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Revised consent in EC3

Architect for scheme

City refurbishment start

London Offices – An Olympic Year?

Canary start

Refurbishment out to tender

Canary scheme update

Banks to fund scheme

New application in EC3

Central London - a Sack Full of Refurbs

Inquiries on the up

London Office Market – Special Report

Leadenhall triangle site bought

Site assembly in EC3

City scheme re-design

First tenant for City scheme

Aldgate office consent

Major Docklands deal

Deal for City scheme

Consent in City fringe

Docklands consent

Smaller scheme for Canary site

Walkie Talkie schedule

Mitre Square latest

Walkie Talkie update

Refurbishment plan for EC3 building

Walkie Talkie start?

City tower tipped for start

City scheme scheduled for 2011

Revised consent in EC2

Derwent application

Demolition start in EC3

Fenchurch revision supported

Application in EC3

City scheme green light

City deals

City scheme underway

Demolition plans for City block

Consent for Canary tower

Consent for City scheme

Appointments on EC3 scheme

City start in EC3

Delay for EC3 tower

Construction to start in EC2

Generali submits plans

Application for new City scheme

Appointment on EC2 tower

Fenchurch Street refurbishment

Land Securities fears oversupply

Gracechurch scheme for 2008

Greenhills start City scheme

Planning consent in EC3

Start date for EC3 scheme

City office refurbishment application

Start for EC3 scheme

New Churchill Place scheme

Site assembly in EC3

Churchill Place full

Consent for EC2 redevelopment

More offices for EC3

New life for City site

Negotiations on EC3 tower

Tower blow in EC3

HBG wins Morley contract

More office space for EC3

Shortlist for EC3 refurbishment

Assembly for EC3 redevelopment

City schemes planned

Docklands construction at last

Major refurbishment for EC3 tower

Consent for EC3 tower

Rafael Vinoly appointed for EC3 tower

Willis wants more

DKW takes 30 Gresham Street

Asticus plan SW1 scheme start

USS scheme underway in EC3

Demolition begins at Vitro

Fountain House underway

Fountain House out to tender

Heron submits skyscraper application

CGNU to refurbish 100 Leadenhall Street EC3

Juxon House 'dig' programme submitted

Christ Church Court available?

Lloyd's Register to sub-let space?

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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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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Glasnost - Online Project, Contact & Image Management

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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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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Office tower talks

Land Securities is now believed to be in talks with Songbird subsidary Canary Wharf Group to be the development partner and contractor for its 'Walkie Talkie' office tower scheme at 20 Fenchurch Street, London, EC3. The 660,000 sq ft mixed use development is expected to be complete by 2014. - (09-09-2010)

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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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Lloyds considers HQ sale

Lloyds has confirmed that it is considering the sale of its historic City headquarters building - 71 Fenchurch Street, London, EC3 for £150m. The 23,230 sq m (250,000 sq ft) building is currently home to Lloyds Register. CBRE is advising Lloyds. - (28-09-2005)

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Condor House nears completion

In March 2005, Sir Robert McAlpine is expected to complete the construction of City Office’s (Greycoat) new 12,322 sq m (132,642 sq ft) Condor House office and retail scheme at 4 St Paul’s Churchyard, London, EC4. The building, known as Condor House, is being marketed by CB Richard Ellis. The building will provide a net office area of 10,033 sq m (108,000 sq ft). - (13-01-2005)

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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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Caxton Hall office scheme

Caxton Hall, the Grade II listed former Westminster registry office, in London SW1, is to be redeveloped as office and apartments. The building on the Broadway and Christchurch Gardens conservation area has been vacant for about 20-years. Amberswift Limited and Stanhope plc have submitted a planning application to Westminster City Council, for a scheme designed by Foggo Associates, to restore the building and create 13 flats and also build a nine-storey 5,000 sq m (53,820 sq ft) office building at the rear of the site. - (10-02-2003)

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British Land plans EC3 tower

British Land has submitted a planning application for the redevelopment of 51 Lime Street, London EC3, otherwise known as the 58 Building, acquired from Lloyd's of London. The new scheme, which also fronts Fenchurch Avenue and Billiter Street, is for 54,521 sq m (586,864 sq ft) of offices and 522 sq m (5,618 sq ft) of retail in a part six-storey, part 25-storey building, designed by Foster & Partners. - (25-01-2002)

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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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Revisions to Churchill Place

The elements of the Canary Wharf masterplan for the Churchill Place area, also known as the 'BP 1-3' sites, which was previously intended as a group of four buildings, is understood to be under revision. The redesign will see some increases in planned floorspace. The new masterplan would include the 92,902 sq m (1 million sq ft) tower on BP1, possibly nearing a pre-let to Barclays Bank, BP2 at around 32,515 sq m (350,000 sq ft), and BP3/4 at about 69,676 sq m (750,000 sq ft). - (19-11-2001)

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Bovis wins Plantation Place contract

Bovis Lend Lease is said to have won the construction contract for British Land's Plantation Place scheme at 31-35 Fenchurch Street, London EC3. In total the scheme, designed by Arup Associates, is about 60,386 sq m (650,000 sq ft) and around 34,875 sq m (375,400 sq ft) of the development has recently been pre-let to Accenture. - (15-10-2001)

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'right to light' claim

Churchill Securities is now said to be seeking an injunction against Marks & Spencer claiming that its development at 70 Gracechurch Street, also known as Limebank House, 168 Fenchurch Street, London EC3 affects a "right to light" clause on an adjoining building that Churchill owns. It appears that discussions have not resolved the issue and the threat of legal action is making it harder for M&S to find a tenant. Churchill is thought to have made M&S an offer of £150m for the building, subject to planning consent being granted to convert the recently completed building into a 34-storey tower (which would reportedly cost another £130m).

Colliers Conrad Ritblat Erdman and Jones Lang LaSalle are the letting agents for the scheme. It has also been reported that three City firms have pulled out of negotiations for Limebank House due to the legal problems. - (01-10-2001)

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Barclays to take space at Canary

Barclays Bank has confirmed that it is has reached agreement in principle with Canary Wharf Group to take a new headquarters building at Canary Wharf, London E14. The bank is to take the BP1 site at Churchill Place, at the eastern end of the scheme. The building will be about 1 million sq ft and initially 60,386 sq m (650,000 sq ft) will be occupied by Barclays, with the flexibility to move into more space as required. Design work is underway and construction of the new tower will start at the end of 2001 and is due to be occupied by Barclays in 2005. Barclays Bank is being advised by Weatherall Green & Smith. - (05-09-2001)

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Plantation Place may be a speculative start

British Land has said that it is in talks with several potential tenants for its Plantation Place scheme in Fenchurch Street, London EC3 and 201 Bishopsgate, London EC2. British Land has also indicated that if a pre-let is not immediately forthcoming the company will start construction work on the Plantation Place buildings on a speculative basis. The Plantation Place site has been cleared, some infrastructure works have carried out, and the archaeological dig is now nearing completion. - (01-12-2000)

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Demolition of 56-59 Fenchurch Street underway

Demolition of the buildings formerly occupied by the Institute of Marine Engineering, at 56-59 Fenchurch Street and Mark Lane EC3, started in early October 2000 and completion of the new building is planned for early 2003. The redevelopment will provide a new office building of 15,793 sq m (170,000 sq ft). - (10-10-2000)

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