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Fringe scheme start
City fringe start
EC2 planning renewal
Refurbishment in EC2
City consent
Office site to be residential
Office plans revived
City pre-let
Refurbishment underway
Paddington application
City fringe mixed use scheme
Astoria site decision soon
Demolition underway
EC1 scheme underway
New plans revealed
US firm takes a floor
Strand site sold
St James redevelopment
Contractor tipped
City refurbishment start
City scheme redesign
Mixed-use ideas
Refurbishment completed
Demolition starts
HQ refurbishment starts
London Offices – An Olympic Year?
Midtown scheme start
Refurbishment in EC2
Contractor appointed
SE1 scheme to start
Refurbishment out to tender
West end consent
Consent in SW1
City site to progress
Mixed use scheme consent
Banks to fund scheme
Central London - a Sack Full of Refurbs
Refusal in SE1
Scheme discussions
City fringe application
Contractor shortlist
Refurbishment possible
King's Cross Central pre-let
Midtown scheme underway
City refurbishment plan
Skyscraper delayed
Inquiries on the up
Appointment in EC3
Victoria consent
Contractor shortlist
Refurbishment plans
Refurbishment underway
Contractor appointed in EC3
Clerkenwell consent
Demolition to re-start
Southbank space revamp
Refurbishment in EC3
Southbank application
London Office Market – Special Report
Planning application submitted
US firm takes space
HQ plans submitted
Refurbishment about to start
Construction start
Refurbishment underway
Refurbishment starts
Clerkenwell start
Midtown refurbishment
St James's demolition start
Marylebone refurbishment
Baker Street deal
Kings Cross starts
Major City scheme on site soon
Developer appointed
Kings Cross start
City refurbishment plan
Contractor appointed
Expansion at City scheme
Consent in W1
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
Mixed-use scheme plan
Plans progress
LandSecs submits plans
Speculative start possible
Bank takes floor in City scheme
Work starting on City fringe scheme
Refurbishment mooted in EC4
Plans approved
Midtown scheme poised
Contractor appointed
Refurbishment in EC4
Redevelopment plans
Consent for SE1 tower
February London Office Take-up
London Office take-up in February 2012 reached 800,000 sq ft in 45 separate deals over 5,000 sq ft, according to Cityoffices. Burberry's 125,000 sq ft HQ pre-let of 1 Page Street was the biggest deal and one of the few involving grade A space. Some 32 deals were in the core and 17 were in the fringe. - (07-03-2012)
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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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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.
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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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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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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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Victoria scheme start
Doughty Hanson and Terrace Hill Group have appointed contractor Kier to build offices and flats at Howick Place in London Victoria, SW1. Demolition of existing buildings is nearly complete and Kier is due to start work on the 280,000 sq ft One Howick Place scheme shortly. The mixed-use redevelopment will include offices, alongside 33 apartments and ground floor retail space. Rolfe Judd is the designer. - (27-01-2011)
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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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London lettings surge again
Central London office lettings topped 1m sq ft again in February 2010, continuing the positive trend of the last six months. Although only 30 deals over 5,000 sq ft were signed, large lettings to Shell, LOCOG and Stephenson Harwood, pushed the total into seven figures again. Just over 100,000 sq ft was new, grade A, space. - (25-03-2010)
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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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Developer schedules three schemes for 2010
Land Securities plan to start work on three West End office developments in 2010 with the intention of completion in 2013. The developer is looking to start Park House in London W1, Selborne House in SW1 and possibly Victoria Interchange. Park House includes more than 100,000 sq ft of retail and 160,000 sq ft of office space. Selborne House is close to Parliament. Land Securities is prepared to build both without pre-lets, ahead of likely completion in 2013.
- (14-01-2010)
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Bishops Place approved
Hammerson has had its Bishops Place regeneration project approved yesterday by LB Hackney. The revised scheme includes 233 Shoreditch High Street (the Light Bar building) and relates to a 1.3ha (3 acre) site in London, E1. The 1.5m sq ft project, designed by Foster + Partners, will include about 59,922 sq m (645,000 sq ft) of offices, a hotel, residential, and retail space. - (05-11-2009)
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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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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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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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Hammerson pick and mix
Hammerson has selected a plethora of architects for the redevelopment of Victoria Station. Hammerson and Network Rail are proposing to develop three office towers each designed by a different architect. The architects appointed are Rafael Vinloy, Nicolas Grimshaw and GMW Partnership. In total the scheme could provide 74,322 sq m (800,000 sq ft) of office space. One of the architects will also be appointed to redesign the ticket hall and concourse. - (01-02-2007)
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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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Beetham big plans in Aldgate
The Beetham Organization is thought to be about to submit plans for a 92,920 sq m (1m sq ft) office and retail scheme on a 1.3ha (3.2 acre) site that includes Bain Dawes House and Latham House, 16 Minories, London, EC3, and Aldgate bus station. The scheme involves three office buildings with 3,251 sq m (35,000 sq ft) of retail space. The first phase of the development could start in March 2007, subject to planning permission. The tallest building is 22 storeys and the 12 storey block could be first and developed as a speculative building. - (06-07-2006)
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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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HBG on Savile Row
HBG is on site for City & West End Development’s project at 30-32 Savile Row, London W1 and is on schedule to complete during the first quarter of 2007. When completed the offices will provide approximately 3,716 sq m (40,000 sq ft) of space. - (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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190 Great Portland Street on site
A contractor has been appointed for the £18m redevelopment of 190 Great Portland Street, W1. The scheme will provide 10,300 sq m (110,869 sq ft) of offices and 1,395 sq m (15,000 sq ft) of retail space, showroom and gym on the ground floor and basement. Construction has just begun and will take approximately 18-months. - (02-06-2005)
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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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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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Canary Riverside South decision
The London Borough of Tower Hamlets has decided to grant planning consent for the Canary Wharf Riverside South development, subject to the agreement of the Mayor of London and the Government Office for London. The scheme is for two towers providing a total of 279,000 sq m (3m sq ft) of office and retail space. The towers will be 28- storeys and 34-storeys high and linked by a building at podium level. The planning permission is subject to a S106 agreement for around £20m to provide infrastructure improvements, a community fund and a park. - (24-09-2004)
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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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Shell wins on appeal
Shell International’s plans for the redevelopment of part of the Shell Centre site in London, SE1 have been given planning consent on appeal. The scheme in York Road is to be developed in partnership with Lend Lease and is known as Belvedere Court. The development include about 32,000 sq m (344,450 sq ft) of offices, 7,300 sq m (78,575 sq ft) of retail within the existing Shell building, 4,000 sq m (43,056 sq ft) of restaurants and cafes, 11,200 sq m (120,556 sq ft) of sports facilities and 4,700 sq m (50,590 sq ft) of conference space. The scheme has been designed by Arup Associates - (20-04-2004)
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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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L&G unveils St Giles Court plans
Legal & General and Stanhope have unveiled designs for a mixed-use 46,451 sq m (500,000 sq ft) for St Giles Court, St Giles High Street, off Oxford Street, London WC2. The scheme has been designed by the Italian architect, Renzo Piano and includes offices, restaurants and retail based around a new semi-covered public space. The scheme also includes 100 housing units. The scheme would require the demolition of L&G’s 18,600 sq m (200,000 sq ft) St Giles Court office block, currently occupied by the Ministry of Defence on a lease until 2011. At present public consultation into the propsals is underway and a planning application could be submitted to London Borough of Camden later this year. - (16-02-2004)
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British Land submits skyscraper plans
British Land has revealed the plans for a 48-storey glass tower at the site of 122 Leadenhall Street, London, EC3. The Richard Rogers Partnership is the architect of the Leadenhall Building which at 224m (737 ft) tall would be the highest in the City of London. The design incorporates a distinctive triangular shape and will provide 53,605 sq m (577,000 sq ft) of offices, with the lower floors of the building providing restaurants and bars along with 1,672 sq m (18,000 sq ft) of retail space. British Land is hopeful that the Leadenhall Building will be completed in 2006, with a late 2004 start following approval of the planning application made this week. English Heritage is thought to be more positive about this skyscraper as it does not block views of St Pauls. - (15-02-2004)
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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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Delancey change to Bream's Buildings
A planning application has been submitted for revised details to the redevelopment of Bream’s Buildings and Rolls Buildings (Rolls House and Arnold House) in Fetter Lane, London, EC4, and the part retention of the façade of 8 Bream’s Buildings. The application has been made by Delancey Arnold & Co, otherwise Delancey Estates, and the architect is Woods Bagot. The existing buildings provide about 24,481 sq m (263,513 sq ft) of offices and the new proposals are for an eight-storey building providing 34,968 sq m (376,395 sq ft) of offices and 491 sq m (5,285 sq ft) of retail space. The revised proposals include changes to the massing and the appearance of the scheme. - (22-11-2003)
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Helical Bar scheme for EC3
Helical Bar, the developer, has submitted plans for a 20-storey tower in Mitre Square in the City of London. In a joint venture with Ansbacher Property Developments, Helical Bar is planning to redevelop the Mitre Square island site in London EC3, bounded by Mitre Street, Dukes Place and Creechurch Lane. The scheme comprises about 32,515 sq m (350,000 sq ft) of offices as well as ground-floor retail and restaurant space. Ansbacher and Helical Bar are being advised by Allsop & Co and Ingleby Trice Kennard. - (30-09-2003)
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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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Lambeth rejects Arup scheme
This week the London Borough of Lambeth refused to grant planning permission to the Belvedere Court scheme in York Road, London SE1. The decision was made against the officer recommendation. Belvedere Court is planned by Lend Lease and designed by Arup Associates. The refusal was based on design, overlooking of the listed County Hall, impact of retail on local shops, and loss of public open space. - (20-12-2002)
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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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Spitalfields gets final approval
The redevelopment of Spitalfields moved another step closer this week with the Mayor of London granting planning permission for the scheme. The Foster & Partners scheme has 70,000 sq m (753,480 sq ft) of offices and 4,000 sq m (43,056 sq ft) of retail space. The scheme will require the demolition of half of the 80-year old covered market. The London Borough of Tower Hamlets approved the Spitalfields Development Group's £500m scheme in October. - (02-11-2002)
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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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Selfridges scale back plans
Selfridges, the department stores group, is to scale down the £300m plans by Foster & Partners for its Oxford Street store. After nine months discussions with Westminster City Council planners Selfridges is thought to be about to scale back the 12-storey office tower, although the 9,290 sq m (100,000 sq ft) of retail space, a spa, car park and hotel, will remain. It is thought that the office tower will be reduced from 60m to 41m in the redesign. - (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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Skanska to build Moor House
Skanska has been appointed as the main contractor for the Moor House scheme, which is being funded as a limited partnership with Henderson Investors and Hammerson. The 44,658 sq m (480,710 sq ft) gross external scheme, is conceived as a curved vertical design of 19-storeys. The building will comprise about 26,400 sq m (284,000 sq ft) net of offices and 1,810 sq m (19,500 sq ft) of retail space. Completion is planned for early 2003. - (03-04-2002)
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Bishops Square plans revised
The plans for Bishops Square at Spitalfields market, by the Spitalfields Development Group, have been re-worked following public consultation. The new plans, by Foster and Partners, take into account the needs of law firm Allen & Overy, which has pre-let the building. The scheme includes 69,675 sq m (749,981 sq ft) of offices and 3,995 sq m (43,002 sq ft) of retail space. The revised plans replace the 'ski-slope' design with a more standard 'stepped' building. - (18-03-2002)
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Mercer's scheme approved
The Mercers Company and Scottish Provident Institution have received planning approval for the redevelopment of a site on the corner of Cheapside and Ironmongers Lane, London EC2. The site incorporates Becket House at 81-90 Cheapside,
36-37 Old Jewry, the Mercers Hall, Daunsey House, 4, 4a, 4b and 5 Frederick Place, and 4 Ironmongers Lane. Siddell Gibson has designed a new 10-strorey building of 20,114 sq m (216,507 sq ft) gross, with 9,407 sq m (101,256 sq ft) net of offices and 1,836 sq m (19,762 sq ft) of retail space. - (03-03-2002)
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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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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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Convoy Wharf master plan
News International’s plans for the redevelopment of the vacant Convoy Wharf site in Deptford, London, SE8 are progressing. News International has now commissioned architect Richard Rogers Partnership to draw up the plans for the 16ha (38-acre) site, which will have a mix of uses including office space. Taylor Woodrow is News International’s development partner. The site has been used in the past as a printing works but it is currently used for light industrial activities. The site is classified as a 'protected wharf' and may face planning hurdles with the Mayor's office. - (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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Selfridges unveils plans
The plans for the £300m development at the rear of Selfridges store in Oxford Street have been unveiled. The designs by Foster & Partners include about 27,870 sq m (300,000 sq ft) of offices, an additional 10,219 sq m (110,000 sq ft) of retail space, and a 12-storey five star hotel. If planning permission is granted the scheme will start in mid-2003 and will not be completed until 2007. The planning application was submitted to Westminster City Council earlier this week. - (13-12-2001)
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