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Refurbishment plan in W1

EC2 planning renewal

City scheme poised

Office site to be residential

City refurbishment plan

City pre-let

Paddington application

New plans revealed

St James redevelopment

West End scheme deal

Oxford Street start

St James's refurbishment

Retrofit to start

London Offices – An Olympic Year?

Tenders to be invited

Refurbishment starts

Mayfair HQ revised

Contractor appointment

Tower letting

Consent for refurbishment

Paddington scheme letting

Construction suspended

Consent in SW1

City site to progress

Central London - a Sack Full of Refurbs

King's Cross Central pre-let

Noho refurbishment

Skyscraper delayed

Inquiries on the up

Southbank space revamp

HQ refurbishment application

City site sale

New scheme letting

Midtown consent

Cheapside consent

Broadgate redevelopment plan

London Office Market – Special Report

Planning application submitted

Gala lunch launch

Construction start

Consent for Farringdon scheme

Offices for W1

Soho consent

Revised consent in EC2

Developer appointed

Midtown scheme under offer

Knightsbridge redevelopment

Fitzrovia redevelopment

Contractor appointed

KIngs Cross deal signed

Docks scheme could be revived

Tower to start (again)

Floor let in EC2 tower

Construction start in EC4

Leadenhall triangle site bought

Consent for Midtown scheme

City tower pre-let

City tower start

Refurbishment plan

City office tower start

Decision on contractor awaited

New application in Farringdon

Site assembly in EC3

Refurbishment mooted in EC4

Midtown scheme poised

City scheme re-design

Tower letting

Refurbishment in WC2

Hammersmith consent

Law HQ refurbishment

Covent Garden start

Major Mayfair application

Midtown site purchased

West end start planned

Mayfair refurbishment options

Mayfair refurbishment to start

Long-awaited City application

City fringe application

Development due to start

US developer may start on site

City development opportunity

City fringe permission

City fringe application

Broker signs for new City scheme

Refurbishment in W1

Contractor for major Noho scheme

New Paddington tower

Masterplan revised

Mayfair site opportunity

Office tower tenders

Grand Designers: Top 10 Architects: Central London Offices 2000 - 2020

Gherkin letting

Early stages on City site

Fleet Street office plan

Soho scheme underway

Mayfair planning talks

Aldgate Place update

City demolition start

Scheme revived

Office tower letting

February London Office Take-up

London Office take-up in February 2012 reached 800,000 sq ft in 45 separate deals over 5,000 sq ft, according to Cityoffices. Burberry's 125,000 sq ft HQ pre-let of 1 Page Street was the biggest deal and one of the few involving grade A space. Some 32 deals were in the core and 17 were in the fringe. - (07-03-2012)

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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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Glasnost - Online Project, Contact & Image Management

December lettings

December 2011 office lettings for central London reached 850,000 sq ft. The recent trend of deals migrating to the fringes, slowed this month with 72pc of transactions occuring in the core areas. This brought the yearly total to 8.7 million sq ft in lettings over 5,000 sq ft. - (27-01-2012)

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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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November lettings surge

Office lettings in London in November 2011 topped 1 million sq ft for only the third time this year. Helped by large pre-lets to Camden Council and Aon Insurance. The fringe areas almost matched the core, with roughly half a million sq ft each. Professional and financial services companies predominated in November. The average lease term is 8 years. We expect the final year total to be just under 9 million sq ft. - (15-12-2011)

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Central London - a Sack Full of Refurbs (Summary)

CityOffices has just completed its bi-annual survey of the central London office development market. Despite the national economic woes and the virtual stagnation of office construction in UK regional markets, there are now 52 office schemes under construction in central London totaling 8.1m sq ft. In comparison, at the beginning of the year there were 39 schemes underway totaling 7m sq ft.

Subscribe for full details. - (09-12-2011)

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October London Office Deals

October 2011 office lettings in central London proved to be sluggish, with only just over 600,000 sq ft transacted in 36 deals over 5,000 sq ft. This total compares to over a million sq ft in September. The month was underpinned by an 87,000 sq ft letting to Deloitte in the City. Elsewhere, fringe areas saw almost as much activity as the core and lettings of Grade A space dropped. - (29-11-2011)

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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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September take-up rises

London office lettings reached the magic 1 million sq ft mark in September 2011, including 160,000 sq ft of new Grade A space. Figures from Cityoffices show a healthy 71 deals over 5,000 sq ft were signed, with the City accounting for almost half the total. Analysis shows tenants are still more likely to sign for cheaper fringe or Midtown space, with over half the floorspace let in these areas. - (25-10-2011)

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UK's tallest crane

The UK's tallest crane is now in place over the Shard in London, SE1. The crane will reach 317m (1,040 ft) above ground level and will enable the building modules making up the 23-storey steel 'spire' to be put in place. - (10-10-2011)

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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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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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April London Office Take-up

London office take-up for April 2011 was below average at just over 500,000 sq ft according to research by Cityoffices.net. The West End had a quiet month, with the City and fringe areas dominating the 46 deals of over 5,000 sq ft. The largest letting was Hays Recruitment's 47,000 sq ft at 107 Cheapside, EC2. - (25-05-2011)

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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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West End tops ranking

London's West End seems to have become the most expensive office space in the world, according to Knight Frank's latest global real estate research on 105 cities. The West End topped £85 per sq ft in late 2010, a 31% increase from the start of the year. This was ahead of the £83.67 per sq ft in Tokyo, which is seeing falling rent levels. The City of London was in 7th place, up from 12th place, with prime office rents of £55 per sq ft. - (04-05-2011)

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March lettings fall back

Office lettings in Central London in March 2011 reached 700,000 sq ft, a little below recent monthly averages. Some 51 deals over 5,000 sq ft were reported. There was a fairly even split between the City and the West End with the biggest transaction the 112,000 sq ft letting to NBC Universal at Central St Giles. - (29-04-2011)

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February 2011 London lettings

Central London recorded just under 800,000 sq ft of office transactions in 60 medium/large deals in February 2011. Although the City had the largest share with 40% of space transacted, there were relatively few lettings of brand new grade A space. It was a quiet month for financial services with more space let to professional firms. - (18-03-2011)

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London Bounces Back – The central London Fit Out Market 2006-2010

Launched at MIPIM 2011. The analysis identifies the Top 10 interior firms, architects, fit out contractors, and project managers involved with projects between 2006 and 2010. - (09-03-2011)

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January take-up slips

Central London office take-up in January 2011 slipped a little to 700,000 sq ft, after a strong December. The City accounted for nearly half the monthly total, while grade A transactions only reached 135,000 sq ft. Major deals were signed with Kroll, Friends Provident and Chicago Mercantile. - (16-02-2011)

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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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Christmas 2010: 22% More Christmas Cheer - Official!

London office deals in 2010 are now 22% up - in terms of space taken - on last Christmas. CityOffices research has identified just over 11.1m sq ft of office deals in central London this year. This is the first rise in deals-done since take-up peaked in 2007. Recent pre-lets to Bloomberg, BNP Paribas and JP Morgan, have helped drive a strong final quarter of this year.

The take-up of Grade A recently constructed or refurbished space also shows a slight increase by 10%. Deals signed on prime space in central London account for 4.2m sq ft in 2010, compared to 3.8m sq ft in 2009.

The City of London has dominated deals this year accounting for 5.1m sq ft, or 46%, of total take-up. The West End saw just 1.8m, or 16%, of deals signed, with the remainder of lettings mainly focused on Docklands and ‘fringe’ locations.

Financial services came back strongly in 2010 and accounted for over 44% of space let. The next best performing sectors are professional services, media, and insurance, which together took 25% of space let.



The late surge in deals this year, and the large amount of space expected to be signed up in early 2011, means that the London fit-out market will be strong in the first half of next year. After that a reduction in available prime office space, and increasing rents, may lead to occupiers pre-letting, or undertaking short-term refurbishment and re-stacking, to await the next ‘wave’ of office buildings due to arrive in 2013.

So it looks like a Merry Christmas for all

Our best wishes for a prosperous 2011

The CityOffices team. - (24-12-2010)

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November take-up

London's November office lettings bounced back after a quiet October to record 1.1 million sq ft let in the month. However, much of the improvement was down to the 430,000 sq ft prelet to BNP Paribas at Kings Cross. Elsewhere the City was relatively quiet and it was Midtown which took up some of the slack with over 160,000 sq ft of deals. Lettings to Exane and Bain in Mayfair bolstered the west end. - (16-12-2010)

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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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As cranes disappear ...

As cranes disappear from office development sites in central London the question is what are the triggers needed to start the next cycle of development. This comes down to supply and demand.

In the first half of 2010 take-up in central London was a healthy 5.7m sq ft, slightly up on the 5.6m sq ft of deals done in the second half of 2009 and comfortably ahead of the 3.2m sq ft of deals recorded in the first half of 2009.

The financial services sector has the most active with nearly 2m sq ft of office space taken up, followed by 690,000 sq ft taken by professional services firms and 330,000 sq ft by insurance companies.

In terms of area the City of London accounted for nearly 2.6m sq ft of the office space taken up, with Midtown take-up being 1m sq ft, and the take up in Docklands 700,000 sq ft. The West End managed a relatively slender 1.3m sq ft of space taken.

New requirements for office space in central London during the first half of 2010, amounted to around 4.1m sq ft, just ahead of levels in 2009.

So far in the second half of 2010 office deals continue apace as firms take advantage of rent deals. However, for the few remaining ‘iconic’ office buildings In the City of London and West End rents now seem to be be on an upward path.

The amount of available Grade A (newly completed or refurbished) office space in central London peaked in autumn 2009, with 12m sq ft being available in the City and 8m sq ft in the West End. Since then the take up of office space has reduced by 17%, with the amount of space available being 9.5m sq ft in the City and 7.5m in the West End. In total this is gives an availability to stock ratio of just over 7%, a fairly healthy level, when a ‘normal’ market is seen as being a ratio of 5%.

A reducing amount of office space, prospects of rising rents, and demand holding up, are the key signals for office construction starting again. Developers are already busy dusting off plans and clearing sites in anticipation of starts in 2011. The only thing holding things back may be development finance.

Andy King

Subscribe now - (10-09-2010)

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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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May take-up increase

London office lettings in May 2010 reached 950,000 sq ft, after a return to the levels seen earlier this year. The total was underpinned by a 185,000 sq ft letting to Shell at Canary Wharf. Elsewhere the City is currently outstripping the west end and letting activity is picking up in Midtown. Figures compiled by Cityoffices.net - (06-07-2010)

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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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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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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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Grade A space boosts London lettings

End of year figures from Metropolis/Cityoffices show that total London lettings reached 9.3m sq ft in 2009. Despite a strong end to the year this was 20% down on 2008's total. The City totalled 4.3m sq ft, Midtown reached 1.5m sq ft and the West End was 2.1m sq ft. New Grade A space lettings reached 3.8m sq ft - 41% of all take-up, a major rise on 2008's 2.5m sq ft or 20%. Financial Services and professional topped the business sectors table. - (28-01-2010)

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Record breaking December

Research by Cityoffices reveals that a record-breaking 74 London office move deals over 5,000 sq ft were agreed in December 2009, totalling 1.8m sq ft. The City saw 800,000 sq ft of deals and Docklands saw 500,000 sq ft of lettings. Nearly 50% of transactions were for new Grade A space requiring extensive fit-out. Average rents were £40 psf and rent free periods averaged a little under two years. - (21-01-2010)

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Aldgate East stops

The construction of Formation’s "Aldgate East”, at 1 Commercial Street and 101-110 Whitechapel High Street, London E1, has stopped. The building has reached concrete frame stage up to 11 storeys but its future is now being decided by administrators Ernst & Young. The development is planned as a 22 storey tower with about 8,640 sq m (93,000 sq ft) of office space, 217 residential units, and 1,068 sq m (11,500 sq ft) of retail space. The Formation Group, the sports talent manager, is understood to have raised a £93m loan for the land and building work from Heritable, part of Landesbanki, the failed Icelandic bank. As part of the deal Formation agreed to underwrite £11.6m of the loan, which now becomes a liability. Completion was planned for May 2010. - (18-12-2008)

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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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New architect for Smithfield

Thornfield Properties has appointed a new architecture team to redesign its plans for Smithfield Market in the City of London. Architect Kohn Pederson Fox has been replaced by John McAslan & Partners. Plans by KPF were rejected in August 2008 by Secretary of State Hazel Blears. Revised plans will be submitted shortly. - (11-11-2008)

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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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Shard demolition plans

Teighmore, the consortium consisting of Sellar Property, CLS and Simon Halabi, is hoping to start demolition at the London Bridge Station (Shard of Glass) site in London, SE1, in mid October 2007. The demolition will take seven months. The main construction contract will not start until funding is in place but a Middle Eastern bank is said to be considering financing the £1bn scheme. Completion of the development is expected in 2010 or 2011. - (18-09-2007)

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Work starts at Fetter Lane scheme

Construction work is underway at Delancey's speculative redevelopment of Bream’s Buildings and Rolls Buildings in Fetter Lane, London, EC4. 13,527 sq m (145,600 sq ft) on LG,G,1,2,3,4 floors has been pre-let to HM Courts Service, and 9,649 sq m (104,347 sq ft) remains available on 5,6,7,8 floors. The completed scheme will offer separate entrances for HM Courts Service on lower floors and the offices on upper floors. - (22-08-2007)

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Shell-Mex House sold

Shell-Mex House in the Strand has been sold for just under £500m to Westbrook, the US fund manager. The 51,096 sq m (550,000 sq ft) art deco building was owned by a group of private investors, including Robert and Vincent Tchenguiz, David and Simon Reuben and Jack Dellal, who acquired the building in 2002 for £327m from Lehman Brothers. The building has been on the market since early 2006 and has seen several bids fall through, possibly because of rising interest rates. Westbrook was advised by Knight Frank and CB Richard Ellis advised the consortium. - (06-07-2007)

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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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Middlesex Hospital plans

Project Abbey, the consortium of investors led by Christian Candy, founder of Candy & Candy, is submitting a planning application for the redevelopment of the Middlesex Hospital site on Mortimer Street, London, W1. The 1.3ha (3 acre) NoHo site will be redeveloped into 273 apartments and a 32,980 sq m (355,000 sq ft) nine storey office building. - (14-02-2007)

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LandSecs new plans

Land Securities has revealed new plans for its (185,000 sq m) 2m sq ft office development on a site on Victoria Street, to the front of Victoria Station, London, SW1. The revised plans are now for two twin 50 storey office towers. The original plans for three skyscrapers of between 25 and 42 storeys were submitted last year but the application was withdrawn. Westminister City Council is looking for one tower of 12 storeys but powers under the Greater London Authority Bill may allow the Mayor of London to overrule the council if the scheme is refused. The scheme therefore seems likely to be called in. - (01-02-2007)

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Revamp for Odeon site

Irish developer Steamboat Developments has applied for planning permission to redevelop the Odeon Cinema in Leicester Square. The company intends to turn the site into a new leisure complex, whilst still retaining the giant cinema. Part of the scheme will include the addition of a four-star hotel and 1,860 sq m (20,000 sq ft) of offices. Work may begin during spring 2007. - (24-08-2006)

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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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Jewry Street redevelopment delay

Sir John Cass's Foundation, the inner London educational trust, is still in negotiations with the City Corporation for a redevelopment behind the 1899 façade of 31 Jewry Street, London, EC3. The new teaching and laboratory space and office planned would amount to 8,560 sq m (92,139 sq ft) on six storeys. The application for renewed permission was withdrawn from last weeks planning committeee for further negotiations. The architect for the latest scheme is Chapman Taylor - (21-11-2005)

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Consent for Drapers Gardens

The Royal Bank of Scotland has at last received planning consent for the redevelopment of its Drapers Gardens site bounded by Copthall Avenue and Throgmorton Avenue, London, EC2. The existing building is 32,996 sq m (355,168 sq ft) and the current proposals, submitted in April 2004, are for a stepped building of between five and 16-storeys, providing 37,452 sq m (403,733 sq ft) gross floorspace. The office element of the scheme will be on 13 floors and amount to 30,761 sq m (331,111 sq ft) gross external. There will be 131 sq m (1,410 sq ft) of retail space on the ground floor. The architect is Foggo Associates and Drivers Jonas is the development advisors. - (21-11-2005)

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GVA prediction on rents

GVA Chapman Swaby has published research findings with the conclusion that the amount of office space coming forward in the City of London and fringe areas will hold back rent rises. The firm has said that 18m sq ft of office space will be built over the next six years, or so, of which 8m sq ft will be replaced stock and 10m will be new additions to stock. Overall the level of stock in the City would rise from around 88.5m sq ft to about 100m sq ft in 2008. GVA predicts that rent rises on prime space in the City will be 5.2 per cent a year, higher than the average of 2.9 per cent predicted for other UK cities. - (04-10-2005)

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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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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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Bath House goes under the hammer.

Investment company, Favermead Assets has decided not to redevelop the largely vacant 1960s Bath House, 52-60 Holborn Viaduct, London, EC1A 2DY and has instead decided to sell it. The company has planning permission to replace the building with a speculative, eight storey mixed scheme including 14,000 sq m (150,700 sq ft) of offices, plus ground floor retail. The building is nearly opposite the City Thameslink station northern entrance and adjacent to Lovells new HQ. Favermead will have disposed of the site within the next 4-6 weeks. Nelson Bakewell is advising Aside from the ground floor retail space the building is empty. Sheppard Robson was the architect. - (09-04-2005)

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Hammerson sees rents rising

Hammerson is predicting that the London office market will see rents rise in 2006 and fewer incentives being on offer this year. Hammerson has one-third of its portfolio in offices and a vacancy rate of 28.3%, mainly because of its four central London buildings. The comments by John Richards, chief executive, were made as Hammerson announced that John Nelson, former chairman of Credite Suisse First Boston, is to become chairman of Hammerson at the end of September, when Ronald Spinney retires as chairman. - (01-03-2005)

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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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Quadrant 'West'

The Crown Estate has won planning consent for the first phase of its mixed-use redevelopment ‘Quadrant’ scheme at 83-97 Regent Street, London, W1. The 9,290 sq m (100,000 sq ft) phase has an approximate 75:25 split between offices and retail/residential. The block also faces onto 12-20 Swallow Street and 10-13 Vine Street. Construction is expected to start within three months and take two years. - (25-01-2005)

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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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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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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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Lloyds building to be acquired

The "love it or hate it" iconic Lloyds of London building in EC3 seems to be about to be sold to a Commerzbank fund by Deka, the German fund manager. Deka's property fund arm is selling the building for about £257m as part of an excercise to stabalise its property fund operations following a major outflow of funds. Deka originally paid £180m for the building in 1996. In the summer Shelbourne Developments, the Irish property investor, was due to acquire the building but the deal fell through after cracks in the concrete structure were said to have been found. Follow-up surveys are reported as failing to find any cracks. - (21-12-2004)

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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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Late 2005 start for Bath House?

Investment company, Favermead Assets has yet to begin work on its redevelopment of the largely vacant 1960's Bath House, 52-60 Holborn Viaduct, London, EC1A 2DY. The company has planning permission to replace the building with a speculative, eight-storey mixed scheme including 14,000 sq m (150,700 sq ft) of offices, plus ground floor retail. The building is nearly opposite the City Thameslink station northern entrance and adjacent to Lovells new HQ. When contacted, Favermead that it will not begin work before late 2005 at the earliest. Aside from the ground floor retail space the building is empty. Jones Lang LaSalle’s City office is advising. - (27-11-2004)

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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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35 Basinghall Street demolition start

A revised planning application has been submitted for the CLOUT (Pillar) office scheme at 35 Basinghall Street and 16 Coleman Street, London, EC2. The latest plans are for 25,328 sq m (272,630 sq ft) of offices and a 140 sq m (1,507 sq ft) shop unit. The new scheme includes the redevelopment of MAB's 16 Coleman Street building, which adjoins the site of 35 Basinghall Street. Demolition of 35 Basinghall Street building is currently underway. - (13-11-2004)

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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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Happiness is a completed office

Benchmark started the redevelopment of its Soho site at 15-18 Golden Square, London W1, during autumn 2002 and has just completed. Benchmark awarded the main contract to Wates for the construction of a 5,295 sq m (57,000 sq ft) 6 storey building (now called ‘Happiness’), designed by TP Bennett. The scheme includes retail and restaurant on the ground floor with 5 floors of offices totaling 4,087 sq m (44,000 sq ft) above. The letting agents are DE & J Levy and Dunlop Heywood Lorenz. - (20-10-2004)

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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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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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Listing throws puts plans in doubt

South Kensington Tube station has just been listed by the Culture Secretary and could thow into doubt plans by Stanhope and Hutchison Whampoa for gaining planning consent for a new office and retails scheme. Proposals for a Terry Farrell & Partners designed 11-storey tower and shopping centre were withdrawn last month following local protests. South Kensington Tube station was built in 1868 and the listing is intended to presenrve original features designed by Sir John Fowler for the Metropolitan and District Railway. - (09-09-2004)

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Hammerson predict rent rise

Hammerson is predicting a rise in office rents in the City of London in 2005, with John Richards, chief executive, being quoted as saying “Rent-free periods in the City will shorten this year and rents will rise next year”. City office buildings account for 20 per cent of the company’s UK portfolio and have seen a rise in value by 4.8% to £540.8m. In the West End rents were 5 per cent to 10 per cent higher than in 2003. Hammerson’s West End portfolio accounts for about 2 per cent of the company’s UK portfolio and saw a 12.8 per cent rise in value to £81.7m. - (25-08-2004)

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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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Kings Cross Central plans unveiled

After a gap of 15-year new outline plans have been announced for the 28ha (67-acre) Kings Cross site in London, NW1. The Kings Cross Central development in totola will provide 743,218 sq m (8m sq ft) of mixed-use space to be developed by Argent St George with Exel and London & Continental Railways, the landowners. The main site is bounded by the Euston Road, York Way, St Pancras Station and Kings Cross Station. The 1980’s proposals by Rosehaugh and Stanhope included two Sir Norman Foster skyscrapers as part of a £3.5bn redevelopment. The new plans are for a £2bn scheme and involve the renovation of 20 historic buildings and providing 483,091 sq m (5.2m sq ft) of office space, 47,194 sq m (508,000 sq ft) of hotel space, 45,893 sq m (494,000 sq ft) of retail and leisure uses, 8,454 sq m (91,000 sq ft) of cenemas, and 75,715 sq m (815,000 sq ft) of community and education and cultural space, to include an art gallery and museum. At lease 1,800 homes will also be built. Construction work on the major elements of the scheme cannot start until the Channel Tunnel rail Link is completed in 2007. - (05-06-2004)

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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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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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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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Regent Street proposals submitted

The Crown Estate has submitted proposals to Westminster City Council for it’s £500m mixed-use scheme for the redevelopment of the southern part of Regent Street, London, W1. The scheme, named ‘The Quadrant’, is for 90,000 sq m (968,760 sq ft) of space and includes a five-star hotel, apartments, and about 60,386 sq m (650,000 sq ft) of office space. The scheme includes Regent Street, Brewer Street, Glasshouse Street and Aire Street, and has been designed by architect Allies & Morrison with CB Richard Ellis advising on the development. - (18-02-2004)

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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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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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Lloyd's Building sold to Shelbourne

The Lloyd’s Building in the City of London has been acquired by Shelbourne Investments, the Irish-based company owned by Garrett Kelleher, in a deal at around £240m. The 32,330 sq m (348,000 sq ft) building is owned by Deka, the German investment fund, which is thought to have paid around £186m for the building in 1986. Shelbourne Investments beat off seven rival to buy the building, currently let to the Society of Lloyd’s on a lease expiring in February 2013. The acquisition is Shelbourne’s second investment in the City of London having paid about £16.0m for the lease on 18-20 Cannon Street, London, EC4 last year. - (12-01-2004)

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Helical Bar calls bottom of the market

Helical Bar has joined other property developers in calling the bottom of the central London office market. Michael Slade, managing director, has commented to the effect that although the City of London office market has bottomed out, he saw no rapid upturn and it might not come on-stream for three years. Taking a more positive view of the West End market he has said that it will come on-stream in two years time. - (28-11-2003)

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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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LandSec's reveals New Street Square

The City of London Real Property Co Ltd, otherwise Land Securities, has submitted revised plans for the redevelopment of the New Street Square site (off Fetter Lane) in the City of London, EC4. The new plans are for 98,816 sq m (1.06m sq ft) of space to replace the existing 54,479 sq m (586,411 sq ft) of offices. The scheme, designed by Bennetts Associates, envisages five buildings, of between three and 18-storeys, providing 81,941 sq m (882,013 sq ft) of offices space and 3,082 sq m (33,175 sq ft) of retail space. - (22-11-2003)

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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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'Gherkin' shortlisted for award

The Swiss Re building, otherwise known as the ‘Gherkin’, in the City of London, has been shortlisted for the first London Planning Awards. The awards, run jointly by London mayor Ken Livingstone, London First, and the Royal Town Planning Institute, aim to highlight outstanding planning achievements in London. The Swiss Re building was designed by Foster & Partners and submitted for the award by Montagu Evans. Paddington Waterside Partnership is on the shortlist for the best community or partnership initiative category. - (31-10-2003)

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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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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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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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US rivals may team up for Canary bid

Goldman Sachs and Morgan Stanley, the rival US investment banks, are said to be making a joint attempt to take control of the Canary Wharf development. The Whitehall Fund, part of Goldman Sachs and Morgan Stanley Real Estate fund are bidding against Brascan, the Canadian property group. Last week canary Wharf received sealed offers for the company. Property analysts are expecting offers of between 260p to 300p a share, putting a value on the company of around £1.5 billion. - (31-08-2003)

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Benchmark to focus on West End

Benchmark Group has sold its interest in three office properties in the City of London for about £8.6m. Benchmark ha sold the leasehold interests inMitre House, Cheapside, and Compter House, Wood Street, London EC2, to clients of ING Real Estate. Benchmark has said that the disposals will allow the compnay to focus on the West End market. - (24-08-2003)

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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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Rents to fall further says Helical Bar

Michael Slade, chief executive of devepment company Helical Bar is reported as saying that West End rents have further to fall before a 2005 recovery. Mr Slade puts vacancy rates in the City of London at 1993 levels and the West End at 1994 levels. Helical Bar has reduced its exposure to London offices through disposals worth £190m to 41% from 71% a year ago. Helical Bar has said that it is aiming to reduce London offices to 20% of it’s portfolio on expectations of a “flat year”. Mr Salde thinks that the time to come back into the London property market will be 2005 or 2006. - (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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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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Regent Street permission

The Crown Estate has gained planning permission for its redevelopment plans at 229-247 Regent Street, London W1. The development will provide 10,683 sq m (115,000 sq ft) of offices above 5,388 sq m (58,000 sq ft) of retail and leisure space in three units. The scheme will also include 10 apartments. The development manager for the £200m scheme is Stanhope and the scheme is expected to start on-site in early 2003 for completion in spring 2005. The Crown Estate has also submitted planning applications for three other blocks at 185-191 Regent Street, 132-154 Regent Street and 13-17 New Burlington Place. CB Hillier Parker is advising the Crown Estate. - (10-11-2002)

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National policy rejected

The government has rejected ideas that the UK should have a national planning guidance on tall buildings, saying "it does not believe that a separate policy is needed". The update to policy in PPG 1 (Planning Policy Guidance) will instead "underline the importance of securing well designed, safe, and sustainable developments that show respect for their surroundings". Tall building proposals will continue to be considered in their specific context. The comments are a response to the Commons urban affairs select committee report on tall buildings issued in September this year, which called for a national framework. - (10-11-2002)

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