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Fringe scheme start

City scheme underway

City fringe start

Office site to be residential

Mayfair consent

City refurbishment green light

Noho refurbishment start

Former HQ refurbishment

Oxford Street start

Contractor tipped

Refurbishment on market

Midtown appointment

Former HQ refurbishment

City refurbishment start

London Offices – An Olympic Year?

Application in EC1

Tower contractor

Contractor appointed

Mayfair HQ revised

City refurbishment start

Consent for refurbishment

Mayfair refurbishment

West end start planned

City refurbishment consent

West End pre-let

West End start

Central London - a Sack Full of Refurbs

Midtown start

Consent in EC2

Phase 2 start date

HQ refurbishment application

Refubishment opportunity in SW1

Demolition start in EC2

City refurbishment

London Office Market – Special Report

New plans for West End site

Holborn refurbishment plan

Vacant office negotiations

City consent

Mayfair scheme start

Refurbishment underway

Soho construction start

St James's demolition start

Marylebone refurbishment

Refurbishment to start

St James's building to be refurbished

Former HQ to be refurbished

Redevelopment may follow purchase

Riverside refurbishment

Noho scheme underway

West End pre-let

Work starting on City fringe scheme

Mayfair consent

Midtown scheme poised

Holborn refurbishment plan

Contractor appointed

Refurbishment in WC2

New Soho scheme

Refurbishment plan in SW1

Law HQ refurbishment

City fringe application

US developer may start on site

Mayfair scheme revived

Scheme planned in EC1

Refurbishment plan in EC2

City development opportunity

Soho scheme planned

City development start

City refurbishment start

Office extension in EC4

West end scheme start

Walbrook Square deal conifirmed

LandSecs scheme approved

St James refurbishment tenders

Midtown scheme to start

Major Mayfair application

City refurbishment

NoHo Square new team

Blackfriars scheme seeks new investors

West End scheme tipped

German bank to build

Mayfair scheme re-started

Midtown scheme to start

Victoria demolition start

Midtown scheme consent

Met letting

NoHo Square developers named

Mayfair office redesign

Office tower sold for redevelopment

Progress for Mayfair scheme

Letting at City scheme

Midtown scheme consent

City demolition consent

West end site to be developed

Euston start planned

Refurbishment in W1

Pinnacle update

Re-design mooted for W1 scheme

City office refurbishment application

Noho start on site

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: 30 new office schemes in Q1

London Springs Forward

The first quarter of 2011 marked the beginning of a new cycle in London’s office construction. Since January 2011, Cityoffices research has revealed that 30 new office schemes have seen starts on demolition and construction work. Schemes such as Africa House, Howick Place, Grosvenor Hill, and 20 Fenchurch Street (full list at cityoffices.net) are just some of those now underway. When completed, these schemes will add over 5.5m sq ft to London’s available office space.

These 30 schemes appear to be speculative as none of the developers has yet announced a pre-let; although 30,000 sq ft is rumoured to be under offer at Waterhouse Square.

It is possible that the start on the two towers; 20 Fenchurch Street, by Land Securities, and the Leadenhall Building, by British Land, both in EC3, may have prompted other developers to get schemes underway and completed before the two towers are on-stream in 2014.

Almost half the new developments underway are refurbishments. Many of these refurbishments do not require planning permission and are being bought forward quickly for the period 2011 to 2014 to meet a perceived short-term ‘gap’ in office supply.



These refurbishments include the upgrading of former premises of large companies which have recently moved into new developments. Examples include the former Cancer UK HQ at 40 Kingsway, WC2, and the former DEFRA building in Page Street, SW1.

Our research shows that a further tranche of construction should be underway in the second quarter of 2011, with a number of developers now appointing construction teams and initiating archaeological digs in advance of spring/summer starts. CityOffices is now monitoring over 100 office schemes in central London that could start this year. - (12-04-2011)

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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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Glasnost - Online Project, Contact & Image Management

Office tower deal

Land Securities and Canary Wharf Group have formed the 20 Fenchurch Street Limited Partnership, a 50:50 joint venture to develop the Walkie Talkie office building in the City of London, at a development cost of £500m. The site has been sold by Land Securities to the Partnership for £90.2 million and will provide 690,000 sq ft of office space in EC3. Construction will begin in 2011 with Canary Wharf Contractors appointed as Construction Manager. - (19-10-2010)

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As cranes disappear ...

As cranes disappear from office development sites in central London the question is what are the triggers needed to start the next cycle of development. This comes down to supply and demand.

In the first half of 2010 take-up in central London was a healthy 5.7m sq ft, slightly up on the 5.6m sq ft of deals done in the second half of 2009 and comfortably ahead of the 3.2m sq ft of deals recorded in the first half of 2009.

The financial services sector has the most active with nearly 2m sq ft of office space taken up, followed by 690,000 sq ft taken by professional services firms and 330,000 sq ft by insurance companies.

In terms of area the City of London accounted for nearly 2.6m sq ft of the office space taken up, with Midtown take-up being 1m sq ft, and the take up in Docklands 700,000 sq ft. The West End managed a relatively slender 1.3m sq ft of space taken.

New requirements for office space in central London during the first half of 2010, amounted to around 4.1m sq ft, just ahead of levels in 2009.

So far in the second half of 2010 office deals continue apace as firms take advantage of rent deals. However, for the few remaining ‘iconic’ office buildings In the City of London and West End rents now seem to be be on an upward path.

The amount of available Grade A (newly completed or refurbished) office space in central London peaked in autumn 2009, with 12m sq ft being available in the City and 8m sq ft in the West End. Since then the take up of office space has reduced by 17%, with the amount of space available being 9.5m sq ft in the City and 7.5m in the West End. In total this is gives an availability to stock ratio of just over 7%, a fairly healthy level, when a ‘normal’ market is seen as being a ratio of 5%.

A reducing amount of office space, prospects of rising rents, and demand holding up, are the key signals for office construction starting again. Developers are already busy dusting off plans and clearing sites in anticipation of starts in 2011. The only thing holding things back may be development finance.

Andy King

Subscribe now - (10-09-2010)

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Mayor backs Institute scheme

The London mayor has backed the £150m refurbishment of the 9,300 sq m (100,000 sq ft) former Commonwealth Institute in High Street Kensington, London, W8. The refurbishment will include space for the Design Museum and three new residential blocks by Chelsfield. The architects for the Parabola scheme are Rem Koolhaas and Reinier de Graaf of OMA. Further negotiations will be needed before work can start. - (19-06-2009)

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Aldgate East stops

The construction of Formation’s "Aldgate East”, at 1 Commercial Street and 101-110 Whitechapel High Street, London E1, has stopped. The building has reached concrete frame stage up to 11 storeys but its future is now being decided by administrators Ernst & Young. The development is planned as a 22 storey tower with about 8,640 sq m (93,000 sq ft) of office space, 217 residential units, and 1,068 sq m (11,500 sq ft) of retail space. The Formation Group, the sports talent manager, is understood to have raised a £93m loan for the land and building work from Heritable, part of Landesbanki, the failed Icelandic bank. As part of the deal Formation agreed to underwrite £11.6m of the loan, which now becomes a liability. Completion was planned for May 2010. - (18-12-2008)

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New Year launch for WC1 scheme

Arlington Property has almost completed its refurbishment of the former Alton House at 177 High Holborn, London, WC1. The scheme will be launched in January 2007 and consist of 3,051 sq m (32,500 sq ft) of refurbished office space on ten floors. The project manager is Cyril Leonard & Co and the agent is Farebrother. - (05-12-2006)

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Grosvenor Crescent start

Grosvenor Properties, the developer, has appointed Walter Lilly for the £27m mixed use redevelopment of 3-10 Grosvenor Crescent, London, SW1. The scheme, on the site of the former Red Cross HQ, includes a small amount of office space (believed to be about 930 sq m) plus 17 apartments. Enabling works are underway and completion is planned for early 2009. - (24-08-2006)

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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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Manchester Square refurbishment

The Portman Estate has submitted a planning application for the internal office refurbishment and extension of 10-12 Manchester Square, London, W1. The buildings comprise around 2,323 sq m (25,000 sq ft) and were formerly partly occupied by property adviser Colliers CRE. The architect is Feilden + Mawson. - (21-11-2005)

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CityPoint on the market

CityPoint, the 36-storey skyscraper, on Ropemaker Street, London, EC2, is thought to be on the market and could be sold by the City of London Office Unit Trust (CLOUT) for around £500m. CLOUT was set up by Pillar Properties, now part of British Land, and Schroders, the fund manager, in 2001. CityPoint has about 52,675 sq m (566,993 sq ft) of office space and around 11,148 sq m (120,000 sq ft) of retail and leisure uses on the ground a lower floors. The building was built in 1967 and was named Britannic Tower, the former headquarters of British Petroleum. The building was re-named CityPoint after a major rebuild to a design by Sheppard Robson, which was completed in early 2001. - (28-08-2005)

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York House on-site

The development of the former York House at 15-17, Great Cumberland Place in London, W1, started on site on 18th April 2005. The mixed-use scheme, which may be marketed as The York Building, will provide about 27,870 sq m (300,000 sq ft) of office space, residential apartments and retail. The office element is thought to be around 11,000 sq m (118,000 sq ft). - (27-04-2005)

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Refurb possible for St Michael House.

London & Regional, the property group, which recently bought the 35,500 sq m (371,000 sq ft) Michael House (former headquarters of Marks & Spencer), in Baker Street, London, W1 is expected to opt for an early refurbishment rather than the KPF redevelopment, which has planning consent. M&S moved the last remaining staff from the Baker Street site to its new headquarters at Paddington late last year. - (18-04-2005)

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Thornfield thwarted by Smithfield listing

Property developer Thornfield's plans for three large office buildings totalling 5m sq ft across disused parts of Smithfield market in Farringdon, London, EC1 have been dealt a blow by the listing of the former Fish Market. Thornfield will now have to change its plans to incorperate the listed building. - (04-03-2005)

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Hammerson sees rents rising

Hammerson is predicting that the London office market will see rents rise in 2006 and fewer incentives being on offer this year. Hammerson has one-third of its portfolio in offices and a vacancy rate of 28.3%, mainly because of its four central London buildings. The comments by John Richards, chief executive, were made as Hammerson announced that John Nelson, former chairman of Credite Suisse First Boston, is to become chairman of Hammerson at the end of September, when Ronald Spinney retires as chairman. - (01-03-2005)

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L&R buy Michael House

London & Regional Properties has acquired the long leasehold interest in the former central London headquarters of Marks & Spencer for £115m. M&S moved from Michael House at 37-67 Baker Street, London, W1, to Paddington last year. Jones Lang LaSalle advised M&S. - (05-02-2005)

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Hanover Cube opens for business

Hanover Cube, a new project management company set up by former directors at Jones Lang LaSalle, has taken over the project management role at Scottish Widows and Teachers' office development at Royex House, Aldermanbury Square, London, EC2. Hanover Cube opened for business on 1st November 2004 and is based in the West End. - (11-11-2004)

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Kings Cross Central plans unveiled

After a gap of 15-year new outline plans have been announced for the 28ha (67-acre) Kings Cross site in London, NW1. The Kings Cross Central development in totola will provide 743,218 sq m (8m sq ft) of mixed-use space to be developed by Argent St George with Exel and London & Continental Railways, the landowners. The main site is bounded by the Euston Road, York Way, St Pancras Station and Kings Cross Station. The 1980’s proposals by Rosehaugh and Stanhope included two Sir Norman Foster skyscrapers as part of a £3.5bn redevelopment. The new plans are for a £2bn scheme and involve the renovation of 20 historic buildings and providing 483,091 sq m (5.2m sq ft) of office space, 47,194 sq m (508,000 sq ft) of hotel space, 45,893 sq m (494,000 sq ft) of retail and leisure uses, 8,454 sq m (91,000 sq ft) of cenemas, and 75,715 sq m (815,000 sq ft) of community and education and cultural space, to include an art gallery and museum. At lease 1,800 homes will also be built. Construction work on the major elements of the scheme cannot start until the Channel Tunnel rail Link is completed in 2007. - (05-06-2004)

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Morgan Stanley to raise offer?

Morgan Stanley is said to be looking for further equity backing to raise its bid for Canary Wharf and could have approached the government of Qatar, British Land and Liberty International. Morgan Stanley could be looking for an extra £200m for it’s bidding vehicle ‘Silvestor’ to raise its offer from 275p to over 292p and try to beat Brascan, which last week matched Morgan Stanley’s latest offer. The 14m sq ft Docklands office complex is now being valued at £1.6bn. The bids by Paul Riechmann, the former chairman of Canary Wharf collapsed two weeks ago and Brascan, the Canadian property and power company, is now thought to have the support of shareholders controlling over 24 per cent of the Canary Wharf shares. - (15-02-2004)

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Canary Wharf is bid target

Canary Wharf Group, the London docklands developer, is said to have been approached by “a number of parties” to take the company private. On the news shares in the company rose 46% to 263p, valuing the company at £1.54m. The company has formed an independent committee to deal with any potential bids and analyse other options. Morgan Stanley Real Estate, British Land, Land Securities, and Brascan Corporation of Canada are rumoured to be interested in buying the portfolio. In the Sunday papers price indications from prospective bidders are reported to be around 270p, at the lower end of range predicted by analysts. - (08-06-2003)

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Caxton Hall office scheme

Caxton Hall, the Grade II listed former Westminster registry office, in London SW1, is to be redeveloped as office and apartments. The building on the Broadway and Christchurch Gardens conservation area has been vacant for about 20-years. Amberswift Limited and Stanhope plc have submitted a planning application to Westminster City Council, for a scheme designed by Foggo Associates, to restore the building and create 13 flats and also build a nine-storey 5,000 sq m (53,820 sq ft) office building at the rear of the site. - (10-02-2003)

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BBC £252m "live news centre"

The BBC is to spend £252m creating a “live news centre” at Broadcasting House, Portland Place, London W1. The development will start shortly with the demolition of Egton House, an adjoining building, starting in January 2003. Bovis Lend Lease has been appointed as the construction manager. The 9 to 13 storey complex has been designed by Sir Richard McCormac and will include 140 studios, a central atrium, and a huge newsroom. All the BBC’s radio operations and television news will be brought together in the building. The first stage of the project is the refurbishment and extension of Broadcasting House, a 1932 Grade II* listed building, and the demolition of four adjoining properties to create two new buildings of about 74,321 sq m (800,000 sq ft). The scheme will be completed by 2008. - (16-12-2002)

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Allen & Overy finally sign-up

Allen & Overy, the law firm, has formally signed the lease with Hammerson and the Corporation of London for its new 70,000 sq m (750,000 sq ft) headquarters at Bishops Square, Spitalfields, London E1 at £45 psf on a 25-year lease. It is thought that the firm also has a 21-month rent free period. Construction, of the Foster & Partners designed building, should start in early 2003. However everything is still subject to planning consent being granted by Tower Hamlets. The first announcement of the deal was made in March 2002 and at this time the rent free period was 18 months. - (22-09-2002)

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London Gate plans released

Detailed plans have been unveiled for the London Gate project in Hayes, Middlesex, which will provide 52,000 sq m (559,728 sq ft) of office space in six converted Art Deco buildings, formerly an EMI Records factory. The scheme has been designed by architect Gensler, and is being developed by Resolution Property. The London Borough of Hillingdon granted permission for the scheme at the end of 2000. - (17-06-2002)

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Marsham Street deal finalised

The £311m deal to redevelop the former Department of the Environment offices at 2 Marsham Street, London SW1 has finally been agreed. The Home Office and the Prison Service will relocate from six buildings in London, including Queen Anne's Gate, to the new building in February 2005. The new building, designed by Terry Farrell & Partners, will provide about 46,450 sq m (500,000 sq ft) and will house 3,000 staff. - (27-03-2002)

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British Land in White City talks

British Land and Chelsfield are said to be in discussions to form a joint venture company to develop the White City centre in west London. The 16.6ha (40-acre) site between Wood Lane and the West Cross route is planned as £700m shopping centre of around 111,482 sq m (1.2m sq ft) and this will include an office complex, a hotel, 9,290 sq m (100,000 sq ft) of leisure space and social housing. The scheme has been designed by Ian Richie and has meet with many planning objections. - (18-02-2002)

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Drapers Gardens plans submitted

The Royal Bank of Scotland, advised by Montagu Evans, has formerly applied for consent to redevelop its 32,996 sq m (354,478 sq ft) tower offices at Drapers Gardens, 12 Throgmorton Avenue, London EC2. The new 17-storey office building has been designed by Foggo Associates (020 7490 4040) and will provide 30,780 sq m (331,315 sq ft) net of office accommodation along with 319 sq m (3,433 sq ft) of retail space. - (16-02-2002)

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Deutsche Bank tower for EC2

Deutsche Bank is said to have plans for a 38-storey skyscraper on the edge of the City of London to be developed by its property arm Deutsche Grundbesitz (DGI). The building planned for Ropemaker Place, Ropemaker Street, London EC2 is said to be a "commercial development" and Deutsche has refused to say if it intends to occupy the building. The 200m high tower has been designed by Sheppard Robson and will rise to 10 storeys before leaning 20 degrees from vertical before straightening up. The bank was looking for a second headquarters building last year but this is now said to be no longer a top priority. No formal planning application has yet been made to London Borough of Islington. - (16-02-2002)

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West End firms put space on market

A number of London firms based in the West End are currently rationalising their offices. Tiscali's takeover of World Online has released its 1,665 sq m (17,922 sq ft) at 20 Broadwick Street in W1; Advertising agency CDP is marketing its 33 Soho Square headquarters in W1; EPB Communications is looking to dispose of its Berners Mews offices in W1; IT company, Informa is looking to dispose of 745 sq m (8,019 sq ft) at Newlands House W1, while Colt Telecom is about to market its 3,345 sq m (36,000 sq ft) office at 79 New Cavendish Street, also in W1. - (14-11-2001)

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Architect Seifert dies

Richard Seifert, the architect who designed Centre Point and the NatWest Tower, now known as Tower 42, has died aged 90. Centre Point, constructed on a small plot, is still believed to be the world's tallest prefabricated building. A controversial development in design terms Centre Point also came to be regarded as the worse example of development greed as the building remained empty for years while rental values increased. The NatWest building in its plan shape is remarkably similar to the National Westminster logo, although any deliberate intention in 'mirroring' the design was always denied. After the second world war Siefert became one of the UK's most prolific architects and the two buildings formed just a small part of his extensive portfolio. - (27-10-2001)

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Fidelity on-site at South Quay

Fidelity Investment Management, through its property arm Pembroke Real Estate, has now started site preparation for the redevelopment of the former 'The Guardian' printworks site at South Quay, London E14. The new scheme, known as 'London Millharbour' will provide a total of 71,000 sq m (764,224 sq ft) of office space and 2,787 sq m (30,000 sq ft) of retail and restaurant space, in four linked buildings ranging from of 9 to 19 storeys. Michael Hopkins and Partners is the architect for the scheme, which will be built in two phases. The Eastern Tower will be Phase 1, providing 42,800 sq m (460,699 sq ft) of offices and retail, with the Western Tower providing the remaining space. The main construction is due to start in early 2002 with completion planned for 2004. - (15-10-2001)

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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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Grosvenor may buy 41 Lothbury

Grosvenor, the private property company, is said to be in advanced negotiations to buy 41 Lothbury, London EC2 from the Royal Bank of Scotland. The scheme has planning approval for the refurbishment and partial redevelopment of the 9-storey, Grade II listed, building, the former National Westminster headquarters. The scheme involves a change of use from a banking hall to office (B1) use, with retail and restaurant space. The net office floorspace proposed is estimated to be about 13,935 sq m (150,000 sq ft). DTZ Debenham Tie Leung is thought to be advising RBS and CB Hillier Parker is acting for Grosvenor. - (29-07-2001)

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Grosvenor wins planning consent

The Grosvenor Estate has been granted planning permission for its planned refurbishment and extension to provide office space at Belgrave House, 76 Buckingham Palace Road, London SW1. Belgrave House is the former headquarters of BP Amoco and the new £60m scheme will provide around 22,296 sq m (240,000 sq ft) of office space. Grosvenor owns the freehold of the building and a private investor has the long leashold. The adjoining Chantry House is planned to be converted to provide 37 residential units and a restaurant on the ground floor and basement. The architect for the project is Michael Squire & Partners. - (18-06-2001)

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Selfridges loses tower

The Selfridges scheme in Duke Street, W1, planned as a mixed-use retail, residential and office development, will not now include a 20-storey tower. The idea of the tower is said to have been thrown out by Westminster planners. Instead the scheme could include 18,580 sq m (200,000 sq ft) of offices, a 250-bed hotel, 80 apartments and 9,290 sq m (100,000 sq ft) of additional retail space. The £250m project is a joint venture between Selfridges and Stanhope Developments and is being designed by Norman Foster & Partners. - (09-06-2001)

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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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2 Millharbour deferred

Fidelity Investments Guardian Printworks scheme at 2 Millharbour in the Millennium Quarter in South Quay, London Docklands E14 was deferred by London Borough of Tower Hamlets for further information to be provided. The developer has agreed to provide Tower Hamlets with £23m in section 106 payments, primarily to be used for transport improvements. - (20-05-2001)

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Sainsbury plans SE1 towers

Foster & Partners has revealed plans for a 35,765 sq m (385,000 sq ft) 19-storey oval office tower to replace food retailers Sainsbury's existing Drury House and Stamford House headquarters at Stamford Street, London SE1. Sainsbury is linked with Stanhope on the proposals. A planning application for the £270m scheme has just been submitted to London Borough of Southwark along with an application for a second new building on the firm's car park site in Maymott Street. The tower has a tapered 'neck' and a low-rise office block forms the base. A Sainsbury's 'Central' supermarket could be incorporated in the ground floor. The 14,490 sq m (156,000 sq ft) Maymott Street scheme could cost £70m and is planned as a 22-storey tower designed by architect Lifschutz Davidson. Sainsbury is working on the site assembly for the scheme and is said to be in the process of acquiring Wakefield House and 19-21 Blackfriars Road from Dunloe Ewart, the developer. Sainsbury is thought to be seeking to develop around 46,451 sq m (500,000 sq ft) in the various SE1 developments for completion in 2004. Sainsbury is still thought to be considering its options on the 11,150 sq m (120,000 sq ft) Rennie House, on the south side of Stamford Street. Sainsbury staff will relocate to 33 Holborn Place, London WC1, to allow the headquarters development to proceed. Healey & Baker is advising Sainsbury. - (22-04-2001)

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41 Lothbury plans approved

The Royal Bank of Scotland has received planning approval to the refurbishment and partial redevelopment of the Grade II listed, former National Westminster headquarters, at 41 Lothbury, London EC2. The scheme involves a change of use from a banking hall to office (B1) use, with retail and restaurant space and also includes 12 Angel Court, which adjoins the main building. The gross floorspace of the proposals for the 9-storey building is put at around 26,000 sq m (279,864 sq ft), and the net office floorspace is estimated from the plans to be about 13,935 sq m (150,000 sq ft). - (22-04-2001)

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Burberry replaces eToys

Burberry, the UK luxury clothing chain owned by GUS, is said to have taken an assignment of eToys former office space at St Alban's House, 10 St Alban's Street, London SW1. The office space amounts to about 4,270 sq m (45,962 sq ft) and is to be used as Burberry's headquarters. Robert Neil & Co is advising Burberry. Burberry has its administrative office at 29 Chatham Place, London E9 and its main retail store at 18 Haymarket, London SW1. - (21-04-2001)

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Heron Tower wins planning consent

110 Bishopsgate, the planned 43-storey Heron Tower, in London EC3 has been approved by the Corporation of London planning committee. The scheme, designed by Kohn Pedersen Fox, will now go to the Court of Common Council on 1st February 2001. The tower was approved despite objections by English Heritage, which said the building would affect the views of St Paul's from Waterloo Bridge. The Heron Tower will be the tallest building in the City of London but will appear lower than Tower 42 (the former NatWest Tower) as it is to be built on lower-lying land. - (18-01-2001)

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Pillar to redevelop 5 Cheapside

Pillar Property plc has submitted a planning application for the redevelopment of 5 Cheapside, London EC2, the former Bank of Boston House. The scheme designed by Allies & Morrison Architects will provide 10,264 sq m (110,481 sq ft) of office space in a six-storey building. The development will also include ground floor retail uses and a new entrance to the St Paul's London Underground station. Pillar acquired the freehold of the building in 1998. - (18-12-2000)

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Sainsbury to move to Holborn Place

Sainsbury has taken the whole of the Holborn Place, 33 Holborn the 27,870 sq m (300,000 sq ft) building on the site of the former Daily Mirror building. Sainsbury has taken a 25-year lease at a reported rent of around £52.50 per sq ft. The group has been based on the Southbank since 1912 and has 4,000 staff in about 13 buildings. The company will move to Holborn Place in summer 2001 and will set up a 3,500 sq m (37,674 sq ft) Sainsbury Local convenience store in the new premises. The freehold of the Stamford Street site is to be sold and redeveloped for offices and a Sainsbury store. Sainsbury is to keep its recently refurbished office in Union Street, London SE1. - (09-12-2000)

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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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Pillar cash offer for Wates City

Wates City of London Properties has received a formal cash offer from Pillar Property at 141p a share, valuing the company at around £373m. The price is said to be equal to Wates City net asset value at the end of June. - (25-11-2000)

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Grosvenor submits planning application

The Grosvenor Estate has submitted a planning application for the refurbishment and extension to provide B1 office space at Belgrave House, 76 Buckingham Palace Road, London SW1. Belgrave House is the former headquarters of BP Amoco and the new scheme will provide around 22,296 sq m (240,000 sq ft) of office space. Chantry House will be converted to provide 37 residential units and a restaurant in the ground and basement. - (05-11-2000)

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Greycoat to raise funds for offices

Greycoat Estates is said to be about to sell its stake in Tower 42, the former NatWest Tower, in order to invest in central London office schemes. Greycoat's 32 per cent holding in Tower 42 could raise around £36m. Greycoat is expected to shortly start on the demolition of Moor House, 119 London Wall, London EC2, which is to be redeveloped as a 19-storey speculative schme of 44,658 sq m (480,710 sq ft). The construction contracts for Moor House are currently out to tender. - (05-11-2000)

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BBC to extend Broadcasting House

The BBC is to bring its news operations, with 2,200 staff, into one centre at Broadcasting House, Portland Place, London W1. A new building, will be developed on the site of two existing 1960's office blocks, Egton House and 16 Langham Street. The new centre will be completed in 2008 and include 4,645 sq m (50,000 sq ft) of publicly accessible space. The BBC World Service, with 1,100 staff, will vacate Bush House in the Aldwych, London WC2 and move to the extended Broadcasting House a 1930's Grade II listed building. Architect MacCormac Jamieson Prichard has been commissioned to design the 'state-of-the-art centre. The redevelopment is likely to be carried out as a joint venture with the winning bidder for the BBC's property portfolio. - (01-11-2000)

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Demolition of 56-59 Fenchurch Street underway

Demolition of the buildings formerly occupied by the Institute of Marine Engineering, at 56-59 Fenchurch Street and Mark Lane EC3, started in early October 2000 and completion of the new building is planned for early 2003. The redevelopment will provide a new office building of 15,793 sq m (170,000 sq ft). - (10-10-2000)

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MEPC may sell London properties

MEPC, the property company, is said to be close to completing the sale of several London properties to Benchmark for around £250m. The deal could see London overtake Tokyo as the city with the highest office prices. Benchmark is said to have an exclusivity agreement on the portfolio, which includes a 18,580 sq m (200,000 sq ft) block near Cambridge Circus, 90 Long Acre and 12 St James's Square. The Cambridge Circus building is priced at £80m and is let to BT, with about four years remaining on the lease. The property is seen as a possible refurbishment or redevelopment opportunity. The Long Acre building is partly owned by property group Asticus and is priced at £70m. 12 St James's Square, MEPC's former headquarters, is priced at £56m. - (08-10-2000)

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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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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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Westminster to say 'no' to skyscrapers?

The City of Westminster has unveiled its policy document for office buildings in the Borough and has continued its restrictive policies on skyscrapers. Westminster may in future grant planning permission for tall buildings, but only if the development "is of the highest architectural and urban design quality". The proposals drawn up by the City of Westminster planners follows research by EDAW consultants and was expected to identify the Paddington Basin area as an acceptable location for tall buildings. Westminster's planners have instead recommended rejection the idea of designating zones for skyscrapers and the report concludes that "on the whole, Westminster is an unacceptable location for high buildings". On a positive note the report puts forward the idea of creating several "special policy areas", including one for preserving the 'creative industries' in the Soho area. The report, which forms part of the Council's Unitary Development Plan process, is being considered by the Planning Committee on 26th September 2000. - (27-09-2000)

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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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