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Hedge Fund Research has revealed the industry has enjoyed its biggest gains in a decade in 2009 and Toscafund is predicting 100,000 extra London financial jobs by 2020. New launches by SAC Capital, Tyrus Capital and CIFM are bolstering Mayfair offices. - (27-01-2010)
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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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Centre Point, the Richard Seifert designed skyscraper, on Tottenham Court Road, London, W1, has been put on the market by its owners, a consortium of Deutsche Bank, Europa Capital Partners and Apollo Real Estate Advisors, for about £80m. The 32-storey 16,257 sq m (175,000 sq ft) tower, now listed, was built in 1964 and became a symbol of the worst excesses of the property development industry at the time. - (08-07-2005)
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Property developer, Capital & Counties has submitted a planning application to develop 21,830 sq m (235,000 sq ft) of offices at 190 Strand, London WC1. When contacted, C&C confirmed its intentions but said that work will not get underway before 2008. The architect is KPF. - (22-04-2005)
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Capital & Counties has submitted an application for the redevelopment of Kings Reach tower, Stamford Street, London, SE1. The scheme adds an additional four floors to the 30-storey tower, bringing it to 34-storeys and increases the 25,500 sq m (275,000 sq ft) building to 37,200 sq m (400,000 sq ft). - (15-02-2005)
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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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TrizecHahn, the Toronto-based property investment company, and Rugby Estates, backed by UBS, the Swiss Bank, and Hilstone, the developer, are said to be shortlisted to compete to buy Taylor Woodrow's St Katherine's Dock development in London E1. The bidding for the 1970's development is said to be close to the asking price of £250m. The development comprises mainly residential units but includes a site with planning permission for a 16,722 sq m (180,000 sq ft) office scheme known as K2. Other losing bidders are said to include Marylebone Warwick Balfour, the property company, with JE Robert and Greycoat; Catalyst Capital with Blackstone, and Lehman Brothers, the US funds; and CIT. - (15-10-2001)
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DEGW has been commissioned by Ken Livingstone, mayor of London, to draw up a tall buildings strategy for the capital. Laoro Nicholaou, the DEGW project manager, has said that the firm has been given "a blank sheet" on which to produce its recommendations. DEGW will look at whether tall buildings should be clustered together or if individual buildings should be allowed. An expert panel, led by John Worthington at DEGW, will also consider the economic case for tall buildings. DEGW completed a similar study for the Dublin last year. - (10-08-2001)
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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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Sheikh Zayed bin Sultan Al-Nanyan, president of the United Arab Emirates, and head of the Abu Dhabi royal family, is said to be the mystery buyer for BP Amoco's Berkeley Square estate in London W1. Sheikh Zayed is thought to have paid around £325m for the portfolio of 100 buildings. London based Capital Trust is believed to have fronted the deal for Sheikh Zayed. CB Hillier Parker is expected to manage the portfolio. - (11-06-2001)
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More than 2.6 million sq ft of new office schemes was granted planning permission by London Borough of Tower Hamlets last week. All the development are in the 20ha (50 acre) Millennium Quarter site in South Quay, London Docklands E14. The schemes include Ballymore's One Millharbour and Arrowhead Quay office schemes, the first five buildings over two phases of Capital & Provident's World Trade Centre scheme and the Quadratic building. - (20-05-2001)
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The Centre for Economics and Business Research has said that growth in London's economy will be cut by more than half in 2001 as the downturn in the economy affects firms in the capital. The decline in corporate finance work and stock market slump will see the financial services sector act as a drag on London's growth. The CEBR expects the London economy to grow by just 2.1% this year, down from 5% last year. In 2002 growth could increase slightly to 2.6% but will be behind the national average of 3%. The report on London's economy also predicts 10,000 job losses. - (18-05-2001)
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MEPC, the property company, has sold Alban Gate, London Wall, London EC2 for around £157m to CIT (Capital and Income Trust). Alban Gate is a 34,373 sq m (370,000 sq ft) building largely occupied by Chase Manhattan, the US bank. MEPC is also to dispose of its Scottish subsidiary, Caledonian Land for a further £150m. The sales are part of MEPC's disposal programme, which will leave the company focussed on its business park developments in Basingstoke, Warrington, Cambridge, Abingdon and Leavesden. - (05-11-2000)
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Canary Wharf is this week the UK's largest quoted property company, overtaking Land Securities. The market capitalisation of Canary Wharf Group plc surged to £3.94bn earlier in the week against Land Securities' £3.91bn, according to Datastream. HSBC has calculated that Canary Wharf is 76th by market capitalisation within the FTSE 350 and is expected to join the FTSE 100 soon. - (12-10-2000)
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The World Trade Centre proposal at Marsh Wall, London E14, put forward by Capital & Provident Management, received planning approval this week from London Borough of Tower Hamlets. The World Trade Centre will in total comprise 2 million sq ft, in nine buildings, and is to include a Posthouse Premier Hotel. Separately, the Arrowhead Quay scheme on Marsh Wall E14, planned by Ballymore, also obtained planning permission. The Arrowhead Quay scheme is in total a 66,239 sq m (713,000 sq ft) mixed use development incorporating office, retail, and leisure. The 16-storey and 26-storey glass and steel buildings have been designed by Skidmore Owings & Merrill (020 7793 1007). - (04-10-2000)
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