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London Offices – An Olympic Year?

Central London - a Sack Full of Refurbs

KIngs Cross deal signed

New plans submitted

RCP agrees Euston deal

Charlotte Street letting

Midtown consent

PPG completion spring 2009

Farringdon office application

Shortlist for west end scheme

Noho scheme poised

Tender for Mayfair scheme

Contractor appointed in W1

Spring start for EC3 scheme

Redevelopment opportunity in EC4

Consent for Lime Street scheme

City scheme gains consent

Refurbishment planned in W1

New scheme for EC3

Q4 2005 start for Abford House?

Spring start for 'new' York House

Corporation looks for fit-out contractor

Bouygues starts WTC

More completions

Moving down south...

Andersen Consulting surrenders lease on Holborn Place

Freshfields take part of Northcliffe House

Canary Wharf announces new retail schemes

BAe confirms letting at Stirling Square

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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Barclays deal with LandSec

Barclays Bank has agreed to sell 16 office buildings to Land Securities’ Trillium group. Barclays is moving London staff to a new 1m sq ft headquarters at Canary Wharf by May 2005, which will release 13 office premises. The bank will pay Land Securities to take on the commercial responsibility for the short-term leases. The deal also includes three office buildings at the Westwood Business Park in Coventry on which Barclays will take a 20-year lease back at around £20m and Land Securities will pay about £25m for the buildings. - (13-01-2005)

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Imminent start for Chesham House.

Demolition of the original premises at 132-154 Regent Street has been completed and work on the 6,596 sq m (71,000 sq ft) new offices is about to commence. The new address of the building, dubbed Chesham House, is actually now 1 Warwick Street and has been conceived by City Office Developments and Morley Fund Management. The building will be ready by autumn 2006 and the agent is CBRE. - (20-10-2004)

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Glasnost - Online Project, Contact & Image Management

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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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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Leases unravelled at Belgrave House

Boodle Hatfield, the UK law firm acting for Grosvenor, is understood to have unravelled the BP leashold interest at Belgrave House, 76 Buckingham Palace Road, London SW1. BP is thought to be paying a reverse premium to end the leasehold interest and the agreement is said to include 'overage' arrangements. Belgrave House, a 1970's building, which is currently vacant, is planned to be demolished by Grosvenor. The scheme will also incorporate the Grade II listed Chantrey House. Planning consent has been granted following completion of a Section 106 (planning gain) agreements. The development should start on site in November 2001. - (27-09-2001)

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Dublin architect HKR now in the City

Demolition work has just started on 12 Arthur Street, London EC4, a site which has recently seen proposals for a new 12,680 sq m (136,487 sq ft) office building of 10-storeys submitted for planning permission by developer Shieldpoint. The proposed scheme has been designed by Irish architects Horan Keogan & Ryan, a firm which has made a big impact in the Sandyford area of Dublin over the last decade, designing the Sandyford Business Centre and the AIB Financing & Leasing premises among other projects. Horan Keogan & Ryan's latest office project in Dublin is The Atrium Office Development for Green Properties, which is now nearing completion. - (12-04-2001)

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BT may sell portflio to LandSec's

British Telecom is said to be close to arranging a sale and leaseback deal on its £2bn property portfolio with Land Securities. Land Securities is rumoured to have beaten Mapeley to the deal. In what is thought to be a speeding up of the process BT may now complete its £2bn portfolio sale and leaseback deal by summer 2001. BT's advisor Schroder Salomon Smith Barney is understood to have recently shortlisted Land Securities Trillium and Mapeley, the George Soros backed venture, as the final two bidders for the 7,500 sites in the UK. Oftel, the telephone regulator, has set restrictions on BT's ability to sell sites and they are to be leased to the successful bidders for 130-years and then leased back by BT on 30-year agreements. The leases are understood to have break options for BT to vacate premises after 15-years, providing redevelopment opportunities for central London sites such as Mondial House, Upper Thames Street and Fleet Building, Farringdon Street, both in EC4 - (09-04-2001)

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Sainsbury to move to Holborn Place

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

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London Stock Exchange may relocate

The London Stock Exchange has announced that it is considering vacating the 24-storey Exchange Tower in Old Broad Street EC2 as part of a defence against a hostile bid from Sweden's OM Group. The London Stock Exchange could relocate to a new headquarters by 2004 and could sell the building, which it is said may be worth about £100m. The relocation by 2004 would tie in with lease expiry on the premises. Insignia Richard Ellis was appointed in June 1999 to advise the Exchange on its property requirements. - (20-10-2000)

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Tower Hamlets agrees two South Quay schemes

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

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Company Details for Premier Property Group