immediately adjacent to the Canary Wharf. Wood Wharf will comprise 1.25 million square feet of residential development, 200,000 sq ft of retail, 3.1m sq ft of offices and a 200,000 sq ft hotel with a single outline planning consent in May 2009. Detailed consent was subsequently granted for the three office buildings closest to the Canary Wharf estate totalling 1.5m sq ft net in July 2009. - (20-01-2012)

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September take-up rises

London office lettings reached the magic 1 million sq ft mark in September 2011, including 160,000 sq ft of new Grade A space. Figures from Cityoffices show a healthy 71 deals over 5,000 sq ft were signed, with the City accounting for almost half the total. Analysis shows tenants are still more likely to sign for cheaper fringe or Midtown space, with over half the floorspace let in these areas. - (25-10-2011)

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Glasnost - Online Project, Contact & Image Management

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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February 2011 London lettings

Central London recorded just under 800,000 sq ft of office transactions in 60 medium/large deals in February 2011. Although the City had the largest share with 40% of space transacted, there were relatively few lettings of brand new grade A space. It was a quiet month for financial services with more space let to professional firms. - (18-03-2011)

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Christmas 2010: 22% More Christmas Cheer - Official!

London office deals in 2010 are now 22% up - in terms of space taken - on last Christmas. CityOffices research has identified just over 11.1m sq ft of office deals in central London this year. This is the first rise in deals-done since take-up peaked in 2007. Recent pre-lets to Bloomberg, BNP Paribas and JP Morgan, have helped drive a strong final quarter of this year.

The take-up of Grade A recently constructed or refurbished space also shows a slight increase by 10%. Deals signed on prime space in central London account for 4.2m sq ft in 2010, compared to 3.8m sq ft in 2009.

The City of London has dominated deals this year accounting for 5.1m sq ft, or 46%, of total take-up. The West End saw just 1.8m, or 16%, of deals signed, with the remainder of lettings mainly focused on Docklands and ‘fringe’ locations.

Financial services came back strongly in 2010 and accounted for over 44% of space let. The next best performing sectors are professional services, media, and insurance, which together took 25% of space let.



The late surge in deals this year, and the large amount of space expected to be signed up in early 2011, means that the London fit-out market will be strong in the first half of next year. After that a reduction in available prime office space, and increasing rents, may lead to occupiers pre-letting, or undertaking short-term refurbishment and re-stacking, to await the next ‘wave’ of office buildings due to arrive in 2013.

So it looks like a Merry Christmas for all

Our best wishes for a prosperous 2011

The CityOffices team. - (24-12-2010)

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Lettings in Land Securities buildings

News International is taking 5,110 sq m (55,000 sq ft) of offices on the ground, first, fourth and fifth floors at Land Securities' 2 Thomas More Square and 1,400 sq m (15,000 sq ft) on the 14th floor of 3 Thomas More Square, both in London, E1. The leases run to 2020. These deals take total occupancy in Thomas More Square to just under 99% with News International occupancy at Thomas More Square over 260,000 sq ft. - (29-07-2010)

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Developer schedules three schemes for 2010

Land Securities plan to start work on three West End office developments in 2010 with the intention of completion in 2013. The developer is looking to start Park House in London W1, Selborne House in SW1 and possibly Victoria Interchange. Park House includes more than 100,000 sq ft of retail and 160,000 sq ft of office space. Selborne House is close to Parliament. Land Securities is prepared to build both without pre-lets, ahead of likely completion in 2013. - (14-01-2010)

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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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Application for Canary towers

Wood Wharf Limited Partnership, comprising British Waterways, Canary Wharf Group and Ballymore Properties, has submitted detailed plans for two office buildings at Wood Wharf, E14. The two office buildings (W01 & W02-03) will be located on the northern side of the site. Building W01 designed by Kohn Pedersen Fox Associates, will be 134m tall and provide 84,600 sq m (911,000 sq ft) of office space over about 30 storeys. Building W02-03, at a height of 194m, is designed by Clarke Pelli and provides 149,000 sq m (1.6m sq ft) of floor space over about 40 storeys. - (04-06-2009)

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Wood Wharf outline approved

Wood Wharf Limited Partnership, comprising British Waterways, Canary Wharf Group and Ballymore Properties, has had its outline planning application for the development approved. The plans for the 7ha (17 acre) Wood Wharf site in London, E14, include 455,221 sq m (4.9m) sq ft of offies, retail and leisure space and 1,668 apartments. The scheme includes a £50m S106 agreement and a £100m contribution to Crossrail. Wood Wharf will be developed as four phases. Reserved matters on Phase 1 will be submitted in 2009. - (06-11-2008)

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More view less towers

An interim report from the Department of Culture could lead to changes in the protected view lines for the Tower of London, Westminster Abbey and the Palace of Westminster. London's Unesco World Heritage Sites are seen as being in need of more stringent planning rules to protect them. Any move to extend view lines could be at odds with the Mayor of Londons support for tall buildings. The Government is undertaking a visual impact study to review the current London View Management Framework. Any changes to London view lines is certain to lead to a lively debate. - (15-02-2007)

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Ballymore to press on in Docklands

Following London's Olympic win, developer Ballymore has taken a full page advertisement in today's press highlighting its plans to build 3.5m sq ft of offices, by 2012, at Arrowhead Quay, Crossharbour, New Providence Wharf, Peninsula Reach and Wood Wharf in London's docklands. - (07-07-2005)

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More offices from Portman.

Portman Estates has submitted a planning application to convert a residential mews at 19-22 Rodmarton Street, London W1, into a £2m office development. The scheme is the next phase of the company’s Gloucester Place scheme. When contacted, Portman refused to comment on the offices beyond saying that the project was still under consideration as to whether the offices will proceed or if they will remain residential. The architect is Sheppard Robson. - (18-04-2005)

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More London 7!

A new phase of the More London development is being planned. More London 7 will provide approximately 37,175 sq m (400,000 sq ft) of office space over 10 floors and include an unspecified amount of retail as well. A detailed planning application has yet to be submitted and no work will begin without a substantial pre-let. The development team remains the same as on previous More London projects. - (18-03-2005)

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Spring start for Winchmore House

British Steel Pension Fund is planning a refurbishment of the 7,897 sq m (85,000 sq ft) Winchmore House on Fetter Lane in EC4. The fund has vacant possession of the building and the refurbishment could start in spring 2005 for completion in early 2006. - (23-02-2005)

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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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More London underway

Construction is now officially underway at More London Riverside of plots 3, 4 and 5 comprising 41,806 sq m of offices and a Hilton hotel in the Foster-designed scheme. Construction of the London, SE1 scheme is expected to complete in late 2006. Both the office buildings are pre-let to law firms. - (31-01-2005)

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Latest markets views

The latest report from King Sturge sees no significant rental growth in the City of London until 2006 and indicates tenants are now getting up to three years rent free periods on long leases. Tenants are paying around £45 per sq ft in the City and £90 per sq ft in the prime areas of the West End (between Bond Street and Piccadilly). The City still has more than double the vacant office space of the West End making it a buyers market. Cushman & Wakefield Healey & Baker has estimated vacant office space at 18m sq ft in the City of London, making the vacancy rate about 13%. In the West End the vacancy rate is put at about 8%, with 7.4m sq ft of office space vacant. - (13-01-2005)

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British Waterways' shorter shortlist

British Land and a consortium of Canary Wharf Group, Ballymore Properties and Manhattan Loft Corporation, have been shortlisted by British Waterways to develop the 334,448 sq m (3.6m sq ft) office scheme, hotel and apartments, on a 8.3ha (20-acre) Wood Wharf site in London Docklands, E14. A final decision on the developer is expected in January 2005 and British Waterways is likely to want to retain a share in the project. Atis Real Weatheralls is advising British Waterways. - (04-12-2004)

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Ludgate West to be enabled

Before Christmas, British Land is to begin enabling works on its 17,000 sqm (182,987 sq ft) Ludgate West development site on Farringdon Road. However, a start date for construction has not been determined nor has a main contractor appointed. Work may commence during 2005 but is unlikely without a sizeable pre-let. The architect is Skidmore Owings & Merrill - (27-11-2004)

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British Land submits skyscraper plans

British Land has revealed the plans for a 48-storey glass tower at the site of 122 Leadenhall Street, London, EC3. The Richard Rogers Partnership is the architect of the Leadenhall Building which at 224m (737 ft) tall would be the highest in the City of London. The design incorporates a distinctive triangular shape and will provide 53,605 sq m (577,000 sq ft) of offices, with the lower floors of the building providing restaurants and bars along with 1,672 sq m (18,000 sq ft) of retail space. British Land is hopeful that the Leadenhall Building will be completed in 2006, with a late 2004 start following approval of the planning application made this week. English Heritage is thought to be more positive about this skyscraper as it does not block views of St Pauls. - (15-02-2004)

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Helical Bar calls bottom of the market

Helical Bar has joined other property developers in calling the bottom of the central London office market. Michael Slade, managing director, has commented to the effect that although the City of London office market has bottomed out, he saw no rapid upturn and it might not come on-stream for three years. Taking a more positive view of the West End market he has said that it will come on-stream in two years time. - (28-11-2003)

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Holborn Viaduct plans submitted

A planning application has been submitted for the redevelopment of 40 Holborn Viaduct and 2 Charterhouse Street, London EC1 by the developer Castlemore Holborn Partnership. The architect for the development is Rolfe Judd and the scheme is for a new office building of 21,658 sq m (233,126 sq ft) with 130 sq m (1,399 sq ft) of retail units on the ground floor. - (27-02-2003)

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Bishops Square plans revised

The plans for Bishops Square at Spitalfields market, by the Spitalfields Development Group, have been re-worked following public consultation. The new plans, by Foster and Partners, take into account the needs of law firm Allen & Overy, which has pre-let the building. The scheme includes 69,675 sq m (749,981 sq ft) of offices and 3,995 sq m (43,002 sq ft) of retail space. The revised plans replace the 'ski-slope' design with a more standard 'stepped' building. - (18-03-2002)

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Benchmark in bouyant mood

Benchmark Group, the property company specialising in the West End office market, is in a positive mood about the prospects for West End offices in 2002 and 2003, and considers that there is a good balance between supply and demand. The firm recently paid £55m to gain management control of 90 Long Acre, London WC2, a 17,837 sq m (192,000 sq ft) building, and is currently refurbishing the fourth floor of 2,043 sq m (22,000 sq ft). Benchmark has said that it intends to bring more space on-stream during the year. - (06-01-2002)

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More tall stories needed

Yet another debate on tall buildings got going this week, this time in a UK-wide context. The urban affairs sub-committee of the Commons select committee on transport, local government and the regions, is to hold an inquiry into tall buildings. The committee will examine the role and location of tall buildings and consider if there should be a government policy on them. The inquiry will, in part, consider the role of tall buildings in providing office space for global companies. The committee will also look at impact on views and consider whether buildings should be located in clusters and the if any restrictions should be placed on location. If anyone is not too busy with the Heron Inquiry or the GLA tall buildings policy review then the deadline for inquiry submissions is 17 December. - (01-12-2001)

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Agents for change

With more competitive times now facing the property industry developers are starting to make a few changes in their letting agents. Thorstone Land has replaced Knight Frank on the marketing of Lion Plaza in EC2 with BH2, and at 'The Eye' in WC1 Alfie Buller's Bee Bee Developments has replaced Atis Real Weatheralls with Insignia Richard Ellis. No doubt there are more changes to come as the increasing supply puts more pressure on agents to be more proactive in letting space. - (10-11-2001)

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Barclays to take space at Canary

Barclays Bank has confirmed that it is has reached agreement in principle with Canary Wharf Group to take a new headquarters building at Canary Wharf, London E14. The bank is to take the BP1 site at Churchill Place, at the eastern end of the scheme. The building will be about 1 million sq ft and initially 60,386 sq m (650,000 sq ft) will be occupied by Barclays, with the flexibility to move into more space as required. Design work is underway and construction of the new tower will start at the end of 2001 and is due to be occupied by Barclays in 2005. Barclays Bank is being advised by Weatherall Green & Smith. - (05-09-2001)

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Ericsson to move European HQ

Ericsson is to move its London-based operations from its current regional office at 1 St James's Square, London SW1 to 105 Wigmore Street, London W1. The telecoms company is thought to have taken about 2,601 sq m (28,000 sq ft) in the top four floors. The move is being made as a consequence of the ongoing "Efficiency program" in the company and was taken after Ericsson reduced its London-based workforce from more than 100 to around 70 staff. It is said that the move will "substantially lower costs". The London offices deals with treasury and vendor finance, strategic global HR operations, and communications functions such as investor relations and marketing and sales operations. - (24-08-2001)

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GLA headquarters topped-out

The new ten-storey headquarters of the Greater London Authority (GLA), designed by Foster and Partners, was topped out by Nick Raynsford, Minister for London, and Ken Livingstone, Major of London, last week. The new GLA building, said to resemble a glass headlight, occupies a site at CIT's More London development in SE1. - (09-07-2001)

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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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London economy slows

The Centre for Economics and Business Research has said that growth in London's economy will be cut by more than half in 2001 as the downturn in the economy affects firms in the capital. The decline in corporate finance work and stock market slump will see the financial services sector act as a drag on London's growth. The CEBR expects the London economy to grow by just 2.1% this year, down from 5% last year. In 2002 growth could increase slightly to 2.6% but will be behind the national average of 3%. The report on London's economy also predicts 10,000 job losses. - (18-05-2001)

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Resolution funds London offices

UK based Resolution Property has launched three limited partnerships to finance more than £250m of property development in London. The financing will fund three office schemes in London boroughs of Hayes, Hammersmith, and Camden. The deal is backed by JER Partners and the Blackstone Group, US real estate investors. Deutsche Bank, and its property financing subsidiary Eurohypo, will provide debt of up to £165m to complete the deal. UK institutions invested a record £5.6bn in property in the first nine months of last year, and saw yields of around 7% achieved. - (18-05-2001)

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Skanska sells to Axa Sun Life

Skanska, the Anglo-Swedish construction group, has sold its last two investment properties in London to AXA Sun Life for just under £91m. The two developments are at Thomas More Square, E1 and 55 King William Street, EC4. The 22,000 sq m (236,840 sq ft) Trinity Tower at Thomas More Square, overlooking St. Katharine Docks, completes the bulk of Skanska's sale of the development, which began last year. The King William Street property comprises 5,839 sq m (62,859 sq ft) of offices with some retail and leisure uses. Frederick Wirdenius, President of Skanska's Project Development Europe said: ‘These two sales, which made a profit for Skanska of £34 million, represent the completion of Skanska's divesting of its real estate portfolio in London. It also creates possibilities for continued investments in other attractive growth areas in Europe.’ - (11-05-2001)

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High buildings make news

Several items concerning high buildings in central London are in the news this week. "Towards a London Plan", the strategic development discussion paper, has just been issued by the Greater London Authority. One of the key elements of the proposals is to increase the supply of affordable office space by allowing more tall buildings, particularly at main railway stations. A joint report by English Heritage and CABE is said to be due out after the election and is reported to be saying that proposals for high buildings must be judged on their individual merits. In addition The Architecture Association is staging a mini-exhibition entitled "Tower Power: Does size matter?" at various central London venues next month. On display will be the plans for several London skycraper schemes. For further details call 020 7253 3334. - (11-05-2001)

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Latest plans for Times Square agreed

Sableknight's revised proposals for Times Square, 160-162 Queen Victoria Street, London EC4 received planning approval the week before Easter. The plans were revisions to the schemes approved in 1998 and 1999. The 29,580 sq m (318,397 sq ft) office scheme, by Skidmore Owings & Merrill, also involves Louis Dreyfus and QVS Developments. - (22-04-2001)

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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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Ernst & Young confirm SE1 pre-let

Ernst & Young, the accountancy firm, has confirmed that it is to take about 35,767 sq m (385,000 sq ft) at CIT's More London Bridge development in London SE1. Ernst & Young is said to be taking Building 1A, with an option to take a further 10,684 sq m (115,000 sq ft) in the linked Building 1B. The firm's relocation in early 2003 could release up to 12 buildings onto the market, including Rolls House, 7 Rolls Buildings, London EC4 and Becket House and York House, London SE1. DTZ Debenham Tie Leung is advising Ernst & Young. - (25-03-2001)

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'Chamaeleon' building approved

Ballymore's Arrowhead Quay office scheme in South Quay, London Docklands E14 has had its planning application approved by London Borough of Tower Hamlets. The scheme, designed by Skidmore Owings & Merrill, will in total provide 44,600 sq m (480,074 sq ft) of office space, with leisure and retail space in two buildings. The design will make use of a Mica paint technology that will make the façade of the buildings appear to change colour between blue and green depending on the light conditions. - (07-03-2001)

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Ernst & Young to More London Bridge?

A report in this weeks Sunday Business has said that Ernst & Young has decided to relocate to purpose built offices on the South Bank. Ernst & Young had been linked to taking office space at One Westminster Bridge but following the decision to refuse planning approval it is possible that the firm is now again looking closely at taking space at CIT's More London Bridge in SE1. Ernst & Young has in the past been linked to Plot 4 at More London Bridge for a 40,864 sq m (439,865 sq ft) building. - (25-02-2001)

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Mayor directs first office refusal

The saga of One Westminster Bridge Road, London SE1 continues. Lambeth Council has now been directed by the Mayor of London to refuse the 28,000 sq m (301,392 sq ft) Frogmore Estates scheme. The decision seems to be based on design grounds and the scheme "being contrary to good strategic planning". The refusal of the Gensler designed scheme comes after Lambeth granted planning permission, subject to a section 106 agreement and the views of the Mayor, following a redesign. - (25-02-2001)

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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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London & Regional buys EC4 site

London & Regional Properties has taken a controlling stake in a 0.9ha (2.2 acre) site on Victoria Embankment, London EC4, which includes the 37,160 sq m (400,000 sq ft) Morgan Place, 60 on Victoria Embankment, London EC4Y OJP, occupied by JP Morgan, the US investment bank, on a lease expiring in 2016, and the former City of London School for Boys. The site was sold by Sumitomo Life for about £135m. The deal has led to speculation that JP Morgan, which is about to merge with Chase Bank, will now seek to combine operations in one site in London. Chase, formerly Chase Manhattan, also recently acquired Flemings the UK investment bank, based at London Wall EC2, where leases expire in 2004 and 2006. The merger between Chase and JP Morgan will see around 2,000 staff laid off by the end of the year in London and New York and more in 2001. - (01-12-2000)

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CSFB takes pre-let at Canary Wharf

Credit Suisse First Boston has agreed Heads of Terms to lease a further 46,451 sq m (500,000 sq ft) of office space at 5 Canada Square (site DS1) Canary Wharf, London E14. DS1 is currently under construction and the architect of the 14-storey tower is Skidmore Owings & Merrill (SOM). The new office space is due to be due for occupation in spring 2002. The leasing of building will mean that CSFB has 1.8m sq ft at Canary Wharf in seven buildings. In 1999 Bovis Interiors carried out the fitting out work for CSFB at its Columbus Courtyard office. Once CSFB has signed a binding agreement on the Canada Square building the pre-let will prompt the speculative construction of HQ3, a 32-storey tower, designed by Cesar Pelli, that will provide 55,741 sq m (600,000 sq ft) of office space. - (09-11-2000)

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Land Securities to develop One New Change

Land Securities has acquired the One New Change site in the City of London from the Bank of England for "more than £175m". The property group is said to be planning a retail and leisure complex to provide "the feel of the West End" on the 1.14ha (2.73 acre) site, which is close to St Paul's Cathedral. Land Securities won the site against competition from eight other bidders. - (12-10-2000)

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McGraw Hill to take DS4 at Canary Wharf

McGraw-Hill, the US-based information services provider, has signed a letter of agreement with Canary Wharf Group to take the majority of the 46,450 sq m (500,000 sq ft) DS4 building at Canary Wharf to accommodate the company's rapidly growing financial services and business-information operations. The new building for The McGraw-Hill Companies is designed by Skidmore Owings & Merrill and construction wok will start once formal contracts are signed and will be ready for occupancy in 2003. The McGraw-Hill Companies plan to occupy the majority of the new building with options for expansion over the balance of the space. The new building will have direct access to the new retail building immediately to the north, to the underground retail mall, and to the Jubilee line link - (06-10-2000)

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Tower Hamlets agrees two South Quay schemes

The World Trade Centre proposal at Marsh Wall, London E14, put forward by Capital & Provident Management, received planning approval this week from London Borough of Tower Hamlets. The World Trade Centre will in total comprise 2 million sq ft, in nine buildings, and is to include a Posthouse Premier Hotel. Separately, the Arrowhead Quay scheme on Marsh Wall E14, planned by Ballymore, also obtained planning permission. The Arrowhead Quay scheme is in total a 66,239 sq m (713,000 sq ft) mixed use development incorporating office, retail, and leisure. The 16-storey and 26-storey glass and steel buildings have been designed by Skidmore Owings & Merrill (020 7793 1007). - (04-10-2000)

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British Land announces deal with WestLB

British Land has announced a joint venture with Westdeutsche Landesbank (WestLB), the German bank, to dispose of a 50 per cent interest in four London office properties and receive £358m cash. The four properties are One and 10 Fleet Place, 100 New Bridge Street, and Watling House on Cannon Street. The remainder of the venture will be owned by WestLB, and Westdeutsche ImmobilienBank and Provinzial-Feuerversicherungsanstalt Der Rheinprovinz-Versicherung Der Sparkassen. John Weston-Smith, finance director at British Land, has been reported as saying that the deal is "more than enough" to pay for current developments in the City of London. - (03-10-2000)

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One Westminster Bridge refused permission

On 19th September 2000 the London Borough of Lambeth refused planning permission for Frogmore's proposed redevelopment of the former Count Hall Island block in SE1. The Gensler designed scheme, known as One Westminster Bridge, was refused permission following criticism from CABE (Commission for Architecture and the Built Environment). Lambeth Councillor Kevin Craig has been reported as saying "We did not feel that this was an application we could support since it is a world heritage site and next to a listed building". Frogmore is understood to be likely to appeal against the decision. - (24-09-2000)

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