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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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Morgan Stanley is said to be looking for further equity backing to raise its bid for Canary Wharf and could have approached the government of Qatar, British Land and Liberty International. Morgan Stanley could be looking for an extra £200m for it’s bidding vehicle ‘Silvestor’ to raise its offer from 275p to over 292p and try to beat Brascan, which last week matched Morgan Stanley’s latest offer. The 14m sq ft Docklands office complex is now being valued at £1.6bn. The bids by Paul Riechmann, the former chairman of Canary Wharf collapsed two weeks ago and Brascan, the Canadian property and power company, is now thought to have the support of shareholders controlling over 24 per cent of the Canary Wharf shares. - (15-02-2004)
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Equitable Life has sold a redevelopment site in Bishopsgate to Heron International. The site, which includes Stone House, 128-140 Bishopsgate; Staple Hall, 87-90 Houndsditch; Devonshire House, 142-150 Bishopsgate; and 13-17 Devonshire Row, London EC2, is opposite Heron's 110 Bishopsgate site (Kempson House). Equitable Life paid £45m for the four buildings in 1999 and has sold them for £60m, reflecting a yield of 7.5%. BH2 acted for Equitable Life. In September 2000 Equitable Life submitted a planning application for a scheme, by Sidell Gibson, involving the part refurbishment and part redevelopment of the buildings on the site. - (17-12-2000)
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The Equitable Life Assurance Society has submitted a planning application for the demolition of Stone House and Staple Hall in London EC2 and the rebuilding behind facades. In addition properties at 1 and 3-5 Stone Court, 142-148 Bishopsgate, and 1-11 & 13-17 Devonshire Row are to be refurbished. Overall the new development will provide 18,650 sq m (200,748 sq ft) net of office space and 5,800 sq m (62,431 sq ft) net of retail space. The scheme would be opposite the site at 110 Bishopsgate on which Heron propose to build a skyscraper development. - (01-10-2000)
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