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Fringe scheme start

Refurbishment plan in W1

EC2 planning renewal

City scheme poised

City consent

Major scheme starts on site

Refurbishment plan in EC1

City consent

Refurbishment underway

SE1 scheme on site

City refurbishment consent

Contractor appointment

Mayfair consent

Tower reduction plan

City refurbishment green light

Victoria consent

Noho refurbishment start

New plans revealed

US firm takes a floor

US bank shortlists architects

City refurbishment start

Refurbishment on market

Midtown appointment

Phase 4 on site

Demolition starts

London Offices – An Olympic Year?

Application in EC1

Tower contractor

Tenders to be invited

Contractor appointed

Refurbishment starts

Victoria scheme deal

West End refurb underway

Architect replaced

Contractor in W6

Refurbishment in EC2

City HQ to start

Contractor appointed

City refurbishment start

West end application

SE1 scheme to start

Refurbishment out to tender

Consent for refurbishment

West end start

Mayfair refurbishment

Construction suspended

West end consent

Refurbishment potential

Consent in SW1

City site to progress

City refurbishment application

West end start planned

City refurbishment consent

Southbank re-design

Mayfair application

Central London - a Sack Full of Refurbs

City scheme start

City fringe application

Midtown start

Mayfair start tipped

City scheme underway

Midtown scheme underway

City refurbishment plan

Phase 2 start date

Mayfair refubishment

City construction start

Victoria consent

Contractor shortlist

Refurbishment plans

Refurbishment underway

City scheme green light

Hammersmith start planned

Demolition to re-start

City consent

Refurbishment in EC3

HQ refurbishment application

Southbank consent

Demolition start in EC2

Cheapside consent

EC2 office start

Development starts (again)

London Office Market – Special Report

Paddington tower mooted

Gala lunch launch

Development site for sale

Soho HQ plan

US firm takes space

City fringe start

HQ plans submitted

Moorgate consent

City consent

Refurbishment underway

Refurbishment starts

Refurbishment underway

Mayfair scheme poised

Midtown refurbishment

Soho construction start

St James's demolition start

Marylebone refurbishment

Office application in W1

London Offices – An Olympic Year? - Subscribe to find out

After a fairly average year for the central London office market, which in the context of a struggling economy and a moribund regional office market, is really good news; we look at the prospects for the Olympic 2012 and beyond. What does the year hold in store for both occupier and development activity in London? Subscribe to find out..... - (01-03-2012)

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January total up

Central London office lettings in January 2012 reached a healthy 850,000 sq ft. The total was underpinned by UBM's 103,000 sq ft pre-let of part of 240 Blackfriars Road in London, SE1. Other Grade A lettings included deals at Heron Tower, 200 Aldersgate Street and The Peak in Victoria. The Core saw 500,000 sq ft of deals compared to 350,000 sq ft in the fringe in a total of 40 transactions over 5,000 sq ft. - (15-02-2012)

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Victoria scheme letting

Group 4 Security (G4S) division, has signed to take 567 sq m (6,105 sq ft) of offices on the 8th floor at the recently-completed 'The Peak' office scheme at 331-333 Vauxhall Bridge Road, London, SW1. CB Richard Ellis was the letting agent. - (25-11-2011)

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Glasnost - Online Project, Contact & Image Management

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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Docklands pre-let

The European Medicines Evaluation Agency (EMEA) is to pre-let of 23,226 sq m (250,000 sq ft) at 25 Churchill Square, Canary Wharf, London, E14. The EMEA is expected to occupy the promenade, ground and first nine floors of the 20 storey office in 2014/2015. EMEA is thought to have agreed a rent of £46.50 on a 25 year lease with no breaks starting in January 2015. The agency is reported to have the option of taking an additional four floors of around 2,555 sq m (27,500 sq ft) each. A 37 month rent free period has been agreed which will be used to pay for the building’s fit-out. - (16-09-2011)

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Attorney signs for EC1 scheme

Venner Shipley, the patent and trade mark attorney, is taking 1,611 sq m (17,346 sq ft) of offices on the 8th floor at the newly completed 200 Aldersgate office scheme in London, EC1. Lease length and rent have been kept confidential. - (02-09-2011)

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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. .



An unusual ‘bulge’ of lease expiry and breaks due in the period 2013-15 has partly contributed to developers enthusiasm in starting new schemes in the last few months; and in-turn this has led to developers with refurbishment schemes to also leap into competitive starts to achieve completion before the towers come on-stream.

The future of the next generation of towers will depend on attitude of the 200 medium to large office occupiers in the City of London now actively looking for space, or with lease expiries due in the next four years. If occupiers show the same enthusiasm for high-rise working as those firms moving in the previous office cycle, then the new towers coming to the London skyline will succeed. it will just take a little time.

Andy King
Director
CityOffices.net

- (20-05-2011)

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London: 30 new office schemes in Q1

London Springs Forward

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

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

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

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



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

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

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Developer stepping up programme

Great Portland Estates is planning to raise £160m via the international bond markets to fund its development and investment programme in central London. The property company, which has four London office schemes underway, is understood to be planning to sell two tranches of seven-year and ten-year bonds. - (08-04-2011)

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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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Contractors tipped for City tower

Six major office scheme contractors are tipped to be competing to build British Land's £340 million 'Cheese grater' building in Leadenhall Building in Leadenhall Street, London, EC3. Mace, Skanska, Laing O'Rourke, Bovis Lend Lease, Balfour Beatty and Sir Robert McAlpine have been identified as front-runners for the project. - (17-12-2010)

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Property company gearing up

Helical Bar, the property company, is raising £29m to fund property acquisitions. The group said that the market opportinities it has been waiting for are arriving, as a number of interesting schemes become available. Helical Bar has been standing back from the development market since 2004/5. The development portfolio for this cycle includes 200 Aldersgate, White City and Mitre Square, EC3. - (10-12-2010)

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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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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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Can of Spam consent

Targetfollow has gained revised consent for its planned 22-storey office development with retail at ground level, at 60-70 St Mary Axe, London, EC3. The building is being nicknamed "Can of Spam" because of its shape. The architect is Foggo Associates for the 39,166 sq m (421,582 sq ft) gross or 27,870 sq m (300,000 sq ft) net, island scheme. A start is not expected until 2011 or 2012. DP9 is the planning consultant. DTZ is advising on the development. - (02-07-2010)

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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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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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Stanhope win Noho

Stanhope is now the developer of the NoHo Square scheme in Mortimer Street, London, W1. The 1.3ha (3 acre) NoHo site was owned by Kaupthing, the Icelandic bank, but a £50m deal will see Stanhope in control of a joint venture. It is thought that Kaupthing will write off £200m of debt on the project. The planned 82,776 sq m (891,000 sq ft) of luxury apartments and 32,980 sq m (355,000 sq ft) of offices is expected to be redesigned with a media industry focus. - (21-03-2009)

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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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Developers freeze projects

Great Portland Estates has said that it is putting new developments on hold until the end of 2010 at the earliest and maybe later. Toby Courtauld, chief executive, sees “a significant downturn and the demand side has deteriorated quite strongly”; He has commented that there has been a 66% fall in active demand in the West End of London over the past six months, and this is seen as continuing. The company priorities are now capital conservation, maximizing occupancy levels and crystallizing reversions. Hammerson and Liberty International have also delayed development activity and put major developments on hold in 2009. - (15-11-2008)

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City scheme consent

LMS (City Road), part of Derwent London, has gained consent on appeal for the redevelopment of its City Road Estate in London, EC1, including 80-100 City Road. The proposal includes approximately 10,219 sq m (110,000 sq ft) of offices, 930 sq m (10,000 sq ft) of retail and 250 residential units within a 45-storey tower. Squire and Partners is the architect. - (14-11-2008)

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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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NoHo no go!

CPC Group, the Candy & Candy venture, has transferred its equity and share in the NoHo Square development in Mortimer Street, London, W1, to Kaupthing, the Icelandic bank, which now has 100% of the project. The 1.3ha (3 acre) NoHo site was planned to be redeveloped as a 82,776 sq m (891,000 sq ft) as luxury apartments and 32,980 sq m (355,000 sq ft) of offices but the scheme may now be redesigned. Candy & Candy will cease to be development managers on the project. The site is now said to be worth £120m (down from £175m) and the bank may now sell the site or seek a new development partner. - (04-11-2008)

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November inquiry for EC1 scheme

The public inquiry to determine Thornfield Properties’ contentious 35,303 sq m (380,000 sq ft) office scheme at Smithfield market, London, EC1 will begin in November 2007. A successful outcome for Thornfield may prompt a 2008 construction start. - (26-10-2007)

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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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More view less towers

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

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Your chance to own Gherkin

The Gherkin (otherwise 30 St Mary Axe) in London, EC3, has been acquired by IVG Asticus, the German fund, and Evans Randall, the private investment bank, from Swiss Re for about £630m, and initial yield of around 4.25%. IVG is thought to be making its 50% stake open to private investors and Evans Randall will place its stake with institutional investors. Both firms are understood to be retaining a 10% stake. - (06-02-2007)

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CityPoint on market

CityPoint in Ropemaker Street, London, EC2, is thought to be about to go on the market with an asking price of £650m. The 34-storey 65,681 sq m (707,000 sq ft) building is owned by US developer Tishman Speyer and partners Schroders, SITQ and UBS, who acquired the property for about £520m in 2006. - (06-02-2007)

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Swiss Re talks to IVG Asticus

Swiss Re is said to be in exclusive talks with IVG Asticus, the German property group, to sell 30 St Mary Axe, 'the Gerkin", in London, EC3. The reinsurer is thought to have had over 50 expressions of interest in the buildng and the present deal could be finalised in early 2007. Offers are believed to have almost reached £600m. - (05-12-2006)

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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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Minerva in Cannon Street

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

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Smithfield plans called in

Thornfield Developments has had its plans to redevelop the west wing (General Market building) of the former Smithfield market at 43 Farringdon Street, London, EC1, called in and could face a public inquiry. The plans are seen as a possible conflict with “national policies on important matters”. The £150m plans are for a seven storey 39,204 sq m (422,000 sq ft) redevelopment. Other buildings in Smithfield are no longer part of the plans, which have been scaled down following the listing of the Red House cold store earlier in the year. - (06-07-2006)

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Property at the top?

The top of the property investment market has been called by agent DTZ. Joe Valente, group head of research, has commented that the peak of the commercial market had probably been reached and that the level of interest in buildings on the market has been seen to be falling recently. This accords with the general view of property cycles that prices go up and then usually go down. - (06-07-2006)

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Hedge funds boost take up

Take up by financial services groups, including hedge funds and banks, has risen from 21% of total take up in 2004 to 37% over the last year according to research by Cushman & Wakefield. The research has also identified the impact of the Government's Lyons Review which has effectively put a moratorium on public sector deals. In the West End the public sector share of take up dropped from 32% in 2004 to just 9% over the last year. In contrast demand from hedge funds has helped push the financial services sector share of take up in the West End up from 17% to 32% over the same period. David Hume at Cushman & Wakefield has said that the figures show an "extremely healthy" market. - (06-07-2006)

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Refurbishment planned for SW1

GE Commercial Finance Real Estate, the property developer and investor and Grafton Advisers LLP have bought the vacant 1,400 sq m (15,000 sq ft) office building at 4-5 Arlington Street, London, SW1A 1RA for £11.3m and intend to refurbish it during 2006. - (25-11-2005)

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Offices for Brook Street

Gracemark Investments and Oppenheim Property Fund, the property investors have submitted plans for the redevelopment of the vacant £11m Melbourne House, 8-12 Brook Street, London, W1. The scheme envisages a 1,860 sq m (20,000 sq ft) refurbishment to include 1,626 sq m (17,500 sq ft) of offices, plus two floors of retail. The refurbishment has been designed by DP9. - (21-11-2005)

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Manchester Square refurbishment

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

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Riverside South S106 agreed

The Riverside South development at Canary Wharf, London E14, has been granted planning permission by London Borough of Tower Hamlets. The 278,700 sq m (3m sq ft) scheme by Canary Wharf Group comprises twin office towers of 28 and 34-storeys. The permission is subject to a £20m Section 106 agreement. Knight Frank and CBRE are the letting agents. - (17-07-2005)

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Centre Point up for sale

Centre Point, the Richard Seifert designed skyscraper, on Tottenham Court Road, London, W1, has been put on the market by its owners, a consortium of Deutsche Bank, Europa Capital Partners and Apollo Real Estate Advisors, for about £80m. The 32-storey 16,257 sq m (175,000 sq ft) tower, now listed, was built in 1964 and became a symbol of the worst excesses of the property development industry at the time. - (08-07-2005)

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Palestra topping out next week

There are two less cranes on the London skyline today as those on the Palestra development on Blackfriars Road, SE1, gears up for the topping out ceremony next week. The 13-storey 27,870 sq m (300,000 sq ft) office building will complete in mid 2006. - (02-06-2005)

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Refurb possible for St Michael House.

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

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More offices from Portman.

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

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Elephant & Castle project hots up

St Modwen, the developer, is said to be looking to bid for the redevelopment of the Elephant & Castle site in south London. The London Borough of Southwark is about to issue invitations to tender for the 71ha (170-acre) site. The scheme includes new office buildings, shopping centre, leisure uses and residential. Other groups thought to be preparing bids include Blackfriars Investments, with Royal London Asset Management, Berkeley Group, Hines, the US developer, and possibly Multiplex. The previous attempt by LB Southwark to find a developer partner fell apart in 2002. - (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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Latest markets views

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

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British Waterways' shorter shortlist

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

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CIS plans big scheme in Victoria area

Co-Op Investment Services is planning to renovate Abford House at 333 Vauxhall Bridge Road, London, London SW1. The company will soon submit an application to refurbish the nine-storey building into 13,935 sq m (150,000 sq ft) of offices. Gerald Eve is the planning consultant. - (03-12-2004)

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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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Shell looks at market conditions

Shell UK has not yet made a decision on a start date for its £200m, 60,000 sq m (646,000 sq ft) redevelopment called Belvedere Court at York Road, London, SE1. Shell is thought to be currently "assessing market conditions" before deciding when to tender for a main contractor for the project. - (16-11-2004)

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Hanover Cube opens for business

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

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Gerkin favourite to win prize

The Swiss Re building at 30 St Mary Axe, London, EC3, otherwise known as the Gerkin, has won 55 per cent of the public votes in a BBC poll on what should win the RIBA Sterling Prize for architecture. The Imperial War Museum North in Manchester was in second place. The winner will be announced on October 16. - (08-10-2004)

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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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Hammerson to redevelop Stock Exchange

The London Stock Exchange has sold the freehold of Exchange Tower and a site at 24, Throgmorton Street, London, EC2 to Hammerson, the property developer, in a deal worth about £67m. The site has planning consent for 45,522 sq m (490,000 sq ft) office and retail scheme designed by Nicholas Grimshaw & Partners, which involves the refurbishment of the tower and a new build office and retail block. - (07-02-2004)

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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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Save Smithfield Market

Save Britain’s Heritage (SBH) is setting out to save the western buildings at Smithfield Market from redevelopment plans by the Corporation of London. SBH considers that the impending fight to be as important at that for Covent Garden in the 1970’s. The General Market buildings, owned by the Corporation of London and designed by architect Sir Horace Jones, have been vacant for at least six years. Although the entire complex is within a conservation area only about 60% of the buildings are listed. Thornfield Properties is thought to be working up a planning application for office development supported by the Corporation. The site is part of a plan by the City of London to allow 1m sq ft (92,900 sq m) of development at the western end of Smithfield and the proposed Crossrail track will bisect the site. - (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 Waterways in search of a partner

British Waterways has launched an international competition to find a development partner for its 8.3ha (20-acre) Wood Wharf site, adjacent to Canary Wharf, in London Docklands, E14. This follows last years approval of a 464,511 sq m (5m sq ft) masterplan for the £2bn mixed-use scheme. The planned development includes 325,158 sq m (3.5m sq ft) of offices, retail and hotels, and 1,500 homes. The designs could include two office towers of 35-storeys, located at the western end of the site opposite Heron Quays. British Waterways, advised by ATIS Real Weatheralls, is thought to be intending to submit the first detailed planning applications for the site in 2005. - (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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Canary Wharf Group set deadline for offers

Canary Wharf Group has set a deadline of 13th February for Branscon, the Canadian property company, and Paul Reichman to make fully funded offers for the Docklands complex. The deadline is expected to clarify the position of the rival bidders to shareholders ahead of an extrodinary meeting on 23rd February, which is to vote on a recommended £1.56bn offer from a Morgan Stanley-led consortium. Recently Canary Wharf secured a £1.1bn investment deal with Royal Bank of Scotland on 5 Canada Square, let to CSFB, and 25 Canada Square, let to Citigroup. - (12-01-2004)

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Hammerson sale falls through

Hammerson has issued a statement on the London Stock Exchange to the effect that its deal to sell three office buildings to Fordgate, a private company, has fallen through. Fordate was to have paid around £122m for 21 Moorfields, London EC2, and Grant Thornton House and 40, Melton Street, Euston Square, NW1. Hammerson has said that it has "fulfilled the outstanding conditions" and that "the proposed purchaser has failed to complete the transaction in accordance with the contract". Hammerson has therefore terminated the contract and appears to be intending to retain Fordgate's deposit and seek redress. Fordgate has responded to Hammerson's statement saying it was "factually incorrect and libellous... No subsidiary of Fordgate Limited asn contracted to acquire the properties mentioned". - (26-11-2003)

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Great Portland Estates switches to buy

Great Portland Estates has said that it is planning to start buying properties as it followed other commentators in calling the bottom of the property market in the West End. Although a few months behind others market 'gurus' with the comment, Toby Courtland, chief executive at Great Portland, is expecting to see rent rise in 2005. Great Portland reported first half pre-tax profits of £15.6m and is changing emphasis from selling properties. - (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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Hammerson sell London offices

Hammerson, the property company, has sold three office blocks to reduce its exposure to the central London office market. Fordgate, a private company, has paid around £122m for 21 Moorfields, London EC2 (151,000 sq ft), and Grant Thornton House (69,000 sq ft) and 40, Melton Street (116,000 sq ft), two buildings that are part of the Euston Square Estate. 21 Moorfields is vacant but leased to Lazard Brothers until 2008. Hammerson had plans to redevelop the site and as part of the sale agreement is understood to have retained a role as development manager and an option to participate in any redevelopment. At Euston Square, Grant Thornton House is leased to Grant Thornton and 40, Melton Street is leased to Network Rail. Hammerson has retained ownership of the 117,000 sq ft building at One Eversholt Street which will allow the company to be involved in any future redevelopment of Euston Square. - (21-10-2003)

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Skanska wins Palestra contract

Blackfriars Investments and Royal London Asset Management have signed a £67.5m construction contract with Skanska UK to build the Palestra office scheme on Blackfriars Road, London SE1. The project has had several previous start dates but the cleared site could now be on-site this year, or early 2004. The revised completion date is now mid-2006. - (30-09-2003)

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Paternoster Square to open

Paternoster Square is to be opened to the public in mid-September and the development will be officially opened in November. The opening will be the culmination of a 15-year development saga. The site was acquired in 1986 by the Paternoster Consortium, including British Land, Unilever and Barclays Bank, and had Stanhope as the developer. However, after four changes of ownership the development has been completed by MEC (Mitsubishi Estates). - (03-09-2003)

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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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Canary Wharf is bid target

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

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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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Palestra for summer start

Blackfriars Investments and its joint venture partner Royal London Asset Management has said that it will start work on its 39,018 sq m (420,000 sq ft) Palestra office development in Blackfriars Road, London SE1 by June 2003 and be completed in late 2005. The scheme, designed by Will Alsop, has £79m of funding from Bank of Scotland. The site is ready for development with the previous 1960’s office building having been demolished last year. The letting agents for the scheme are Insignia Richard Ellis and DTZ. - (27-02-2003)

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BBC £252m "live news centre"

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

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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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Camden tube offices

London Underground has announced plans for a new tube station at Camden Town in London NW1. A planning application is to be submitted to the London Borough of Camden in the next few weeks. The proposal includes a seven-storey office building, a new bus interchange, a ticket hall and four blocks of flats. A temporary station will be built before the existing structure is demolished and rebuilt. - (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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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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Marsham Street deal finalised

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

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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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Royex House plans submitted

Scottish Widows has submitted a planning application for the redevelopment of Royex House in Aldermanbury Square, London EC2. Royex House is a 'classic' slab 1960's building in steel and blue glass designed by Richard Seifert. The proposed 17-storey replacement tower has been designed by Eric Parry architects. Subject to planning permission the development could be on-site in late 2003 for completion in late 2005 or early 2006. - (04-03-2002)

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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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Canary Wharf raises £1.25bn

Canary Wharf Group, the property developer, issued new debt and increased the level of its asset-backed bonds by £1.25bn this week. The bonds are backed by rental cashflow from the Canary Wharf portfolio of 12 office buildings. Last year Canary Wharf raised £875m through an asset backed deal. On the basis of this deal it would appear that the securitisation of 'trophy' real estate developments has not been affected by the terrorist attack on the World Trade Centre. - (13-02-2002)

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Aldgate Union approved

Tishman Speyer Properties has gained planning permission from the London Borough of Tower Hamlets for the £100m redevelopment of the Marsh Centre at Aldgate, London E1. The part 7-storey, part 16-storey, 'Aldgate Union' scheme, designed by Wilkinson Ayre architects, will provide around 87,001 sq m (936,485 sq ft) to replace the existing 30,000 sq m (322,926 sq ft) building. Tishman Speyer Properties is advised by Jones Lang Lasalle. - (10-02-2002)

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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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DIFA plans City skyscraper

Some brief details of the proposed 50-storey office tower at 6-8 Bishopsgate have been revealed. It appears that discussion on the tower, for German developer DIFA, have been held with the Corporation of London and the Mayor's office. However a planning application will not be submitted until after a decision on the Heron tower, currently at public inquiry, is made. The architect for the scheme is reported to be Helmut Jahn, the New York architect. - (04-12-2001)

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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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Unilever thinks again on refurbishment

Unilever the multinational household products company, has decided to re-assess its refurbishment plans for Unilever House in London EC4. The company had gained consent for a 35,000 sq m (377,000 sq ft) refurbishment of its nine-storey 100 Victora Embankment headquarters in Blackfriars. However, the project has now been put on hold pending 'reassessment of options' - (16-11-2001)

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London Development Agency names developer

The London Development Agency (LDA) has appointed Kajima as the preferred developer to carry out the works on the largest brown field site in London. The Silvertown Quay consortium is set to develop the Silvertown Docks area in East London. The £800m scheme will provide offices, 3,000 homes, a hotel, school, shops and leisure facilities including an aquarium designed by architect Sir Terry Farrell. Works sre proposed to start at the end of 2002. The mixed-use site of 20ha (48 acres) at Silvertown Dock in Newham, London E16. The developer was selected from a shortlist comprising Bellway Homes, The Greater Silvertown Consortium with George Wimpey, St George, a joint venture called Silvertown Quays Limited, Kajima and a group which includes Taylor Woodrow Capital Developments. - (14-11-2001)

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BT Tower could be listed

The BT Tower in London W1, better known as the Post Office Tower, could become a listed building under proposals from English Heritage. The 188m high tower is one of eight telecoms buildings proposed for listed building status. - (13-11-2001)

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Agents for change

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

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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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Bidding race at St Katherine's Dock

TrizecHahn, the Toronto-based property investment company, and Rugby Estates, backed by UBS, the Swiss Bank, and Hilstone, the developer, are said to be shortlisted to compete to buy Taylor Woodrow's St Katherine's Dock development in London E1. The bidding for the 1970's development is said to be close to the asking price of £250m. The development comprises mainly residential units but includes a site with planning permission for a 16,722 sq m (180,000 sq ft) office scheme known as K2. Other losing bidders are said to include Marylebone Warwick Balfour, the property company, with JE Robert and Greycoat; Catalyst Capital with Blackstone, and Lehman Brothers, the US funds; and CIT. - (15-10-2001)

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City objects to "excessive layers"

At the 'Docklands at 20' conference Judith Mayhew, chair of policy and resources at the Corporation of London, has said that "excessive layers" are undermining the planning process and putting London position as a leading financial centre at risk. She made the point said that planning rules allowed English Heritage and others to delay approvals. Her view is that "Large developments, in the City and elsewhere, need speed and certainty in planning process" and she also seemed to be saying that the power of the Mayor of London and the Secretary of State to over-ride local authority decisions, along with individuals and organisation that "seek to influence" decisions, were unnecessary layers. - (03-10-2001)

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Austral House revised

The City of London Office Unit Trust (Clout), which includes Pillar Properties, has submitted a new planning application for Austral House, Basinghall Avenue, London EC2. The present 9,570 sq m (103,011 sq ft) building is proposed to be redeveloped as a nine-storey 22,990 sq m (247,464 sq ft) scheme. The building has been designed by Swanke Hayden Connell Architects. The existing planning consent for the scheme was granted in December 1999, and was for an eight-storey building of 21,111 sq m (227,238 sq ft). - (13-09-2001)

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