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Pre-let at Regents Place

Office site to be residential

Victoria consent

Contractor tipped

Mixed-use ideas

Demolition starts

City HQ to start

Central London - a Sack Full of Refurbs

Contractor shortlist

Broadgate redevelopment plan

Holborn refurbishment plan

Development start planned

Contractor appointed

Fund manager takes tower floor

Decision on contractor awaited

Holborn refurbishment plan

Tower letting

Midtown site purchased

Development sold

West end scheme start

Southbank opportunity

City HQ application

Contractor for major Noho scheme

City refurbishment plan

Office tower tenders

Euston scheme signs major tenant

Architect rumoured for scheme

Developer co-investment

City office tower deal

Letting at City scheme

Third phase planned for west end scheme

West end site to be developed

Broadgate lettings

Office tower stalled

Kings Cross round-up

City consent

Application for WC1 building

Euston office planned

Euston delay

Major pre let announced

Victoria office plan

Regent's Place schedule

Wood Wharf application

Wood Wharf outline plans

Cheesegrater may arrive later

Spitalfields scheme tipped

Spec start for City tower

Tower planned for EC2

Architects for Euston redevelopment

Consent for major EC2 scheme

Work underway at Euston

Conversion plan for BT tower

Canary Wharf application

Major City application

Broadgate Tower pre let

Demolition in EC3

Spitalfields plans

Speculative start for City tower

Pre-planning at Broadgate

Start for EC3 scheme

British Land chosen

Offices for Euston

Ropemaker rumour

Completion for EC4 redevelopment

Start date for EC2 scheme

City tower to begin in 2007

Station sites shortlist

Tower gets underway in EC2

Construction underway in EC4

British Land secure EC2 consent

Wood Wharf appointments

Tower race in the City

British Steel Pension Fund submits plans

McAlpine takes British Land contract

Spring start for 'new' York House

L&R preferred for M&S HQ

Willis wants more

Lehman Brothers close to finding partner?

122 Leadenhall gets permission

Ludgate West shortlist?

Demolition of York House begins.

Lehman to sell 800k Northgate site

Bovis favourite for 51 Lime Street, EC3

British Waterways progresses E14 Wharf

British Land to build speculatively

British Land for Canada Water

British Land in Deutsche deal

British Land shelves Caroone House

Ronson forecasts skyscraper demise

City gives thumbs up to new tower

Swiss Centre plans indude clock

Plantation Place up by 10 per cent

Launch for 350 Regent's Place.

Bovis to build Plantation Place

British Land plan for Bishopsgate

More Canary Wharf?

Any takers?

Skycraper exhibition to tour US

BBC 'longlist' development consortia

Selfridges shortlist down to two

Docklands scheme progress

Canary Wharf Group has bought ownership of the Wood Wharf Limited Partnership from British Waterways and Ballymore Properties. Canary Wharf Group will now have control of design over the 16.8 acre Wood Wharf mixed use development scheme site, which is immediately adjacent to the Canary Wharf. Wood Wharf will comprise 1.25 million square feet of residential development, 200,000 sq ft of retail, 3.1m sq ft of offices and a 200,000 sq ft hotel with a single outline planning consent in May 2009. Detailed consent was subsequently granted for the three office buildings closest to the Canary Wharf estate totalling 1.5m sq ft net in July 2009. - (20-01-2012)

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Leadenhall pre-let

Aon, the risk management company, has confirmed its pre-let of 191,000 sq ft of new offices at 122 Leadenhall Street, EC3 - aka the 'Cheesegrater' building. Aon will take floors 4-13, comprising one third of the 610,000 sq ft skyscraper, upon completion of the 47-storey building in 2014. Initially set for completion in the third quarter of 2014, construction company Laing O'Rourke has now cut its building schedule by a few months to bring the completion date forwards to the second quarter. The Richard Rogers designed is being developed as part of a joint partnership between British Land and Oxford Properties. - (18-11-2011)

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HQ pre-let in NW1

Debenhams, the retailer, has agreed a pre-let of 13,471 sq m (145,000 sq ft) at British Land’s Regent's Place North East Quadrant scheme, London, NW1. The retailer will move on completion of the scheme in summer 2013. Debenhams will occupy the ground to fourth floors of the development at 10 Brock Street for a term of 25 years, with break options. - (28-10-2011)

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Glasnost - Online Project, Contact & Image Management

City HQ decision

The Government has decided not to list the Broadgate complex in the City of London, EC2, clearing the way for construction of a new 12-storey 700,000 sq ft HQ for UBS bank at 5 Broadgate by developer British Land. Completion is scheduled for 2014. - (16-06-2011)

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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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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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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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Broadgate start in 2011

British Land is to demolish UBS's offices at 4 and 6 Broadgate near Liverpool Street station, and erect a 65,000 sq m (700,000) sq ft building with four trading floors. The Swiss bank will occupy the new building and has agreed an 18-month rent-free period and will then pay £54.50 per sq ft. The new 5 Broadgate will cost £340m to construct. British Land and Blackstone plan to start building in the middle of 2011 and hope to finish in 2014. British Land is also in negotiations with potential tenants for its planned 122 Leadenhall Street tower, known as the Cheesegrater. - (03-08-2010)

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Broadgate HQ plan

British Land has confirmed press reports that it is planning a new headquarters for UBS covering around 65,000 sq m (700,000 sq ft) at its Broadgate, London, EC2 site, on the site of existing UBS buildings number 4 and 6. The scheme is expected to cost £175m. The new HQ is expected to be completed in 2014. - (19-05-2010)

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Lettings maintain momentum

Central London office lettings maintained their momentum in March 2010, with nearly 1.1m sq ft transacted. March was the fifth successive month when office take-up has topped 1m sq ft. The City accounted for nearly 500,000 sq ft, whilst a spate of large lettings around the NW1 postcode, in particular at British Land's Regent Place scheme, helped boost the west end. - (28-04-2010)

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Cheesegrater revival

British Land, developer of 'The Cheesegrater', otherwise known as the Leadenhall Building at 122 Leadenhall Street, London, EC3, one of the tallest towers planned for the City of London before the recession, say it it is thinking about beginning construction of the 47-storey Richard Rogers designed tower. British Land said it was “thinking pretty seriously” about reviving the project, which will provide 82,721 sq m (890,409 sq ft) of office space 56,856 sq m (612,000 sq ft net) and 2,150 sq m (23,142 sq ft) of retail space. - (01-04-2010)

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Macquarie to move HQ to Ropemaker

Macquarie Bank, the Australian investment bank, is understood to have agreed to take 20,160 sq m (217,000 sq ft) offices at British Land's Ropemaker Place in the City of London for its 1000 London staff. Terms are undisclosed. Macquarie was close to letting Drapers Gardens last year has been outbid by Blackrock. The bank has a lease expiry at City Point in 2011. Ropemaker Place is now almost 80 percent let. Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Securities leased almost 230,000 sq ft in the building last year. - (12-02-2010)

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British Land activity

British Land chief executive Chris Grigg said: "We have over 250,000 sq ft of (office) space under offer, including nearly 220,000 sq ft to Macquarie, and have over 650,000 sq ft of additional new space available from recent development activity”. - (09-02-2010)

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Application for Canary towers

Wood Wharf Limited Partnership, comprising British Waterways, Canary Wharf Group and Ballymore Properties, has submitted detailed plans for two office buildings at Wood Wharf, E14. The two office buildings (W01 & W02-03) will be located on the northern side of the site. Building W01 designed by Kohn Pedersen Fox Associates, will be 134m tall and provide 84,600 sq m (911,000 sq ft) of office space over about 30 storeys. Building W02-03, at a height of 194m, is designed by Clarke Pelli and provides 149,000 sq m (1.6m sq ft) of floor space over about 40 storeys. - (04-06-2009)

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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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CityPoint on the market

CityPoint, the 36-storey skyscraper, on Ropemaker Street, London, EC2, is thought to be on the market and could be sold by the City of London Office Unit Trust (CLOUT) for around £500m. CLOUT was set up by Pillar Properties, now part of British Land, and Schroders, the fund manager, in 2001. CityPoint has about 52,675 sq m (566,993 sq ft) of office space and around 11,148 sq m (120,000 sq ft) of retail and leisure uses on the ground a lower floors. The building was built in 1967 and was named Britannic Tower, the former headquarters of British Petroleum. The building was re-named CityPoint after a major rebuild to a design by Sheppard Robson, which was completed in early 2001. - (28-08-2005)

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British Land plans another skyscraper

British Land has unveiled new plans for two linked office buildings of 34-storeys and 12-storeys at 201 Bishopsgate, London, EC2. The buildings will provide a total of 77,108 sq m (830,000 sq ft) of space. The tower will provide office space of about 37,161 sq m (400,000 sq ft) and the low rise block will have 38,554 sq m (415,000 sq ft) of offices and nearly 1,858 sq m (20,000 sq ft) of retail space. - (04-03-2005)

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Spring start for Winchmore House

British Steel Pension Fund is planning a refurbishment of the 7,897 sq m (85,000 sq ft) Winchmore House on Fetter Lane in EC4. The fund has vacant possession of the building and the refurbishment could start in spring 2005 for completion in early 2006. - (23-02-2005)

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British Land plans at Canada Water

British Land has agreed a 10-year development plan with the London Borough of Southwark on a 16ha (40-acres) site at Canada Water in London, SE16. Britsih land and Canada Quays are planning to develop about 9,290 sq m (100,000 sq ft) of office space as well as retail and leisure space and 2,000 homes and community facilities. A detailed planning application could be made in summer 2005 and a start on site made in 2006. - (23-02-2005)

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Canary and Ballymore win Wood Wharf

British Waterways, the owner of the 8.3ha (20-acre) Wood Wharf site to the east of Canary Wharf, London, E14, has chosen Canary Wharf Group and Ballymore Properties as its preferred partners on the £2bn regeneration. Offices, residential and a hotel are planned. - (01-02-2005)

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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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Ludgate West to be enabled

Before Christmas, British Land is to begin enabling works on its 17,000 sqm (182,987 sq ft) Ludgate West development site on Farringdon Road. However, a start date for construction has not been determined nor has a main contractor appointed. Work may commence during 2005 but is unlikely without a sizeable pre-let. The architect is Skidmore Owings & Merrill - (27-11-2004)

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Corporation of London approves

At its committee meeting this morning The Corporation of London has approved British Land's 122 Leadenhall scheme in EC3 of 55,870 sq m (601,384 sq ft) net office floorspace and Land Securities 120-122 Cheapside office development in EC2 of 23,039 sq m (248,000 sq ft). The British Land scheme is subject to the agreement of the Mayor of London and the Secretary of State but is not thought to face any major issues. - (26-10-2004)

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McAleer takes the Swiss

British Land has sold the Swiss Centre in Leicester Square, London WC2, to Northern Irish property developers McAleer & Rushe for a reported £47m. The most likely fate for the striking, but ugly, 9,300 sq m (100,000 sq ft) building is redevelopment into a mixed-used office and leisure complex. The new building is likely to include a hotel and recently the Irish hotel chain Jurys Doyle was linked to the site. It is worth noting that McAleer is Jurys regular contractor for its UK based hotels and should McAleer included a hotel in its plans then it is not unreasonable to hazard a guess as to who the operator will be. McAleer is declining to comment at this early stage. Jones Lang LaSalle represented British Land. - (25-10-2004)

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British Land clears the way

British Land has used H Smith Demolition to clear a major site for a 11,148 sq m (120,000 sq ft) office development at the corner of Old Seacoal Lane and Old Fleet Lane, just off Farringdon Road in London. At this time British Land is awaiting the right market conditions before starting development, but this is not expected to be long in an improving market. - (20-09-2004)

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UBS buys Mondial House

UBS, the investment bank, is reported as having acquired Mondial House, 90, Upper Thames Street, London, EC4, from British Telecom for around £55m for it’s Triton fund. City Offices, the Greycoat subsidiary, is partnering UBS on the scheme which could include a refurbishment of building or redevelopment to provide over 46,451 sq m (500,000 sq ft). BT will take a two-year lease on the 37,160 sq m (400,000 sq ft) building to remove telephone switchgear having originally planned to redevelop the 1970’s building to a design by Foggo Associates. The site could also be incorporated into an adjoining site where the Corporation of London has been considering a development. - (10-07-2004)

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Morgan Stanley bids higher

The Morgan Stanley led ‘Silvester’ consortium has teamed up with British Land to increase the offer for Canary Wharf to £1.7bn. The consortium has raised its previous bid by £100m to 292p a share, above the rival Branscan offer of 275p. British Land will contribute £125m and take a 14.5 per cent stake in the Silvestor consortium. - (30-03-2004)

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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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Morgan Stanley to raise offer?

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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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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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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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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British Land's new skyscraper

British Land has unveiled its plans for a skyscraper at 122 Leadenhall Street. The 48-storey tower will provide about 93,000 sq m (1,001,000 sq ft) of space and has been designed by the Richard Rogers Partnership. The initial designs envisage a tapering external frame structure, possibly a 'shard of steel', on 'legs' above a new public park. It is said that the building would be the tallest in the City of London. - (22-09-2002)

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British Land in White City talks

British Land and Chelsfield are said to be in discussions to form a joint venture company to develop the White City centre in west London. The 16.6ha (40-acre) site between Wood Lane and the West Cross route is planned as £700m shopping centre of around 111,482 sq m (1.2m sq ft) and this will include an office complex, a hotel, 9,290 sq m (100,000 sq ft) of leisure space and social housing. The scheme has been designed by Ian Richie and has meet with many planning objections. - (18-02-2002)

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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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London slowdown predicted

A new survey by GVA Grimley and the Confederation of British Industry expects the commercial property market in London and the South East to slow in the next six months. The slowdown is expected to be most marked in the office sector and most marked in London, where net demand is expected to halve. - (05-01-2002)

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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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WGS appointed at Wood Wharf

British Waterways has appointed Weatherall Green & Smith to advise on the redevelopment of Wood Wharf, east of Canary Wharf, London E14. Discussions are to be held with the planning authorities to "maximise the development potential" of the site. The site is seen as having potential for a "high-density, quality, mixed-use office and residential scheme". - (19-08-2001)

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British Land wins 51 Lime Street

British Land is thought to have acquired 51 Lime Street, London EC3 from Lloyd's of London. There is speculation that the building could be replaced with a 37,160 sq m (400,000 sq ft) office block and Foster & Partners is said to have been chosen by British Land for the redevelopment scheme. Built in 1958, 51 Lime Street was the headquarters of Lloyd's before it moved in 1986 to the headquarters building designed by Richard Rogers, now Lord Rogers. - (14-07-2001)

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British Land may raise up to £1.5bn

British Land is said to be considering plan to raise up to £1.5bn to fund its development programme. The funds could be raised in a series of securitisations of its retail portfolio, which includes the Meadowhall shopping centre in Sheffield. The group is also thought to be looking at ways to refinance much of its office portfolio in London. British Land is expected to give further details of its plans when it announces full year results at the end of the month. - (20-05-2001)

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BT to leave Newgate Street

British Telecom is to leave its purpose built 27,870 sq m (300,000 sq ft) headquarters building at Newgate Street, London EC1 in the next 12-18 months. Staff will be transferred to other divisions in BT buildings and the 400-500 'central activities' staff and executives will move to a smaller office in London. The Newgate Street head office and the Telecom Tower were the only buildings omitted from the £2bn property portfolio deal announced last month. - (04-05-2001)

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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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British Land may be in lead for Mayfair estate

British Land is now said to be the front runner to buy the 10-acre Berkeley Square estate in Mayfair W1 from the BP Pension fund. It is thought that an offer of around £300m has been made by the company that is on a shortlist of bidders that may also include the Barclay twins and Moorfield, the property group, Simon Hallabi, a Syrian-born investor, Grosvenor Estates, and the Saudi Arabian Royal family. The BP Pension fund acquired the portfolio in 1967 for around £12m. The sale is being dealt with by Richard Womack at CB Hillier Parker. It is said that unsuccessful bids have been made by Minerva, Benchmark, and Green Properties and an unnamed US investment bank. - (09-04-2001)

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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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British Land may buy 51 Lime Street

British Land and Stanhope are said to be in negotiations to buy 51 Lime Street, London EC3 from Lloyd's of London. There is speculation that the building could be replaced with a 37,160 sq m (400,000 sq ft) office block. Built in 1958 51 Lime Street was the headquarters of Lloyd's, before it moved to the head office designed by Lord Rogers, and now accommodates about 200 staff from Lloyd's legal and regulatory departments. The building is on the market through DTZ Debenham Tie Leung. - (13-11-2000)

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Selfridges selects Stanhope

Selfridges, the department store group, has appointed Stanhope to develop land at the rear of its Oxford Street store in London W1. The £250m scheme will include an hotel, to replace the existing Thistle hotel, apartments, a 9,290 sq m (100,000 sq ft) increase in retail space, and office space. Selfridges will give Stanhope a 175-year lease on the development and share in profits on the scheme. Architect Foster & Partners is also part of the development team. Stanhope was selected over rival developer British Land and about 17 other bidders. Discussion with Westminster City Council will take place this year and planning permission could be granted in 2001. The project is expected to be completed in 2006. - (03-11-2000)

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British Land announces deal with WestLB

British Land has announced a joint venture with Westdeutsche Landesbank (WestLB), the German bank, to dispose of a 50 per cent interest in four London office properties and receive £358m cash. The four properties are One and 10 Fleet Place, 100 New Bridge Street, and Watling House on Cannon Street. The remainder of the venture will be owned by WestLB, and Westdeutsche ImmobilienBank and Provinzial-Feuerversicherungsanstalt Der Rheinprovinz-Versicherung Der Sparkassen. John Weston-Smith, finance director at British Land, has been reported as saying that the deal is "more than enough" to pay for current developments in the City of London. - (03-10-2000)

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