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Franks & Lewin

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Consent for refurbishment

City site sale

Mayfair start

St Alphage House new plans

Midtown site tipped

Blackfriars scheme seeks new investors

Mayfair scheme re-started

Euston scheme signs major tenant

Progress for Mayfair scheme

Start in SE1

Hermes let space

City tower plan

Deal in new W1 building

Farringdon demolition

Office refurbishment in W1

City scheme refused

Major pre let announced

Mayfair scheme poised for start

Hanover demolition

Imminent start on Grafton Street

Farringdon consent

Mayfair start

Mayfair consent

Hines to start on site

Completion for major W1 scheme

Consent for Farringdon scheme

Midtown construction start

City scheme start

Watermark update

New Churchill Place scheme

Consent for City tower

Gresham refurbishment

Preparation for More London building

Mayfair site assembly

New City tower application

Demolition start for City block

Application for major new Mayfair scheme

Tower Bridge office application

Joint venture looks for 2006 start

Refurbishment underway in EC2

Headquarters building underway in Mayfair

Land Secs announce Cheapside start

Revised application for Austral House

HQ pre-let for Guardian Media Group

Durrant House appointment due

MWB's Old Bailey plea

New offices completed.

Belgrave House topped out

Go east young man?

Government offices?

Launch for 350 Regent's Place.

New base for Eurex

Any takers?

10 Gresham Street to start

New home for the Bank of India?

Northern House acquired by Asticus

ICI to take 20 Manchester Square W1

Freshfields take part of Northcliffe House

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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Office Futures: London, Paris, Frankfurt

London looks set to trounce Paris (and Frankfurt) in terms of office development activity over the next three years, which is bound to rekindle old rivalries. Hopefully this ‘win’ will be repeated in this weeks England v France game, and the findings set the scene for a lively MIPIM property event in Cannes.

London and Paris have both seen a substantial contraction in the levels of office development over the last two-years and an upsurge in office take-up in 2010, which has eaten into available space.

London is heading for a sharp revival in office completions from 2012 onwards, while the Paris market appears to be looking at a slower recovery at the moment. In Frankfurt, like most other European cities, office completions peaked in 2010 and a continued slowing over the next two years is anticipated.

This London revival is in contrast to the start of the last property cycle, which saw major office developments in Paris kick-off at least nine-month before London. This time around London is ahead, and at least eight major office schemes are expected to start construction by spring 2011.

Any reports of new office construction in central Paris are sparse at present, although office shortages will develop and lead to an increase in development activity, particularly refurbishment. In Frankfurt there is an oversupply of new office space and the high proportion of vacant (and unlettable) older space means refurbishment, rather than new build, is likely in the short-term.

Looking ahead, we foresee that the development cycle in London will prove to be about 12 months ahead of Paris, with construction activity rising sharply in London in 2011, followed by the start of an upswing in Paris in 2012.

The predicted levels of office development activity to 2013 are however, still relatively low, and likely to produce a severe demand and supply imbalance (for quality space) in both London and Paris. It is expected that development activity will continue to increase to meet demand, with the peak of the next development boom being 2014-2015.






- (22-02-2011)

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Shard letting agents

London Bridge Quarter has announced the appointment of office letting agents for both the Shard and London Bridge Place, London, SE1. Jones Lang LaSalle and Knight Frank have been instructed on the Shard, and CB Richard Ellis and Colliers International advising on London Bridge Place. - (16-11-2010)

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Glasnost - Online Project, Contact & Image Management

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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Riverside South S106 agreed

The Riverside South development at Canary Wharf, London E14, has been granted planning permission by London Borough of Tower Hamlets. The 278,700 sq m (3m sq ft) scheme by Canary Wharf Group comprises twin office towers of 28 and 34-storeys. The permission is subject to a £20m Section 106 agreement. Knight Frank and CBRE are the letting agents. - (17-07-2005)

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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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L&G confirm pre-let

2005 starts with good news, as Legal & General, the insurer, confirms, at last, that it has taken an initial 11,148 sq m (120,000 sq ft) pre-let on floors 3 to 8 at CLOUT’s 16,727 sq m (180,000 sq ft) 1, Coleman Street scheme (Austral House) in London, EC2. The new headquarters building will be completed in early 2007 and demolition of Austral House will start this month. Legal & General is planning to relocate 700 staff from Bucklersbury House and has taken a 20-year lease at £493.53 per sq m (£45.85 per sq ft) with a 30 month rent free period. Knight Frank is advising L&G. - (08-01-2005)

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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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Agents for change

With more competitive times now facing the property industry developers are starting to make a few changes in their letting agents. Thorstone Land has replaced Knight Frank on the marketing of Lion Plaza in EC2 with BH2, and at 'The Eye' in WC1 Alfie Buller's Bee Bee Developments has replaced Atis Real Weatheralls with Insignia Richard Ellis. No doubt there are more changes to come as the increasing supply puts more pressure on agents to be more proactive in letting space. - (10-11-2001)

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SE1 office scheme announced

Shell International and Lend Lease have submitted detailed plans for the redevelopment of part of the Shell Centre site in York Road, London SE1. The scheme now has a high office content, rather than a retail emphasis as originally envisaged, following discussions with London Borough of Lambeth. The £180m scheme, named Belvedere Court, includes about 32,000 sq m (344,450 sq ft), of offices, mainly in a new 12-storey building, 7,300 sq m (78,575 sq ft) of retail within the existing Shell space, 4,000 sq m (43,056 sq ft) of restaurants and cafes, 11,200 sq m (120,556 sq ft) of sports facilities and 4,700 sq m (50,590 sq ft) of conference space. The scheme has been designed by Arup Associates. Knight Frank is rumoured to be marketing the ofice development and CB Hillier Parker is the agent for the retail space. If planning approval is granted the scheme could be completed in autumn 2004. - (03-09-2001)

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Lend Lease buys part of Patent Office

City & Provincial and Lend Lease have acquired part of the former Patent Office at 10 Furnival Street, London EC4 for about £12.5m. The eastern part of the building has been acquired from City & General, which is currently refurbishing the 4,645 sq m (50,000 sq ft) Central Court and the 2,787 sq m (30,000 sq ft) Staple Court. This phase is due to be completed in August 2002 and Jones Land LaSalle and Montagu Evans are to begin marketing in September. The eastern part of the building will be refurbished and extended at a cost of £15m and the office content will be increased from 8,175 sq m to 10,312 sq m (88,000 sq ft to 111,000 sq ft). The Lend Lease joint venture was advised by Knight Frank. - (25-08-2001)

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