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Fringe scheme start

EC2 planning renewal

Refurbishment in EC2

Office site to be residential

City pre-let

Refurbishment underway

Paddington application

City fringe mixed use scheme

Astoria site decision soon

New plans revealed

US firm takes a floor

St James redevelopment

City refurbishment start

Mixed-use ideas

HQ refurbishment starts

London Offices – An Olympic Year?

Refurbishment in EC2

Refurbishment out to tender

Consent in SW1

City site to progress

Banks to fund scheme

Central London - a Sack Full of Refurbs

Refusal in SE1

Scheme discussions

Contractor shortlist

Refurbishment possible

King's Cross Central pre-let

Midtown scheme underway

City refurbishment plan

Inquiries on the up

Appointment in EC3

Refurbishment plans

Refurbishment underway

Contractor appointed in EC3

Clerkenwell consent

Southbank space revamp

Refurbishment in EC3

Southbank application

London Office Market – Special Report

HQ plans submitted

Refurbishment starts

Midtown refurbishment

Baker Street deal

Major City scheme on site soon

Developer appointed

Kings Cross start

City refurbishment plan

Contractor appointed

Expansion at City scheme

Covent Garden deal

Floor let in EC2 tower

Consent for Midtown scheme

Start date for WC2 scheme

City tower pre-let

Victoria scheme on-site

City tower start

City office tower start

Speculative start possible

Bank takes floor in City scheme

Plans approved

Midtown scheme poised

Refurbishment in EC4

Consent for SE1 tower

HQ architect appointed

Refurbishment starts

West end refurbishment

Sale and pre-let

Refurbishment planned

December lettings

New City tower plan

Southbank development start

Renewed consent in EC4

New midtown scheme

Refurbishment in W1

Victoria refurbishment

LandSecs scheme approved

One change in new deal

City HQ application

New Paddington tower

City scheme start

Consent in WC2

Masterplan revised

Midtown redevelopment plan

Mayfair site assembly

Refurbishment in SW1

Grand Designers: Top 10 Architects: Central London Offices 2000 - 2020

Major new City scheme

Midtown scheme poised

Fleet Street office plan

German bank to build

City scheme letting

Aldgate Place update

Midtown scheme to start

Shaftesbury update

Redevelopment plans

Refurbishment start

Mayfair scheme consent

Refurbishment possible

Midtown application

Lombard Street progress

October London Office Deals

October 2011 office lettings in central London proved to be sluggish, with only just over 600,000 sq ft transacted in 36 deals over 5,000 sq ft. This total compares to over a million sq ft in September. The month was underpinned by an 87,000 sq ft letting to Deloitte in the City. Elsewhere, fringe areas saw almost as much activity as the core and lettings of Grade A space dropped. - (29-11-2011)

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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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London Office Market – Special Report - Summary

CityOffices has produced a special report on the prospects for the London office market. The report, available free of charge to subscribers, looks at the number of new office requirements being launched into the market in 2011 compared with 2010 (with examples), and sets this in the context of future lease expiries in 2012 and 2013. The report also looks at the trends in the London office construction market and picks out the areas which are likely to see most growth in the next two years. Highlights include:

- 342 office requirements in first half of this year representing 9m sq ft of office demand
- Potential 7m sq ft of leases expiring in next two years
- 7.3m sq ft of Grade A central London office space currently under construction and available in Sep 2011
- Overall 17.2m sq ft of office space available for letting in the next three and a half years - (07-10-2011)

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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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West End tops ranking

London's West End seems to have become the most expensive office space in the world, according to Knight Frank's latest global real estate research on 105 cities. The West End topped £85 per sq ft in late 2010, a 31% increase from the start of the year. This was ahead of the £83.67 per sq ft in Tokyo, which is seeing falling rent levels. The City of London was in 7th place, up from 12th place, with prime office rents of £55 per sq ft. - (04-05-2011)

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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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Office Futures: London, Paris, Frankfurt

London looks set to trounce Paris (and Frankfurt) in terms of office development activity over the next three years, which is bound to rekindle old rivalries. Hopefully this ‘win’ will be repeated in this weeks England v France game, and the findings set the scene for a lively MIPIM property event in Cannes.

London and Paris have both seen a substantial contraction in the levels of office development over the last two-years and an upsurge in office take-up in 2010, which has eaten into available space.

London is heading for a sharp revival in office completions from 2012 onwards, while the Paris market appears to be looking at a slower recovery at the moment. In Frankfurt, like most other European cities, office completions peaked in 2010 and a continued slowing over the next two years is anticipated.

This London revival is in contrast to the start of the last property cycle, which saw major office developments in Paris kick-off at least nine-month before London. This time around London is ahead, and at least eight major office schemes are expected to start construction by spring 2011.

Any reports of new office construction in central Paris are sparse at present, although office shortages will develop and lead to an increase in development activity, particularly refurbishment. In Frankfurt there is an oversupply of new office space and the high proportion of vacant (and unlettable) older space means refurbishment, rather than new build, is likely in the short-term.

Looking ahead, we foresee that the development cycle in London will prove to be about 12 months ahead of Paris, with construction activity rising sharply in London in 2011, followed by the start of an upswing in Paris in 2012.

The predicted levels of office development activity to 2013 are however, still relatively low, and likely to produce a severe demand and supply imbalance (for quality space) in both London and Paris. It is expected that development activity will continue to increase to meet demand, with the peak of the next development boom being 2014-2015.






- (22-02-2011)

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Surge in London Office Development

London Office Prospects 2011: 75m sq ft of lease expiry hopes drives market forward

A surge in London office development is coming, with major office buildings planned to come on-stream in 2012-2015 to meet an anticipated increase in demand.

This demand is expected to come from those occupiers, which took space in the mid 1980’s boom and early 1990’s, with leases coming to an end on what is now outdated space.

Our research on occupier ‘moves’ in central London indicates a potential of up to 17m sq ft of lease renewals due in 2011, and an average of about 15m sq ft a year of lease expiries a year up to 2015.

The question is “How much of this lease expiry-led ‘demand’ will result in new space being taken-up?”

The London office market is fairly consistent on office space take-up with the average being about 10m sq ft a year over the last decade. In these terms 2010 was above average with over 11m sq ft of office space taken-up, the majority in large pre-lets.

If half of lease expiries (say 7.5m sq ft) each year actually turned into office ‘moves’, this would then mean a further 2.5m+ sq ft of office demand would have to come from existing occupier expansion and new ‘start-ups’ to achieve even the average for annual take-up.

This would then mean occupiers would be renewing leases on around 7.5m sq ft of office space each year with the potential for refurbishment deals. In addition the 7.5m sq ft (or possibly more) of office space vacated by ‘movers’ could be returned to building owners and would need to be upgraded for letting.

To meet the expected lease expiry-led office demand a substantial supply of new Grade A development is needed in 2011, which is not going to arrive. Those occupiers with imminent lease expiries will be unable to find prime new office space and will therefore postpone moves, increasingly turn to pre-lets, or remain ‘in-situ’ and refurbish.

In 2011 development starts will be numerous (30+ is possible) but take-up is expected to be down on 2010 levels and the majority deals are likely to be smaller, perhaps under 4,645 sq m (50,000 sq ft).

The ‘volume’ of deals done in late 2010, combined with about 46,450 sq m (500,000 sq ft) of office space now under offer, will carry the fit-out market through to summer 2011. The office market will then become one of refurbishment and restacking until a new wave of occupiers starts to take up the developments coming on-stream from late 2012 onwards.





- (01-02-2011)

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City tower underway

Construction of Land Securities and Canary Wharf Group's “Walkie Talkie” building has finally got underway at 20 Fenchurch Street, EC3. Piling for the Rafael Viñoly designed building has begun with completion to ground floor planned for February 2012 and final completion anticipated in early 2014. When complete, the 37 storey building will provide 690,000 sq ft grade A office space in the City of London, topped by a public sky garden. Canary Wharf Contractors Limited, is the construction manager. - (19-01-2011)

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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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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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Top Architects 2000 - 2020

Over the last decade CityOffices.net has monitored office developments in central London. Our knowledge of past and future projects, and the development teams involved, allows us to provide a profile of the key market players.

This analysis of the Top Architects in London is based on office developments completed in the last 10 year and any under construction. The future ‘view’ on projects is based on our research into schemes with planning permission or at the pre planning stage.

The total amount of office space completed in central London over the last 10 years amounts to nearly 6.1m sq m (66m sq ft), with about 372,000 sq m (4m sq ft) currently under construction. This gives an average build rate of 585,280 sq m (6.3m sq ft) of new office space a year in central London.

Future potential office projects, where architects are appointed, amount to around 6.5m sq m (70m sq ft), certainly enough space for the next 10 years.


The Last Decade

The Top 10 Architects for office space built over the last 10 years have created about 3.3m sq m (36m sq ft) of new buildings. The clear leader is Foster + Partners with about 800,000 sq m (8.6m sq ft), or 24% market share, followed by KPF with 490,000 sq m (5.2m sq ft), or (14%).

The mid ranking is fairly close run between SOM, Sheppard Robson, Pelli Clarke Pelli and HOK, with an average of around 320,000 sq m (3.4m sq ft) of developments.

The last four architect places in the ranking account for around 180,000 sq m (2m sq ft) of projects each, and the position of these firms in future ranking could be threatened by rivals over the next few years.


Top Architects (London) 2000 - 2010 (Built Office Space)

1 Foster + Partners (24%)
2 Kohn Pedersen Fox (KPF) (14%)
3 Skidmore, Owings and Merrill (SOM) (11%)
4 Sheppard Robson (11%)
5 Pelli Clarke Pelli (10%)
6 HOK (8%)
7 Sidell Gibson (6%)
8 Rolfe Judd (6%)
9 EPR (5%)
10 Fletcher Priest (5%)



The Future!

The analysis of future office projects in central London shows the changing fortunes of firms. Although it must be said that until developments actually start on site architects can, and do, get changed!

On future office projects we are looking at nearly 3m sq m (30m sq ft) over the next property cycle (or two), so 2011 and beyond.

The ranking shows those firms set to lead design into the next decade.


Top 10 London Architects (London) - Future Office Buildings

1 Rogers Stirk Harbour + Partners (16%)
2 Pelli Clarke Pelli (14%)
3 Kohn Pedersen Fox (KPF) (14%)
4 Foster + Partners (13%)
5 Skidmore, Owings and Merrill (SOM) (11%)
6 MAKE Architects (9%)
7 Wilkinson Eyre (8%)
8 Foreign Office Architects (FOA) (5%)
9 Allies & Morrison (5%)
10 Sheppard Robson (5%)


Interestingly Rogers Stirk Harbour comes in at No1 in the ranking having been absent from the ‘past’ ranking. The firm’s 450,000 sq m (5m sq ft), or 16% of ‘future’ market share, is based around some major Docklands projects.

The next four places in the ranking (2-5) sees a reshuffle of firms from the ‘past’ ranking, reflecting the positions held over the last 10 years.

The lower end of the ‘future’ ranking is mostly newcomers to the Top 10. MAKE Architects, Wilkinson Eyre, Foreign Office Architects, and Allies & Morrison, account for 748,000 sq m (8m sq ft) of projects, as they look to increase their share of development activity in the London office market.

These ‘newcomers’ could now be set to overtake those firms established in the Top 10 of the past decade. However, that ‘overtaking’ relies on the developments progressing and the architect managing to stay on the project.

Andy King
CityOffices.net
20.10.10

Notes:
All office development details available at www.cityoffices.net
The rankings include all office schemes over 1,858 sq m (20,000 sq ft).
A Top 20 Architect (Built Office Space) list is available on request.

- (05-11-2010)

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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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Deals rise in September

Some 68 office deals over 5,000 sq ft were agreed in central London in September 2010. The total space let topped 1 million sq ft - one of the best months of the year so far. Over 276,000 sq ft of new transactions involved was new grade A space. Rents rose slightly. Leases averaged 9 years. - (14-10-2010)

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Rents rising

NB Real Estate, the property consultant, is reporting that average rents for Grade A office space in the City increased from £42.50 per sq ft in the first quarter of 2010 to £53 in the third quarter - a rise of 25%. The sharp rise in prices is attributed to a lack of new supply of office space. Supply of new space is at a two-year low. - (05-10-2010)

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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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April figures show slowing

Total office take-up in central London in April fell back to 600,000 sq ft, from an average of over 1m sq ft in the first 3 months of the year, according to figures from Metroinfo. Lettings of new office space held up well at 220,000 sq ft. But a shortage of secondhand and west end deals in the run-up to the election had an impact. - (10-06-2010)

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Tower topped out

110 Bishopsgate a.k.a Heron Tower, the 46 storey, 230m high, building that will provide 40,836 sq m (439,560 sq ft) of grade A office space close to Liverpool Street Station, London, EC3 was topped out today. Heron International, will complete the tower in March 2011, when in addition to the office space the building will also provide apartments, restaurants and skybar. Heron chief executive Gerald Ronson said "I believe that Heron Tower has come to market at the right time.” - (12-04-2010)

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Cheesegrater revival

British Land, developer of 'The Cheesegrater', otherwise known as the Leadenhall Building at 122 Leadenhall Street, London, EC3, one of the tallest towers planned for the City of London before the recession, say it it is thinking about beginning construction of the 47-storey Richard Rogers designed tower. British Land said it was “thinking pretty seriously” about reviving the project, which will provide 82,721 sq m (890,409 sq ft) of office space 56,856 sq m (612,000 sq ft net) and 2,150 sq m (23,142 sq ft) of retail space. - (01-04-2010)

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Search for City tower sites

Brookfield, the Toronto-based developer and contractor, is seeking a City of London site to build another office tower, following its role on the Pinnacle, this time as developer. A shortage of prime office space may push rents back to their 2007 peak in three years, according to King Sturge. The company’s development unit has seen some “interesting opportunities” for an office building in the City of London, according to James Tuckey, chairman of Brookfield’s European arm. - (11-03-2010)

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Office lettings continue surge

Office lettings in central London in January 2010 topped 1.2m sq ft, according to figures from Cityoffices and Metroinfo. Some 60 deals over 5,000 sq ft were signed, including two large deals to Macquarie Bank and Blackrock. The insurance sector was particularly active. Over half (600,000 sq ft) of the office space let was recently completed, further shrinking the availability of new office floorspace. Rents edged higher. - (24-02-2010)

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British Land activity

British Land chief executive Chris Grigg said: "We have over 250,000 sq ft of (office) space under offer, including nearly 220,000 sq ft to Macquarie, and have over 650,000 sq ft of additional new space available from recent development activity”. - (09-02-2010)

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Grade A space boosts London lettings

End of year figures from Metropolis/Cityoffices show that total London lettings reached 9.3m sq ft in 2009. Despite a strong end to the year this was 20% down on 2008's total. The City totalled 4.3m sq ft, Midtown reached 1.5m sq ft and the West End was 2.1m sq ft. New Grade A space lettings reached 3.8m sq ft - 41% of all take-up, a major rise on 2008's 2.5m sq ft or 20%. Financial Services and professional topped the business sectors table. - (28-01-2010)

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Record breaking December

Research by Cityoffices reveals that a record-breaking 74 London office move deals over 5,000 sq ft were agreed in December 2009, totalling 1.8m sq ft. The City saw 800,000 sq ft of deals and Docklands saw 500,000 sq ft of lettings. Nearly 50% of transactions were for new Grade A space requiring extensive fit-out. Average rents were £40 psf and rent free periods averaged a little under two years. - (21-01-2010)

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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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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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Derwent call halt

Derwent London, the property developer, has said that it is not planning to start any new commercial developments until 2010 or 2011. The company has made the decision because of the credit crunch and the fall in occupier requirements for new space. Derwent has three buildings under construction and has let 408,000 sq ft in the last nine months, and has a further 35,000 sq ft of office space under offer. John Burns, chief executive, has said that the next two years are about "good housekeeping" and his comments mirror those expressed by Great Portland Estates, Hammerson and Liberty International. - (20-11-2008)

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JP Morgan pre-let deal

JP Morgan, the US investment bank, has announced a £237m deal to acquire a 999 year lease from Canary Wharf Group (CWG) on the Riverside South site at Canary Wharf, London, E14. The site has planning permission for 1.8m sq ft of office space in two towers and a ‘link’ building. Infrastructure work is underway but JP Morgan is still finalising the design of the buildings and will occupy in phases. The building will be the headquarters for all the banks European operations and could be completed in 2012 or 2013. CWG will act as development and construction manager. CWG will complete the design, planning, piling and raft construction and the bank will, subject to market conditions, decide when to instruct CWG to proceed with final construction. If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain £76m representing a portion of developers profits related to the development. - (18-11-2008)

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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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"Walkie Talkie" building approved

Land Securities, the developer, has won the planning inquiry into its planned £200m, 39-storey skyscraper at 20 Fenchurch Street, London, EC3. The 160m high ‘Walkie Talkie’ scheme, looking a bit like a mobile phone, will provide 55,741 sq m (600,000 sq ft) of office space, 1,114 sq m (12,000 sq ft) of retail space and 3,716 sq m (40,000 sq ft) “Skyroom” function facility. There are also plans for a 1,745 sq m (18,783 sq ft) office next to the tower. Work on the development could start in late 2007 for 2010 completion. - (11-07-2007)

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Demolition start at Central St Giles

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

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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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St.James's application

Britel Fund Trustees, the investor and part of Postel Properties and Hermes, has submitted a planning application for the redevelopment of 7 & 8 St James's Square and 7 Apple Tree Yard, London, SW1. The scheme envisages 10,511 sq m gross (113,140 sq ft) of offices on basement, ground and five upper floors mainly at 8 St James's Square and 7 Apple Tree Yard, plus four apartments. Net floorspace will be about 8,500 sq m (90,000 sq ft). CB Richard Ellis is advising Britel. - (24-08-2006)

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Summer finish for Mark Lane

The office refurbishment at 47 Mark Lane, London EC3, is on schedule to complete by September 2007. When completed approximately 7,776 sq m (83,700 sq ft) of office space will be available. - (04-07-2006)

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Jewry Street redevelopment delay

Sir John Cass's Foundation, the inner London educational trust, is still in negotiations with the City Corporation for a redevelopment behind the 1899 façade of 31 Jewry Street, London, EC3. The new teaching and laboratory space and office planned would amount to 8,560 sq m (92,139 sq ft) on six storeys. The application for renewed permission was withdrawn from last weeks planning committeee for further negotiations. The architect for the latest scheme is Chapman Taylor - (21-11-2005)

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Consent for Drapers Gardens

The Royal Bank of Scotland has at last received planning consent for the redevelopment of its Drapers Gardens site bounded by Copthall Avenue and Throgmorton Avenue, London, EC2. The existing building is 32,996 sq m (355,168 sq ft) and the current proposals, submitted in April 2004, are for a stepped building of between five and 16-storeys, providing 37,452 sq m (403,733 sq ft) gross floorspace. The office element of the scheme will be on 13 floors and amount to 30,761 sq m (331,111 sq ft) gross external. There will be 131 sq m (1,410 sq ft) of retail space on the ground floor. The architect is Foggo Associates and Drivers Jonas is the development advisors. - (21-11-2005)

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GVA prediction on rents

GVA Chapman Swaby has published research findings with the conclusion that the amount of office space coming forward in the City of London and fringe areas will hold back rent rises. The firm has said that 18m sq ft of office space will be built over the next six years, or so, of which 8m sq ft will be replaced stock and 10m will be new additions to stock. Overall the level of stock in the City would rise from around 88.5m sq ft to about 100m sq ft in 2008. GVA predicts that rent rises on prime space in the City will be 5.2 per cent a year, higher than the average of 2.9 per cent predicted for other UK cities. - (04-10-2005)

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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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Bath House goes under the hammer.

Investment company, Favermead Assets has decided not to redevelop the largely vacant 1960s Bath House, 52-60 Holborn Viaduct, London, EC1A 2DY and has instead decided to sell it. The company has planning permission to replace the building with a speculative, eight storey mixed scheme including 14,000 sq m (150,700 sq ft) of offices, plus ground floor retail. The building is nearly opposite the City Thameslink station northern entrance and adjacent to Lovells new HQ. Favermead will have disposed of the site within the next 4-6 weeks. Nelson Bakewell is advising Aside from the ground floor retail space the building is empty. Sheppard Robson was the architect. - (09-04-2005)

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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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British Land plans another skyscraper

British Land has unveiled new plans for two linked office buildings of 34-storeys and 12-storeys at 201 Bishopsgate, London, EC2. The buildings will provide a total of 77,108 sq m (830,000 sq ft) of space. The tower will provide office space of about 37,161 sq m (400,000 sq ft) and the low rise block will have 38,554 sq m (415,000 sq ft) of offices and nearly 1,858 sq m (20,000 sq ft) of retail space. - (04-03-2005)

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British Land plans at Canada Water

British Land has agreed a 10-year development plan with the London Borough of Southwark on a 16ha (40-acres) site at Canada Water in London, SE16. Britsih land and Canada Quays are planning to develop about 9,290 sq m (100,000 sq ft) of office space as well as retail and leisure space and 2,000 homes and community facilities. A detailed planning application could be made in summer 2005 and a start on site made in 2006. - (23-02-2005)

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Knight Frank predicts

Knight Frank is predicting that take-up in central London will rise from 1.2m sq m (13m sq ft) in 2004 to 1.7m sq m (18m sq ft) in 2008, a 38% increase. Available space is seen as falling from 2.5m sq m (27m sq ft) to around 1.0m sq m (11m sq ft) in the same period. The firm sees rents in the City of London as remaining around £484.38 per sq m (£45 per sq ft) in 2005 but rising to £645.84 per sq m (£60 per sq ft) in 2008. In the West End rents are predicted to rise from £807.30 per sq m (£75 per sq ft) to £861.12 per sq m (£80 per sq ft) and to £1,022.58 per sq m (£95 per sq ft) by 2007. The firm also considers that because only a few new-build West End developments are in the pipeline that this year will see a focus on refurbishments. - (14-02-2005)

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Completion near for Meritcape office

Meritcape’s office refurbishment at 24 Cornhill, London EC3, is expected to complete by April 2005. The building will provide 2,554 sq m (27,500 sq ft) of office space and is being marketed by Chapman Swabey. - (20-01-2005)

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Albion House for March completion

Work on Investstream’s refurbishment of Albion House, 55, New Oxford Street, London WC1, will complete during March 2005. The speculative office scheme will provide 4,088 sqm (44,003 sq ft) of space and is being marketed by Hodnett Martin Smith and Jones Lang LaSalle. Chorus is handling the fit-out and TP Bennett is the architect. CB Richard Ellis is the QS and project manager. - (14-01-2005)

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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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Late 2005 start for Bath House?

Investment company, Favermead Assets has yet to begin work on its redevelopment of the largely vacant 1960's Bath House, 52-60 Holborn Viaduct, London, EC1A 2DY. The company has planning permission to replace the building with a speculative, eight-storey mixed scheme including 14,000 sq m (150,700 sq ft) of offices, plus ground floor retail. The building is nearly opposite the City Thameslink station northern entrance and adjacent to Lovells new HQ. When contacted, Favermead that it will not begin work before late 2005 at the earliest. Aside from the ground floor retail space the building is empty. Jones Lang LaSalle’s City office is advising. - (27-11-2004)

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GPE predicts West End recovery

Great Portland Estates has predicted that West End office rents will pick-up in 2005 but that rents in the City of London will not revive until 2006. The company’s chief executive, Toby Courtland, sees vacancy levels falling slowly in the West End and City, which are now estimated to have about 3m sq ft and 7m sq ft of vacant Grade A space respectively. The comments were made as Great Portland announced its interim results which showed net asset value up 8.9% to 305p. The company is increasing development activity and has 13 projects in the pipeline. - (24-11-2004)

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Moor House nears completion

Moor House at 119 London Wall will now be completed at the end of 2004. Skanska is currently completing the fitout of the 306,395 sq ft speculative office building, which was originaly due for completion in September. At this time the space is fully available with a rent in the £50's per sq ft expected. The agents are JLL (Mathew Hammond) and Strutt & Parker. - (12-11-2004)

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Corporation of London approves

At its committee meeting this morning The Corporation of London has approved British Land's 122 Leadenhall scheme in EC3 of 55,870 sq m (601,384 sq ft) net office floorspace and Land Securities 120-122 Cheapside office development in EC2 of 23,039 sq m (248,000 sq ft). The British Land scheme is subject to the agreement of the Mayor of London and the Secretary of State but is not thought to face any major issues. - (26-10-2004)

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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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Columbus Tower approved

Columbus Tower, a 63-storey, 246m high, skyscraper, has been approved by London Borough of Tower Hamlets. The building, designed by DMWR architects and Weintraub Associates, adjoins Canary Wharf and is at the western end of West India Quay, London, E14. The project needs a Section 106 agreement to be signed and will also to be referred to the Greater London Authority and the Civil Aviation Authority. Columbus Tower is to be developed by SKMC, controlled by the Abu Dhabi royal family, and Farnham Properties. The scheme includes 30,000 sq m (322,920 sq ft) of office space, a hotel and health club, 2,200 sq m (23,680 sq ft) of retail space and a winter garden. The development could be completed by 2007. GVA Grimley is the planning consultant and DTZ is advising on the commercial space. - (30-03-2004)

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Parkview revises Battersea plans

Parkview, the developer, has submitted a revised planning application for Battesea Power station in London SW8. The new application is a revision to the 510,962 sq m (5.5m sq ft) plans approved in 2001 with key elements being a renovated power station building, two hotels, a theatre and office space, and up to 700 apartments. The new plans, which follow a feasibility review by Parkview and Lend Lease, open up the south side of the site and include 51,096 sq m (550,000 sq ft) of office space and a 20,996 sq m (226,000 sq ft) exhibition building. Letting agents are CB Richard Ellis and Davis Coffer Lyons. - (23-03-2004)

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Regent Street proposals submitted

The Crown Estate has submitted proposals to Westminster City Council for it’s £500m mixed-use scheme for the redevelopment of the southern part of Regent Street, London, W1. The scheme, named ‘The Quadrant’, is for 90,000 sq m (968,760 sq ft) of space and includes a five-star hotel, apartments, and about 60,386 sq m (650,000 sq ft) of office space. The scheme includes Regent Street, Brewer Street, Glasshouse Street and Aire Street, and has been designed by architect Allies & Morrison with CB Richard Ellis advising on the development. - (18-02-2004)

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Victoria House sold for about £160m

Garbe’s Victoria House scheme in Bloomsbury Square, London, WC1, has been sold for about £160m to Moritz Holdings, run by Irish investor Michael Whelan. Originally completed in 1932, for the Liverpool Victoria Friendly Society, the 27,220 sq m (293,000 sq ft) Grade II listed Victoria House was acquired by Garbe in 1999 from Blackfriars Investments for around £40m and redeveloped as 20,156 sq m (216,961 sq ft) of office space at a cost of nearly £40m. - (12-01-2004)

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LandSec's reveals New Street Square

The City of London Real Property Co Ltd, otherwise Land Securities, has submitted revised plans for the redevelopment of the New Street Square site (off Fetter Lane) in the City of London, EC4. The new plans are for 98,816 sq m (1.06m sq ft) of space to replace the existing 54,479 sq m (586,411 sq ft) of offices. The scheme, designed by Bennetts Associates, envisages five buildings, of between three and 18-storeys, providing 81,941 sq m (882,013 sq ft) of offices space and 3,082 sq m (33,175 sq ft) of retail space. - (22-11-2003)

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Grand Buildings Sold

Land Securities has sold the 14,864 sq m (160,000 sq ft) of office space and 3,716 sq m (40,000 sq ft) of retail space at Grand Buildings in the Strand to Noriba Bank, a subsidiary of UBS, for about £140m. The building was completed in 1991 and is the base for Shell, the oil company, and Lattice, the power company. - (22-07-2003)

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Chesham House to go to Greycoat

The Crown Estate is being tipped to appoint the partnership between Greycoat and Morley Fund Management as the developer of Chesham House at 132-154 Regent Street, London W1. The 9,662 sq m (104,000 sq ft) scheme designed by Squire and Partners, was recently granted planning permission and involves the demolition of the existing Grade II-listed Chesham House behind retained facades on Regent Street, Beak Street and Regent Place. The scheme will also create a new façade to Warwick Street and a new fifth floor. The basement, ground and first floor levels will house retail space, with office space provided on the upper levels. - (03-05-2003)

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5 Cheapside plans submitted

A planning application has just been submitted for the refurbishment of 5 Cheapside, London EC4. The architect for the scheme is Rolfe Judd and the developer is St Martins Property Corporation. 5 Cheapside is an unusual octagonal building and the office floorspace will be increased from 3,479 sq m (37,447 sq ft) to 3,786 sq m (40,752 sq ft). The 5,248 sq m (56,489 sq ft) building will have retail units of 230 sq m (2,475 sq ft) on the ground floor. - (27-02-2003)

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"Lightbeam" on Mermaid

Blackfriars (PD2) Ltd, now owned by Heatherfield Limited, which is under the management of Blackfriars Investments, has submitted revised details for its scheme to redevelop 2 Puddle Dock and the Mermaid Theatre at Blackfriars Station in London EC4. The new three-four storey structure, designed by Alsop, is to be on stilts and includes a “lightbeam” on the west side of the building adjoining the “solid box” of office accommodation. The “lightbeam” is a four-storey glass box enclosing lobbies and access areas. The scheme has 26,416 sq m (284,341 sq ft) gross external space with 24,000 sq m (258,336 sq ft) gross internal office space, to include a dealing floor of 6,148 sq m (66,177 sq ft). The scheme also includes two retail units of 399 sq m (4,294 sq ft). - (02-12-2002)

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Exchange plans reclad

The London Stock Exchange has submitted plans to the Corporation of London for the development of its site at 125 Old Broad Street EC2. The Stock Exchange is to relocate to Paternoster Square in mid-2004 and is planning to sell its existing premises on gaining planning consent. The new plans, by architect Nicholas Grimshaw, include a major refurbishment and re-cladding of the late 1980's 27-storey Exchange Tower and the development and a new podium level of 3,031 sq m (32,625 sq ft) as part of the 'East' Building and a new nine-level block (The West Building), providing 23,958 sq m (257,883 sq ft) of offices, will be created on the site of the old trading floor on the corner of Old Broad Street and Throgmorton Avenue. The scheme will provide a total of 65,804 sq m (708,314 sq ft) of office space (gross external area) and also include 7,236 sq m (77,888 sq ft) (gea) of retail space. City Offices Management is the project manager and Ove Arup is the structures and services consultant. - (13-11-2002)

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Regent Street permission

The Crown Estate has gained planning permission for its redevelopment plans at 229-247 Regent Street, London W1. The development will provide 10,683 sq m (115,000 sq ft) of offices above 5,388 sq m (58,000 sq ft) of retail and leisure space in three units. The scheme will also include 10 apartments. The development manager for the £200m scheme is Stanhope and the scheme is expected to start on-site in early 2003 for completion in spring 2005. The Crown Estate has also submitted planning applications for three other blocks at 185-191 Regent Street, 132-154 Regent Street and 13-17 New Burlington Place. CB Hillier Parker is advising the Crown Estate. - (10-11-2002)

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Stock Exchange submits plans

The London Stock Exchange has submitted plans to the Corporation of London for the development of its site in Old Broad Street, London EC2. The Stock Exchange is to relocate to Paternoster Square in mid-2004 and is planning to sell its existing premises on gaining planning consent. The new plans, by architect Nicholas Grimshaw, include a major refurbishment of the 26-storey Exchange Tower and the development of two new buildings. An eight-storey block will be created on the site of the old trading floor and a five-storey building on the corner of Old Broad Street and Throgmorton Avenue. The scheme will provide 44,128 sq m (475,000 sq ft) of office space and also include 3,716 sq m (40,000 sq ft) of retail space. The London Stock Exchange is being advised by Greycoat subsidiary City Offices and Insignia Richard Ellis has advised on the plans. - (17-10-2002)

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King Cross 'vision' appears

The latest plans for Kings Cross have been unveiled by Argent, and partners London & Continental Railways and St George, pending an outline planning application being submitted for the 29ha (72-acre) site. The last major plans for Kings Cross were by Rosehaugh Stanhope in the late 1980's when over 6m sq ft of office space was proposed. In the mixed-use 'vision' office development is contained in blocks 4 and 5 as the 'Southern Hub' and also in Blocks 7 and 8 to the rear of the site. The office blocks range between 8-25 storeys, with the potential to go higher. The remainder of the scheme includes retail, residential and leisure uses and the total floorspace of all uses is between 7m to 8.6m sq ft. Jones Lang LaSalle is advising on the development, which will not be able to start before 2007. - (06-10-2002)

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Cannon Bridge sold for £167m

The headquarters of the London International Financial Futures & Options Exchange (LIFFE) has been sold in a £167m deal, a yield of about 7.9%. The 250-year lease on the 26,477 sq m (285,000 sq ft) building at Dowgate Hill, off Cannon Street EC4, has been acquired by Fordgate, a secretive private property group run by the Gertner brothers. The deal, one off the biggest this year, shows a profit for Pillar Properties, which paid Railtrack and General Electric £64m for the building in 1995. Pillar sold a 75% stake in the building to the Teachers Insurance and Annuity Association, the US pension fund, in 2000 for about £140m. Liffe occupies about half of the Canon Bridge building and has a 'rolling' tenant break. The rest of the space is occupied by Standard Chartered Bank and Winterflood Securities. In July 78 Cannon Street, adjoining Cannon Bridge, was sold by Marylebone Warwick Balfour (MWB) to Hines, the US property developer, for £53.3m. In the 1980's developer Speyhawk was considering linking the two buildings and there must still be potential for longer term redevelopment. Pillar and Teachers were advised by FPD Savills. - (06-10-2002)

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British Land's new skyscraper

British Land has unveiled its plans for a skyscraper at 122 Leadenhall Street. The 48-storey tower will provide about 93,000 sq m (1,001,000 sq ft) of space and has been designed by the Richard Rogers Partnership. The initial designs envisage a tapering external frame structure, possibly a 'shard of steel', on 'legs' above a new public park. It is said that the building would be the tallest in the City of London. - (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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Clout revises Basinghall Street scheme

City of London Office Unit Trust (Clout), made up of Pillar, Schroder Exempt Property Unit Trust and SITQ Albion, has submitted a planning application for 35 Basinghall Street, London EC2, which increase the floorspace on the previously approved scheme. The latest application by Bennetts Associates is for a ten-story 17,413 sq m (187,433 sq ft) scheme that will provide about 12,122 sq m (130,481 sq ft) of net floorspace. The new scheme has introduced two additional floors into the building without a major increase in its height. - (18-04-2002)

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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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Richard Rogers' twin towers

Canary Wharf Group has confirmed that the Richard Rogers Partnership is working on building designs for a riverside site to the south of Westferry Circus, London E14, and adjoining the Cascades residential scheme. The plans are said to be at an early stage and no details are being made available. However the scheme is thought to include two towers, each of around 37-storeys and 44-storey and could provide a further 148,643 sq m (1.6m sq ft) of office space or a mix of uses. - (16-02-2002)

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Juxon House designs unveiled

Standard Life Investments has unveiled the final designs for the redeveloped Juxon House, part of the Paternoster Square scheme in London EC4. The seven-storey building has been designed by Sidell Gibson Partnership and will provide about 11,891 sq m (128,000 sq ft) of office space with 1,858 sq m (20,000 sq ft) of retail space on the ground floor. The overall masterplan for the Paternoster Square area is by Whitfield Partners. The building, which has a curved classical façade in contrast to the previous 1960's 'box' design, will be completed in summer 2003. - (13-01-2002)

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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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HOK to design Barclays' tower

Barclays Bank has revealed the plans for its 30-storey headquarters tower at Churchill Place, Canary Wharf, London E14, which will accommodate 5,000 staff by 2005. The building is being designed by HOK International. Barclays has signed the final agreement with Canary Wharf Group to occupy up to 1 million sq ft of office space in the tower. The new building will be completed in late 2004 for occupation in 2005. - (28-11-2001)

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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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LandSecs submits plans for Southbank

Land Securities has submitted a planning application for the redevelopment of St Christopher's House and Tabard House on the Southbank in SE1. The new scheme by Allies & Morrison includes about 69,676 sq m (750,000 sq ft) of office space with 7,989 sq m (86,000 sq ft) of retail and leisure space. If planning permission is granted work on the scheme could start in 2003 and be completed in 2006. Jones Lang LaSalle is the development advisor and letting agent on the scheme. - (31-10-2001)

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Hemingway plans tower in EC3

Hemingway Properties has submitted a planning application to the Corporation of London for a 16-storey tower with 23,403 sq m (251,909 sq ft) of offices along with retail and restaurant space in EC3. The site is bounded by Mark Lane, Hart Street, London Street and New London Street. The development advisor is Jones Lang laSalle. - (31-10-2001)

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Riverside back on the market

The Financial Times, owned by Pearson, will not now occupy office space at The Riverside Building on Southwark Bridge SE1. The 8,469 sq m (91,160 sq ft) Riverside Building is being developed by Chelsfield and is now back on the market through Healey & Baker. The building should be completed in May 2002. Last year Stephen Hill, the FT Group chief executive, was keen to build an "FT Campus" in Southwark but the plans now seemed to have changed. - (26-10-2001)

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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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Land Securities buys in WC1

Compaq, the US computer company, has sold the 7,803 sq m (84,000 sq ft) net Enterprise House, 190 High Holborn, London WC1 to Land Securities in a £30m deal. The eight-storey building currently accommodates disaster recovery and data storage operations and Compaq will vacate the building by the end of 2001. Land Securities is understood to be intending to offer the refurbished space at around £50 per sq ft, below current rent levels for new space. Saxon Law advises Compaq and Land Securities was advised by King Sturge. - (01-10-2001)

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Canary predicts downturn

Canary Wharf Group has warned that the economic slowdown would "inevitably" lead to a downturn in demand in the London office market and a fall in rental levels. The group, which has just has reported £42.5m profits for the year, has decided not to start any further speculative development until the future for property and financial services is clearer. The group's current development programme is said to be two years ahead of schedule. The group is planning to apply for planning permission for sites in Docklands, which would increase its total office space by 50 per cent and lead to another 40,000 office workers at the development by 2010. - (14-09-2001)

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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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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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Broadcasting House plans

The BBC is said to be about to go ahead with the redevelopment of Broadcasting House in Langham Place, London W1, behind the Grade II listed facade. The 46,451 sq m (500,000 sq ft) building would be redeveloped by Land Securities Trillium, which includes Bovis Lend Lease, and could take six years to complete. The scheme will increase the useable floorspace by 6,967 sq m (75,000 sq ft) to about 50,167 sq m (540,000 sq ft). The construction work is estimated to be about £200m and technology costs account for another £200m. An application for planning permission may be made by November 2001. - (29-07-2001)

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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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Greycoat to advise Exchange

Greycoat is to advise the London Stock Exchange on the redevelopment of its site on Old Broad Street, London EC2. The LSE will relocate from its 15,793 sq m (170,000 sq ft) of office space in the 26-storey Exchange Tower in 2004. City Offices, owned and operated by the management of Greycoat, is thought to have beaten rival Stanhope to the consultancy role. The Stock Exchange is being advised by Insignia Richard Ellis. - (14-07-2001)

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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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Foster & Partners appointed

The Corporation of London and Spitalfields Development Group (SDG) has appointed Foster & Partners as the architect for the 1 and 10 Bishops Square development in Spitalfields Market, London E1. The latest phase of the project will provide around 65,030 sq m (700,000 sq ft) of office space in two buildings. A new planning application for the phase, this time with an environmental impact assessment, is to be made in the autumn. - (18-06-2001)

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Battersea gains approvals

Parkview International has been granted planning permission by the London Borough of Wandsworth for the redevelopment of Battersea Power Station, London SW11, as a retail and leisure scheme. Detailed planning permission was given to all parts of the site not covered by earlier permissions. The latest planning decision approved Nicholas Grimshaw's designs for the redevelopment of Battersea Jetty, a 725-room hotel as part of a conference centre, with 18,004 sq m (193,800 sq ft) of meeting and banqueting space and a 2,100 seat theatre. Parkview now has consent to develop the 14ha (33.6 acres) site surrounding the power station with 1,125 hotel beds, a 44,128 sq m (475,000 sq ft) product showcase building, a 22,017 sq m (237,000 sq ft) seven-storey office building and residential units. The listed power station building will be used to accommodate a mix of retail, cafes, bars, restaurants, cinemas and other attractions. - (01-06-2001)

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City says need for extra 10m sq ft

The City of London is said to need an additional 929,000 sq m (10m sq ft) of office space in the "medium term" according to Judith Mayhew, the Corporation of London's chair of policy. The extra space is needed to accommodate a forecast 68,000 increase in employment in the City by 2015. - (26-05-2001)

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Quadratic gets sums right

Carnegie Holdings has been granted planning permission by London Borough of Tower Hamlets for the 'Quadratic' building at 4 Mastmaker Road, in the Millennium Quarter in South Quay, London Docklands E14. The 13-storey office building is named the 'Quadratic' as it is in an H-shape with office towers at each corner. The design includes an 11-storey double atrium on the east and west sides, and a two-storey winter garden on the north and south sides. The building will be clad in Planar glazing glass and travertine stone, from the same quarry as stone cut for the Colosseum in Rome. The Quadratic will provide 25,840 sq m (278,141 sq ft) of office space and has been designed by Patrick Davies. - (20-05-2001)

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Demolition starting at 1 London Wall

Hammerson has started site preparations for demolition work to start at 1 London Wall, EC2. A start on the main construction could be made in summer 2001 with completion in late 2003. Last year a revised scheme was submitted with 13 upper floors, basement, ground and mezzanine levels. The total floorspace (gross external) is 28,980 sq m (311,940 sq ft). The scheme, by Foster & Partners, retains the Livery Hall (Plaisterers Hall). The original proposals for 1 London Wall go back over 13 years. - (15-05-2001)

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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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Waterloo 'future' is 4.3m sq ft of offices

The Waterloo area could see the development of over 400,000 sq m (4.3 million sq ft) of office space in the future, under a new unitary development plan being discussed by London Borough of Lambeth. The council has just published an 'issues' paper about the future of the north of the borough and particularly the redevelopment plans for Waterloo mainline station. In the past local resident groups have fiercely opposed office development in the area, particularly the office and retail schemes for the Coin Street put forward by Greycoat in the 1980's. - (08-05-2001)

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Railtrack tower proposed for E1

Railtrack Property has submitted plans for a new office and retail scheme on the edge of the City of London. The proposed elliptical glass and steel development, on the corner of Norton Folgate and Worship Street, in London E1, has been designed by Kohn Pedersen Fox, and will have 19,000 sq m (204,521 sq ft) of offices in a 23-storey tower. It is said that Railtrack had hoped to create a larger development by linking the site to the adjoining site owned by Lehman Brothers. The bulk of the scheme will be built over the railway lines and will include 200 sq m (2,153 sq ft) of retail space next to the main office entrance. - (30-04-2001)

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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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London Stock Exchange to stay in City

The London Stock Exchange is reported to have decided to take a pre-let on the 19,440 sq m (209,260 sq ft) King Edward Court building at Paternoster Square, London EC4. The London Stock Exchange had been rumoured to be considering a move to Canary Wharf but it is thought that no suitable space was available. In particular the London Stock Exchange is said to require "its own front door". The King Edward Court building is being developed by Mitsubishi Estates and is planned to be completed in 2004. The London Stock Exchange has about 500 staff and occupies just over half its existing building in Old Broad Street, London EC2. It is said that the exchange may now sell the 26-storey 1970's tower as a redevelopment scheme. - (09-04-2001)

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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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