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City scheme underway

City consent

Plans approved

Refurbished office let

Mayfair consent

EC1 scheme underway

City refurbishment start

Architect for scheme

Phase 4 on site

HQ refurbishment starts

London Offices – An Olympic Year?

Tower contractor

Refurbishment in SW1

West End refurb underway

City refurbishment start

Paddington scheme letting

Mayfair refurbishment

West End pre-let

Central London - a Sack Full of Refurbs

City refurbishment plan

Phase 2 start date

Mayfair refubishment

Appointment in EC3

Refurbishment plans

Contractor appointed in EC3

Southbank space revamp

EC2 office start

Vacant office negotiations

Mayfair scheme start

Mayfair scheme poised

Midtown refurbishment

Marylebone refurbishment

Revised City scheme

West end refurbishment

West End HQ plan

Start date for WC2 scheme

Noho scheme scheduled

Mayfair scheme start

Contractor appointed

Bank takes floor in City scheme

City refurbishment start

Midtown scheme deal

New City application

Midtown scheme poised

Midtown start

Mayfair refurbishment to start

City fringe application

Consent for City scheme

Consent for City scheme

West end scheme start

One change in new deal

Bank to take space

City scheme start

Gem underway

Tower refurbishment in SE1

City scheme letting

Gherkin letting

Midtown scheme poised

Deal for City scheme

Refurbishment in SW1

German bank to build

Euston scheme signs major tenant

Mayfair planning talks

Bank HQ plans

Refurbishment change

Deal for new City scheme

Mayfair scheme consent

110 Fetter Lane last deal

Mayfair office redesign

Revised Moorgate application

Contractor appointed on tower

Offices approved in WC2

Five storey block planned in Shoreditch

New design for City scheme

Heron Quays latest

West end site to be developed

Old Bailey deals

Clerkenwell consent

Re-design for EC2 scheme

Pinnacle update

West End scheme Q3 completion

Extension in WC2

Mixed use application in SE1

Midtown refurbishment

Developer looks to start

SE1 scheme start

Huge application in EC2

Victoria completion

Mayfair start

Offices for Aldgate

Farringdon demolition

Regent Street consent

Consent in EC2

New office scheme for Farringdon

Start in Noho

Camden office plan

Consent for Mayfair offices

Scheme planned for W1

Consent for Mayfair refurbishment

Revised consent in EC4

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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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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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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Glasnost - Online Project, Contact & Image Management

Property company gearing up

Helical Bar, the property company, is raising £29m to fund property acquisitions. The group said that the market opportinities it has been waiting for are arriving, as a number of interesting schemes become available. Helical Bar has been standing back from the development market since 2004/5. The development portfolio for this cycle includes 200 Aldersgate, White City and Mitre Square, EC3. - (10-12-2010)

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Lettings in Land Securities buildings

News International is taking 5,110 sq m (55,000 sq ft) of offices on the ground, first, fourth and fifth floors at Land Securities' 2 Thomas More Square and 1,400 sq m (15,000 sq ft) on the 14th floor of 3 Thomas More Square, both in London, E1. The leases run to 2020. These deals take total occupancy in Thomas More Square to just under 99% with News International occupancy at Thomas More Square over 260,000 sq ft. - (29-07-2010)

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Approval for west end tower

Portman Estate has gained London Mayor's approval for its demolition of the 7,636 sq m (82,200 sq ft) Marble Arch House at 32-50 Edgware Road, London, W2 and its replacement with a 9,940 sq m (107,000 sq ft) tower with retail on the ground floor and offices above. The architect is Bennetts Associates. - (01-07-2010)

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Mayfair scheme for March 2009

Completion of D2 Private's 9,300 sq m (100,000 sq ft) speculative office building at 23 Savile Row, Mayfair, London, W1, designed by Eric Parry Architects, is expected in March 2009. The development manager of the scheme, which also has retail on the ground floor and six flats on the top two floors, is Stanhope. Mace is the main contractor at the old English Heritage Fortress House HQ. - (05-12-2008)

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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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Your chance to own Gherkin

The Gherkin (otherwise 30 St Mary Axe) in London, EC3, has been acquired by IVG Asticus, the German fund, and Evans Randall, the private investment bank, from Swiss Re for about £630m, and initial yield of around 4.25%. IVG is thought to be making its 50% stake open to private investors and Evans Randall will place its stake with institutional investors. Both firms are understood to be retaining a 10% stake. - (06-02-2007)

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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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Swiss Re talks to IVG Asticus

Swiss Re is said to be in exclusive talks with IVG Asticus, the German property group, to sell 30 St Mary Axe, 'the Gerkin", in London, EC3. The reinsurer is thought to have had over 50 expressions of interest in the buildng and the present deal could be finalised in early 2007. Offers are believed to have almost reached £600m. - (05-12-2006)

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Gherkin for sale

Swiss Re has put 30 St Mary Axe, London, EC3, otherwise known as The Gherkin, up for sale. It is thought that the iconic 40-storey building could achieve a sale price of over £550m. Swiss Re is being advised by DTZ and Eurohypo. - (18-09-2006)

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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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Hedge funds boost take up

Take up by financial services groups, including hedge funds and banks, has risen from 21% of total take up in 2004 to 37% over the last year according to research by Cushman & Wakefield. The research has also identified the impact of the Government's Lyons Review which has effectively put a moratorium on public sector deals. In the West End the public sector share of take up dropped from 32% in 2004 to just 9% over the last year. In contrast demand from hedge funds has helped push the financial services sector share of take up in the West End up from 17% to 32% over the same period. David Hume at Cushman & Wakefield has said that the figures show an "extremely healthy" market. - (06-07-2006)

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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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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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Hammerson deal at Northgate

Hammerson has entered into a £4.1m three-year option agreement with London Borough of Hackney to acquire the long term leasehold interest in Northgate, at Worship Street and Curtain Road, London, EC2, adjoining the Norton Folgate site already owned by the group. Lehman Brothers has agreed to end its current option arrangement on the Northgate site which has permission for 71,500 sq m (770,000 sq ft) of offices. Hammerson already has permission for a 20-storey office of 18,600 sq m (200,000 sq ft) on the Norton Folgate site. Hammerson is to submit a planning application later in the year for a revised mixed-use development of 79,000 sq m (850,000 sq ft), with about 43,000 sq ft (463,000 sq ft) of offices, hotel, and residential apartments. - (01-08-2005)

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190 Great Portland Street on site

A contractor has been appointed for the £18m redevelopment of 190 Great Portland Street, W1. The scheme will provide 10,300 sq m (110,869 sq ft) of offices and 1,395 sq m (15,000 sq ft) of retail space, showroom and gym on the ground floor and basement. Construction has just begun and will take approximately 18-months. - (02-06-2005)

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LandSecs sell 30 Gresham Street

It has been reported that Land Securities has sold the freehold of 30 Gresham Street to to the Government of Singapore Investment Corp for £300m. The 36,368 sq m (391,462 sq ft) building was let to Dresdner Kleinwort Wasserstein last autumn. BH2 advised Land Sec on the sale. - (04-05-2005)

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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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Work starts on 71 Lombard Street.

Work has now gotten underway on the redevelopment of 71 Lombard Street, London EC3. The building is being renovated by IVG Asticus, which is acting as construction manager and appointed sub contractors for the building work, and should be ready to occupy during early 2007. When completed, the building will provide approximately 12,000 sq m (129,168 sq ft) of offices on floors 1-8 and 3,716 sq m (40,000 sq ft) of retail on the ground and mezzanine floors as well in the basement. The letting agents for the offices are DTZ and Savills and DTZ and Cushman are the agents for the retail. - (08-03-2005)

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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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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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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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New Guardian offices completed.

The new offices for the Guardian Newspaper at 3-7 Herbal Hill, London, have been completed. Developed by Millennium Loft, designed by Child Graddon Lewis, built by Tolent and marketed by CBRE, the 3,800 sq m (41,000 sq ft) office was pre-let by the Grauniad during late 2001 – early 2002. - (20-10-2004)

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Gerkin favourite to win prize

The Swiss Re building at 30 St Mary Axe, London, EC3, otherwise known as the Gerkin, has won 55 per cent of the public votes in a BBC poll on what should win the RIBA Sterling Prize for architecture. The Imperial War Museum North in Manchester was in second place. The winner will be announced on October 16. - (08-10-2004)

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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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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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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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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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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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Unilever submits new plans

Unilever has submitted a new planning application for the redevelopment of it’s 35,303 sq m (380,000 sq ft) headquarters building Unilever House, Victoria Embankment, London EC4. The scheme is to be developed by Stanhope and has been designed by KPF Architects. The façade of the Grade II listed building is to be retained and rear sections rebuilt. If planning and listed building consents are granted the scheme could start in summer 2004 with completion in mid-2006. Unilever is to accommodate staff at 60, Victoria Embankment, London, W1 before re-occupying the Unilever House. - (31-01-2004)

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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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Henderson sells Alder Castle House

DEGI, the German fund, is thought to have paid Henderson Global Investors about £56.5 for Alder Castle House in EC2. Argent originally marketed the building for sale in May 2000 and was expecting to raise about £75m. In early 2001 Henderson, acting for Pearl Assurance, was said to have acquired the building for about £59m. - (21-11-2003)

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Holborn Viaduct plans submitted

A planning application has been submitted for the redevelopment of 40 Holborn Viaduct and 2 Charterhouse Street, London EC1 by the developer Castlemore Holborn Partnership. The architect for the development is Rolfe Judd and the scheme is for a new office building of 21,658 sq m (233,126 sq ft) with 130 sq m (1,399 sq ft) of retail units on the ground floor. - (27-02-2003)

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5 Cheapside plans submitted

A planning application has just been submitted for the refurbishment of 5 Cheapside, London EC4. The architect for the scheme is Rolfe Judd and the developer is St Martins Property Corporation. 5 Cheapside is an unusual octagonal building and the office floorspace will be increased from 3,479 sq m (37,447 sq ft) to 3,786 sq m (40,752 sq ft). The 5,248 sq m (56,489 sq ft) building will have retail units of 230 sq m (2,475 sq ft) on the ground floor. - (27-02-2003)

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Caxton Hall office scheme

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

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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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Cannon Bridge sold for £167m

The headquarters of the London International Financial Futures & Options Exchange (LIFFE) has been sold in a £167m deal, a yield of about 7.9%. The 250-year lease on the 26,477 sq m (285,000 sq ft) building at Dowgate Hill, off Cannon Street EC4, has been acquired by Fordgate, a secretive private property group run by the Gertner brothers. The deal, one off the biggest this year, shows a profit for Pillar Properties, which paid Railtrack and General Electric £64m for the building in 1995. Pillar sold a 75% stake in the building to the Teachers Insurance and Annuity Association, the US pension fund, in 2000 for about £140m. Liffe occupies about half of the Canon Bridge building and has a 'rolling' tenant break. The rest of the space is occupied by Standard Chartered Bank and Winterflood Securities. In July 78 Cannon Street, adjoining Cannon Bridge, was sold by Marylebone Warwick Balfour (MWB) to Hines, the US property developer, for £53.3m. In the 1980's developer Speyhawk was considering linking the two buildings and there must still be potential for longer term redevelopment. Pillar and Teachers were advised by FPD Savills. - (06-10-2002)

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Millbank Tower on the market

Millbank Tower, the Grade II listed skyscraper owned by Tishman Speyer Properties, is thought to be on the market for around £125m. The US-owned private property group owns several landmark buildings including the Chrysler Building and the Rockerfeller Centre in New York, and the MesseTurm in Frankfurt, Germany. Jones Lang LaSalle is acting on the sale of Millbank Tower. - (06-10-2002)

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Jarvis submits application

Jarvis, the support services company, has submitted a planning application for the Westgate site at 8-22 Smithfield Street and 30-38 Hosier Lane, London EC1. Jarvis intends to build a new six-storey 15,492 sq m (166,755 sq ft) building as a new headquarters to accommodate its City and West End offices. The scheme will also have retail uses on the ground floor. The architect for the scheme is CPMG Architects. - (18-04-2002)

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Juxon House designs unveiled

Standard Life Investments has unveiled the final designs for the redeveloped Juxon House, part of the Paternoster Square scheme in London EC4. The seven-storey building has been designed by Sidell Gibson Partnership and will provide about 11,891 sq m (128,000 sq ft) of office space with 1,858 sq m (20,000 sq ft) of retail space on the ground floor. The overall masterplan for the Paternoster Square area is by Whitfield Partners. The building, which has a curved classical façade in contrast to the previous 1960's 'box' design, will be completed in summer 2003. - (13-01-2002)

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More tall stories needed

Yet another debate on tall buildings got going this week, this time in a UK-wide context. The urban affairs sub-committee of the Commons select committee on transport, local government and the regions, is to hold an inquiry into tall buildings. The committee will examine the role and location of tall buildings and consider if there should be a government policy on them. The inquiry will, in part, consider the role of tall buildings in providing office space for global companies. The committee will also look at impact on views and consider whether buildings should be located in clusters and the if any restrictions should be placed on location. If anyone is not too busy with the Heron Inquiry or the GLA tall buildings policy review then the deadline for inquiry submissions is 17 December. - (01-12-2001)

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London Development Agency names developer

The London Development Agency (LDA) has appointed Kajima as the preferred developer to carry out the works on the largest brown field site in London. The Silvertown Quay consortium is set to develop the Silvertown Docks area in East London. The £800m scheme will provide offices, 3,000 homes, a hotel, school, shops and leisure facilities including an aquarium designed by architect Sir Terry Farrell. Works sre proposed to start at the end of 2002. The mixed-use site of 20ha (48 acres) at Silvertown Dock in Newham, London E16. The developer was selected from a shortlist comprising Bellway Homes, The Greater Silvertown Consortium with George Wimpey, St George, a joint venture called Silvertown Quays Limited, Kajima and a group which includes Taylor Woodrow Capital Developments. - (14-11-2001)

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Fidelity on-site at South Quay

Fidelity Investment Management, through its property arm Pembroke Real Estate, has now started site preparation for the redevelopment of the former 'The Guardian' printworks site at South Quay, London E14. The new scheme, known as 'London Millharbour' will provide a total of 71,000 sq m (764,224 sq ft) of office space and 2,787 sq m (30,000 sq ft) of retail and restaurant space, in four linked buildings ranging from of 9 to 19 storeys. Michael Hopkins and Partners is the architect for the scheme, which will be built in two phases. The Eastern Tower will be Phase 1, providing 42,800 sq m (460,699 sq ft) of offices and retail, with the Western Tower providing the remaining space. The main construction is due to start in early 2002 with completion planned for 2004. - (15-10-2001)

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Leases unravelled at Belgrave House

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

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Canary predicts downturn

Canary Wharf Group has warned that the economic slowdown would "inevitably" lead to a downturn in demand in the London office market and a fall in rental levels. The group, which has just has reported £42.5m profits for the year, has decided not to start any further speculative development until the future for property and financial services is clearer. The group's current development programme is said to be two years ahead of schedule. The group is planning to apply for planning permission for sites in Docklands, which would increase its total office space by 50 per cent and lead to another 40,000 office workers at the development by 2010. - (14-09-2001)

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Broadcasting House plans

The BBC is said to be about to go ahead with the redevelopment of Broadcasting House in Langham Place, London W1, behind the Grade II listed facade. The 46,451 sq m (500,000 sq ft) building would be redeveloped by Land Securities Trillium, which includes Bovis Lend Lease, and could take six years to complete. The scheme will increase the useable floorspace by 6,967 sq m (75,000 sq ft) to about 50,167 sq m (540,000 sq ft). The construction work is estimated to be about £200m and technology costs account for another £200m. An application for planning permission may be made by November 2001. - (29-07-2001)

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GLA headquarters topped-out

The new ten-storey headquarters of the Greater London Authority (GLA), designed by Foster and Partners, was topped out by Nick Raynsford, Minister for London, and Ken Livingstone, Major of London, last week. The new GLA building, said to resemble a glass headlight, occupies a site at CIT's More London development in SE1. - (09-07-2001)

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St Katherine's Dock on the market

The St Katherine's Dock mixed-use development in East Smithfield, London E1 is understood to have been put on the market by Taylor Woodrow. In 1969 the Port of London Authority sold the docks in Wapping to the Greater London Council for £1.5m and in 1969 the GLC awarded Taylor Woodrow the project to develop the docks, the first London Docklands regeneration project. The development includes the K2 site, previously called Europe House, which is planned as a 21,802sq m (234,676 sq ft) building that will provide seven-floors of office space, amounting to 16,720 sq m (180,000 sq ft), and a lower ground floor of 1,394 sq m (15,000 sq ft) of retail and restaurant space. The whole St Katherine's Dock development is on the market through Jones Lang LaSalle and is expected to be sold for around £250m. Possible bidders are said to include Catalyst Capital (previously Greenwich Group) with Lehman Brothers, and the US funds JE Roberts and Blackstone. - (01-07-2001)

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Grosvenor wins planning consent

The Grosvenor Estate has been granted planning permission for its planned refurbishment and extension to provide office space at Belgrave House, 76 Buckingham Palace Road, London SW1. Belgrave House is the former headquarters of BP Amoco and the new £60m scheme will provide around 22,296 sq m (240,000 sq ft) of office space. Grosvenor owns the freehold of the building and a private investor has the long leashold. The adjoining Chantry House is planned to be converted to provide 37 residential units and a restaurant on the ground floor and basement. The architect for the project is Michael Squire & Partners. - (18-06-2001)

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Great Portland Estates plan skyscraper

Great Portland Estates, the London property group, has said that it is in talks to develop a skyscraper in central London. Peter Shaw, managing director, has said that the company is to build the office block as part of a joint venture with a City Livery Company and an unnamed City Institution. Mr Shaw has refused to name the other backers for the Great Portland Estates' skyscraper. The plans have been announced as the company reported a worse than expected set of results. - (06-06-2001)

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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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High buildings make news

Several items concerning high buildings in central London are in the news this week. "Towards a London Plan", the strategic development discussion paper, has just been issued by the Greater London Authority. One of the key elements of the proposals is to increase the supply of affordable office space by allowing more tall buildings, particularly at main railway stations. A joint report by English Heritage and CABE is said to be due out after the election and is reported to be saying that proposals for high buildings must be judged on their individual merits. In addition The Architecture Association is staging a mini-exhibition entitled "Tower Power: Does size matter?" at various central London venues next month. On display will be the plans for several London skycraper schemes. For further details call 020 7253 3334. - (11-05-2001)

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Sainsbury plans SE1 towers

Foster & Partners has revealed plans for a 35,765 sq m (385,000 sq ft) 19-storey oval office tower to replace food retailers Sainsbury's existing Drury House and Stamford House headquarters at Stamford Street, London SE1. Sainsbury is linked with Stanhope on the proposals. A planning application for the £270m scheme has just been submitted to London Borough of Southwark along with an application for a second new building on the firm's car park site in Maymott Street. The tower has a tapered 'neck' and a low-rise office block forms the base. A Sainsbury's 'Central' supermarket could be incorporated in the ground floor. The 14,490 sq m (156,000 sq ft) Maymott Street scheme could cost £70m and is planned as a 22-storey tower designed by architect Lifschutz Davidson. Sainsbury is working on the site assembly for the scheme and is said to be in the process of acquiring Wakefield House and 19-21 Blackfriars Road from Dunloe Ewart, the developer. Sainsbury is thought to be seeking to develop around 46,451 sq m (500,000 sq ft) in the various SE1 developments for completion in 2004. Sainsbury is still thought to be considering its options on the 11,150 sq m (120,000 sq ft) Rennie House, on the south side of Stamford Street. Sainsbury staff will relocate to 33 Holborn Place, London WC1, to allow the headquarters development to proceed. Healey & Baker is advising Sainsbury. - (22-04-2001)

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41 Lothbury plans approved

The Royal Bank of Scotland has received planning approval to the refurbishment and partial redevelopment of the Grade II listed, former National Westminster headquarters, at 41 Lothbury, London EC2. The scheme involves a change of use from a banking hall to office (B1) use, with retail and restaurant space and also includes 12 Angel Court, which adjoins the main building. The gross floorspace of the proposals for the 9-storey building is put at around 26,000 sq m (279,864 sq ft), and the net office floorspace is estimated from the plans to be about 13,935 sq m (150,000 sq ft). - (22-04-2001)

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BT may sell portflio to LandSec's

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

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Benchmark bid for BP Amoco portfolio

Benchmark is reported to have bid nearly £300m for the 100 properties around Berkeley Square, London W1, put up for sale by the BP Amoco pension fund. Other bids submitted last week are said to include those from Minerva and the Grosvenor Estate. BP Amoco is holding the property auction at a time when headline rents in the area are passing £861 per sq m (£80 per sq ft). - (25-03-2001)

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BBC prefers Land Securities

The BBC has announced that Land Securities Trillium as the preferred bidder in its proposed property partnership. Land Securities submitted a joint bid with Trillium, the outsourcing group, last year. The Land Securities team is also understood to include Bovis Lend Lease. The BBC's reserve bidder is Amey. If Land Securities/Trillium secure the deal the first project is likely to be the £200m development of the White City site in London W12, which could provide 60,000 sq m (645,840 sq ft). The Grade II listed Broadcasting House in Langham Place, London W4 is included in the property portfolio and the BBC is also said to be renegotiating its lease on Bush House, Aldwych, London WC2, which expires in 2005, and could be a refurbishment project. - (25-03-2001)

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Mayor directs first office refusal

The saga of One Westminster Bridge Road, London SE1 continues. Lambeth Council has now been directed by the Mayor of London to refuse the 28,000 sq m (301,392 sq ft) Frogmore Estates scheme. The decision seems to be based on design grounds and the scheme "being contrary to good strategic planning". The refusal of the Gensler designed scheme comes after Lambeth granted planning permission, subject to a section 106 agreement and the views of the Mayor, following a redesign. - (25-02-2001)

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Prince sells Canary Wharf shares

Prince Alwaleed Bin Talal has sold most of his stake in Canary Wharf, London E14 to make a profit of about 500%. The Prince invested £43.5m for 39.9m shares, about 6% of the group, in 1995 and is said to have sold about two-thirds of his stake for £122m. - (18-01-2001)

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Sainsbury to move to Holborn Place

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

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Royal Parks object to Paddington skyscrapers

The Royal Parks Agency is lobbying Westminster City Council to reject the plans for skyscrapers at Paddington. The RPA says that the proposed towers will have an intrusive effect on Kensington Gardens, Hyde Park and Regents Park and has demonstrated the possible impact with 'before' and after' illustrations. The RPA has stated that neither the Grand Union Building, by architect Lord Rogers, or The Station Tower by Nicholas Grimshaw for Railtrack, should be granted planning permission. - (23-11-2000)

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Revised skyscraper design unveiled

A revised design for a 80-storey skyscraper at London Bridge station, by Italian architect Renzo Piano, is now being put forward by developer Irvine Sellar. The 390m (1,279 ft) tower will include 65,031 sq m (700,000 sq ft) of offices and 18,580 sq m (200,000 sq ft) of flats along with hotel and retail space. A planning application could be submitted to the London Borough of Southwark by the end of the year but is likely to be determined by the Greater London Authority. The skyscraper would not be completed before 2005 and construction costs are put at £300m. Bovis Lend Lease is the project manager. The scheme is unlikely to proceed without a major pre-let and the developer is said to be in discussion with firms including Pricewaterhouse Coopers. - (13-11-2000)

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Grosvenor submits planning application

The Grosvenor Estate has submitted a planning application for the refurbishment and extension to provide B1 office space at Belgrave House, 76 Buckingham Palace Road, London SW1. Belgrave House is the former headquarters of BP Amoco and the new scheme will provide around 22,296 sq m (240,000 sq ft) of office space. Chantry House will be converted to provide 37 residential units and a restaurant in the ground and basement. - (05-11-2000)

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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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'Gerkin' may face judicial review

The Baltic Exchange is said to have pledged financial support to a legal challenge by Save Britain's Heritage to John Prescott's decision not to hold a public inquiry into the proposals to demolish the Grade II listed Baltic Exchange building in St Mary Axe, London EC3 and replace it with a Foster & Partners' designed skyscraper, nicknamed the 'Gerkin'. Save is understood to have just lodged an application to the High Court seeking leave to apply for a judicial review over the decision. - (01-10-2000)

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Morgan Stanley Dean Witter take HQ1 at Canary

Morgan Stanley Dean Witter, the US investment bank, has taken the HQ1 building at Heron Quays, Canary Wharf London E14. The building, which is adjacent to the Heron Quays DLR station, will provide 47,565 sq m (512,000 sq ft) in a 13-storey development. The ground works and infrastructure for HQ1 is underway and the building is due for completion in 2003. The building will be linked directly the new 85,000 sq ft Jubilee Park retail scheme and the the Jubilee Line Station. - (27-09-2000)

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One Westminster Bridge refused permission

On 19th September 2000 the London Borough of Lambeth refused planning permission for Frogmore's proposed redevelopment of the former Count Hall Island block in SE1. The Gensler designed scheme, known as One Westminster Bridge, was refused permission following criticism from CABE (Commission for Architecture and the Built Environment). Lambeth Councillor Kevin Craig has been reported as saying "We did not feel that this was an application we could support since it is a world heritage site and next to a listed building". Frogmore is understood to be likely to appeal against the decision. - (24-09-2000)

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