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City scheme underway

Midtown options

Contractor appointment

City block may re-start

Soho scheme poised

City scheme nears completion

Mayfair redevelopment

Retrofit to start

London Offices – An Olympic Year?

Midtown scheme start

Midtown refurb

City scheme application

First tenant for Victoria scheme

Architect replaced

Refurbishment in EC2

Contractor appointed

City refurbishment start

West End pre-let

Southbank re-design

Mayfair application

Mayfair refurbishment plan

Central London - a Sack Full of Refurbs

City scheme start

Tower to start

City scheme underway

Contractors battle it out

Midtown scheme underway

Inquiries on the up

New scheme letting

City refurbishment

London Office Market – Special Report

Moorgate consent

Major West End development

Tower deal in EC2

St James's demolition start

Marylebone refurbishment

Revised City scheme

City consent

Major Soho consent

Midtown scheme under offer

City refurbishment plan

Architect change in EC3

Major West End application

Tower to start (again)

City refurbishment plan

Victoria scheme on-site

City office scheme plan

Contractor appointed

New City application

City refurbishment

City scheme to start

Contractor appointed

Refurbishment start in WC2

Soho scheme start

Covent Garden start

Major Mayfair application

Start for midtown scheme

Mayfair scheme revived

Revised plan for Covent Garden scheme

Mayfair scheme to start

City refurbishment start

Victoria refurbishment

Refurbishment in the medium term

Letting for Midtown scheme

Midtown scheme to start

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

Revised consent in fringe

Soho scheme underway

Docklands scheme cleared

Pinnacle schedule

Architect rumoured for scheme

Shaftesbury update

Fitzrovia deal

Met letting

Mayfair scheme consent

Developer reviews EC4 plans

Plans reviewed

Midtown application

Grade A letting in WC2

Revised Moorgate application

Consent for EC4 scheme

Five storey block planned in Shoreditch

Delay for City scheme

Refurbishment possible

Southbank scheme negotiations

Refurbishment in W1

Noho refurbishment start

Soho scheme underway

West end site underway

Start in NW1

Start in SE1

Soho scheme start

Demolition start in SW1

City tower plan

Pinnacle update

West End scheme Q3 completion

Fitzrovia scheme start

City office refurbishment application

Mayfair construction start

Construction start in St James'

March lettings - deals climb

London office lettings in March 2012 as researched by Cityoffices, reached 800,000 sq ft, in line with recent monthly totals. The largest letting was Pushbutton's near 50,000 sq ft deal at the Glasshouse building in EC1. A healthy 70 deals of 5,000 sq ft or more were recorded in the month. - (18-04-2012)

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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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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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Glasnost - Online Project, Contact & Image Management

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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May London Office Take-up

Office lettings in central London bounced back to just under 1 million sq ft in May 2011 in new research by Cityoffices. Large lettings to Google and Aon helped underpin the total, together with some stronger letting activity in the West End. A large number of leases were for around five years, illustrating the fluid state of the market. - (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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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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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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West End HQ nears completion

The new Greater London Magistrates Court Authority building is due for completion in summer 2011. The £50m, 9,700 sq m (104,410 sq ft) building designed by architect Hurd Roland Partnership is at the junction of Seymour Place and Marylebone Road, London, NW1 is approaching shell and core completion. Laing O’Rourke is the main contractor. - (04-02-2011)

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Surge in London Office Development

London Office Prospects 2011: 75m sq ft of lease expiry hopes drives market forward

A surge in London office development is coming, with major office buildings planned to come on-stream in 2012-2015 to meet an anticipated increase in demand.

This demand is expected to come from those occupiers, which took space in the mid 1980’s boom and early 1990’s, with leases coming to an end on what is now outdated space.

Our research on occupier ‘moves’ in central London indicates a potential of up to 17m sq ft of lease renewals due in 2011, and an average of about 15m sq ft a year of lease expiries a year up to 2015.

The question is “How much of this lease expiry-led ‘demand’ will result in new space being taken-up?”

The London office market is fairly consistent on office space take-up with the average being about 10m sq ft a year over the last decade. In these terms 2010 was above average with over 11m sq ft of office space taken-up, the majority in large pre-lets.

If half of lease expiries (say 7.5m sq ft) each year actually turned into office ‘moves’, this would then mean a further 2.5m+ sq ft of office demand would have to come from existing occupier expansion and new ‘start-ups’ to achieve even the average for annual take-up.

This would then mean occupiers would be renewing leases on around 7.5m sq ft of office space each year with the potential for refurbishment deals. In addition the 7.5m sq ft (or possibly more) of office space vacated by ‘movers’ could be returned to building owners and would need to be upgraded for letting.

To meet the expected lease expiry-led office demand a substantial supply of new Grade A development is needed in 2011, which is not going to arrive. Those occupiers with imminent lease expiries will be unable to find prime new office space and will therefore postpone moves, increasingly turn to pre-lets, or remain ‘in-situ’ and refurbish.

In 2011 development starts will be numerous (30+ is possible) but take-up is expected to be down on 2010 levels and the majority deals are likely to be smaller, perhaps under 4,645 sq m (50,000 sq ft).

The ‘volume’ of deals done in late 2010, combined with about 46,450 sq m (500,000 sq ft) of office space now under offer, will carry the fit-out market through to summer 2011. The office market will then become one of refurbishment and restacking until a new wave of occupiers starts to take up the developments coming on-stream from late 2012 onwards.





- (01-02-2011)

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Victoria scheme start

Doughty Hanson and Terrace Hill Group have appointed contractor Kier to build offices and flats at Howick Place in London Victoria, SW1. Demolition of existing buildings is nearly complete and Kier is due to start work on the 280,000 sq ft One Howick Place scheme shortly. The mixed-use redevelopment will include offices, alongside 33 apartments and ground floor retail space. Rolfe Judd is the designer. - (27-01-2011)

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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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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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October take-up

October central London office lettings totalled 657,000 sq ft - a fall on recent months. Grade A lettings made up about half the total with 312,000 sq ft. The media sector made a strong showing in October, bouyed by Mindshare's 77,000 sq ft deal at Central St Giles. - (26-11-2010)

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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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August take-up rise

August office lettings in central London amounted to 1.2 million sq ft according to research by Cityoffices. The total was helped by the sizeable 700,000 sq ft pre-let at 4 Broadgate, EC2 to UBS. Elsewhere, the market was quiet and only 28 lettings over 5,000 sq ft were recorded. - (15-09-2010)

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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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Overspend on HQ

The BBC has admitted that it has gone nearly £60m over budget on its £1bn redevelopment of Broadcasting House, Portland Place, London, W1. Most of the mistakes occured during phase 1 to 2004. The new HQ will become the new home to BBC News and Radio, including the World Service at the end of 2010. Around 4,500 staff are expected to relocate to Broadcasting House in the next year. - (24-02-2010)

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London survey looks forward

The latest Drivers Jonas Crane Survey, researched by Cityoffices.net, has found that despite 10.3m sq ft under construction (of which 7.15m sq ft is available to let) there were only six significant starts in Q4 2008 and Q1 2009. There are 30 buildings available to let at the moment of greater than 100,000 sq ft. DJ said developers should expect more prelets in 2010-11 for completion in 2013. Tenant’s choices will be reduced over the next few years. In addition short-term lease extensions being agreed now could generate further demand. - (11-06-2009)

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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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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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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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CityPoint on market

CityPoint in Ropemaker Street, London, EC2, is thought to be about to go on the market with an asking price of £650m. The 34-storey 65,681 sq m (707,000 sq ft) building is owned by US developer Tishman Speyer and partners Schroders, SITQ and UBS, who acquired the property for about £520m in 2006. - (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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Middlesex Hospital site sold

Project Abbey consortium of investors led by Christian Candy, founder of Candy & Candy, has acquired the Middlesex Hospital site on Mortimer Street, London, W1, for about £200m. The 1.3ha (3 acre) NoHo site will be redeveloped into a 46,450 sq m (500,000 sq ft) mixed use scheme, which will include offices, although 50% will be residential. Completion is planned by 2011. Savills is advising Project Abbey. - (06-07-2006)

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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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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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Centre Point up for sale

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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Bishops Square reaches 'Cat A' stage.

The Bishops Square development at Spitalfields will effectively reach 'Cat A' completion very soon. The 70,000 sq m (753,474 sq ft) building has been pre-let by a law firm and the main contractor should be finished on site during the next few weeks. - (06-06-2005)

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York House on-site

The development of the former York House at 15-17, Great Cumberland Place in London, W1, started on site on 18th April 2005. The mixed-use scheme, which may be marketed as The York Building, will provide about 27,870 sq m (300,000 sq ft) of office space, residential apartments and retail. The office element is thought to be around 11,000 sq m (118,000 sq ft). - (27-04-2005)

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City office refurbishment.

The Mercer Company is having most of Basildon House on Moorgate, London EC2, refurbished. The building will be available from early June 2005 and is being marketed by DTZ and Ingleby Trice. The building is still partially occupied but the areas currently being renovated cover approximately 2,322 sq m (25,000 sq ft). The entire lower ground, 1st, 2nd, & 3rd floors are being refurbished along with part of the 5th and ground floors. - (24-03-2005)

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More London 7!

A new phase of the More London development is being planned. More London 7 will provide approximately 37,175 sq m (400,000 sq ft) of office space over 10 floors and include an unspecified amount of retail as well. A detailed planning application has yet to be submitted and no work will begin without a substantial pre-let. The development team remains the same as on previous More London projects. - (18-03-2005)

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Corporation of London approves

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

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McAleer takes the Swiss

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

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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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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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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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Songbird calls tune at Canary Wharf

Songbird Acquisition, the new name for the Morgan Stanley led consortium, has had it’s latest bid of 295p endorsed by the the independent directors at Caanry Wharf. CWG, the rival Branscan bid, backed by Paul Reichman, is thought to be still due to put its 275p offer to shareholders. The bid battle for Canary Wharf has now been going on for 10 months and the two groups have until the end of the week to send their offers to shareholders. - (20-04-2004)

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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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L&G unveils St Giles Court plans

Legal & General and Stanhope have unveiled designs for a mixed-use 46,451 sq m (500,000 sq ft) for St Giles Court, St Giles High Street, off Oxford Street, London WC2. The scheme has been designed by the Italian architect, Renzo Piano and includes offices, restaurants and retail based around a new semi-covered public space. The scheme also includes 100 housing units. The scheme would require the demolition of L&G’s 18,600 sq m (200,000 sq ft) St Giles Court office block, currently occupied by the Ministry of Defence on a lease until 2011. At present public consultation into the propsals is underway and a planning application could be submitted to London Borough of Camden later this year. - (16-02-2004)

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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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Delancey change to Bream's Buildings

A planning application has been submitted for revised details to the redevelopment of Bream’s Buildings and Rolls Buildings (Rolls House and Arnold House) in Fetter Lane, London, EC4, and the part retention of the façade of 8 Bream’s Buildings. The application has been made by Delancey Arnold & Co, otherwise Delancey Estates, and the architect is Woods Bagot. The existing buildings provide about 24,481 sq m (263,513 sq ft) of offices and the new proposals are for an eight-storey building providing 34,968 sq m (376,395 sq ft) of offices and 491 sq m (5,285 sq ft) of retail space. The revised proposals include changes to the massing and the appearance of the scheme. - (22-11-2003)

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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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"Lightbeam" on Mermaid

Blackfriars (PD2) Ltd, now owned by Heatherfield Limited, which is under the management of Blackfriars Investments, has submitted revised details for its scheme to redevelop 2 Puddle Dock and the Mermaid Theatre at Blackfriars Station in London EC4. The new three-four storey structure, designed by Alsop, is to be on stilts and includes a “lightbeam” on the west side of the building adjoining the “solid box” of office accommodation. The “lightbeam” is a four-storey glass box enclosing lobbies and access areas. The scheme has 26,416 sq m (284,341 sq ft) gross external space with 24,000 sq m (258,336 sq ft) gross internal office space, to include a dealing floor of 6,148 sq m (66,177 sq ft). The scheme also includes two retail units of 399 sq m (4,294 sq ft). - (02-12-2002)

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Spitalfields gets final approval

The redevelopment of Spitalfields moved another step closer this week with the Mayor of London granting planning permission for the scheme. The Foster & Partners scheme has 70,000 sq m (753,480 sq ft) of offices and 4,000 sq m (43,056 sq ft) of retail space. The scheme will require the demolition of half of the 80-year old covered market. The London Borough of Tower Hamlets approved the Spitalfields Development Group's £500m scheme in October. - (02-11-2002)

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King Cross 'vision' appears

The latest plans for Kings Cross have been unveiled by Argent, and partners London & Continental Railways and St George, pending an outline planning application being submitted for the 29ha (72-acre) site. The last major plans for Kings Cross were by Rosehaugh Stanhope in the late 1980's when over 6m sq ft of office space was proposed. In the mixed-use 'vision' office development is contained in blocks 4 and 5 as the 'Southern Hub' and also in Blocks 7 and 8 to the rear of the site. The office blocks range between 8-25 storeys, with the potential to go higher. The remainder of the scheme includes retail, residential and leisure uses and the total floorspace of all uses is between 7m to 8.6m sq ft. Jones Lang LaSalle is advising on the development, which will not be able to start before 2007. - (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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Skanska to build Moor House

Skanska has been appointed as the main contractor for the Moor House scheme, which is being funded as a limited partnership with Henderson Investors and Hammerson. The 44,658 sq m (480,710 sq ft) gross external scheme, is conceived as a curved vertical design of 19-storeys. The building will comprise about 26,400 sq m (284,000 sq ft) net of offices and 1,810 sq m (19,500 sq ft) of retail space. Completion is planned for early 2003. - (03-04-2002)

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Grands Union Building decision close

The revised planning application for the 89,087 sq m (958,954 sq ft) office and retail 'Grand Union Building' development at Paddington, designed by Richard Rogers Partnership, is due to go to Westminster City Council planning committee on 14th March. It is thought that members of the Chelsfield led consortium will 'allez' from MIPIM to be back in time for the meeting. - (04-03-2002)

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Mercer's scheme approved

The Mercers Company and Scottish Provident Institution have received planning approval for the redevelopment of a site on the corner of Cheapside and Ironmongers Lane, London EC2. The site incorporates Becket House at 81-90 Cheapside, 36-37 Old Jewry, the Mercers Hall, Daunsey House, 4, 4a, 4b and 5 Frederick Place, and 4 Ironmongers Lane. Siddell Gibson has designed a new 10-strorey building of 20,114 sq m (216,507 sq ft) gross, with 9,407 sq m (101,256 sq ft) net of offices and 1,836 sq m (19,762 sq ft) of retail space. - (03-03-2002)

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Convoy Wharf master plan

News International’s plans for the redevelopment of the vacant Convoy Wharf site in Deptford, London, SE8 are progressing. News International has now commissioned architect Richard Rogers Partnership to draw up the plans for the 16ha (38-acre) site, which will have a mix of uses including office space. Taylor Woodrow is News International’s development partner. The site has been used in the past as a printing works but it is currently used for light industrial activities. The site is classified as a 'protected wharf' and may face planning hurdles with the Mayor's office. - (16-02-2002)

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Aldgate Union approved

Tishman Speyer Properties has gained planning permission from the London Borough of Tower Hamlets for the £100m redevelopment of the Marsh Centre at Aldgate, London E1. The part 7-storey, part 16-storey, 'Aldgate Union' scheme, designed by Wilkinson Ayre architects, will provide around 87,001 sq m (936,485 sq ft) to replace the existing 30,000 sq m (322,926 sq ft) building. Tishman Speyer Properties is advised by Jones Lang Lasalle. - (10-02-2002)

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DIFA plans City skyscraper

Some brief details of the proposed 50-storey office tower at 6-8 Bishopsgate have been revealed. It appears that discussion on the tower, for German developer DIFA, have been held with the Corporation of London and the Mayor's office. However a planning application will not be submitted until after a decision on the Heron tower, currently at public inquiry, is made. The architect for the scheme is reported to be Helmut Jahn, the New York architect. - (04-12-2001)

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Lord Rogers supports Heron Tower

Lord Rogers, the architectural advisor to the Mayor of London has told the inquiry into the Heron Tower, proposed for 110 Bishopsgate EC2, that a failure to press ahead with the scheme would threaten London's future prosperity by discouraging investors from locating in London. The inquiry is expected to last another four weeks and the outcome is seen as a test case for the future development of tall buildings in London. - (17-11-2001)

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Unilever thinks again on refurbishment

Unilever the multinational household products company, has decided to re-assess its refurbishment plans for Unilever House in London EC4. The company had gained consent for a 35,000 sq m (377,000 sq ft) refurbishment of its nine-storey 100 Victora Embankment headquarters in Blackfriars. However, the project has now been put on hold pending 'reassessment of options' - (16-11-2001)

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New Kings Cross plans revealed

P&O Property Holdings Ltd has submitted plans for the refurbishment and redevelopment of four major buildings at Kings Cross,London N1. Block A (3,000 sq m)is known as the Lighthouse and plan retains 1870s office building with construction of 3 storey office building with retail. Block B (3,000 sq m) retains the majority of building, with some new build elements. Block C (4,000 sq m), comprises mainly refurbishment and re-building with the construction of new four storey headquarter offices, and five storey hotel to SW of site. Remaining block D retains listed facades with conversion of some buildings to create residential units. Architect is Rolfe Judd. - (14-11-2001)

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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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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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Riverside back on the market

The Financial Times, owned by Pearson, will not now occupy office space at The Riverside Building on Southwark Bridge SE1. The 8,469 sq m (91,160 sq ft) Riverside Building is being developed by Chelsfield and is now back on the market through Healey & Baker. The building should be completed in May 2002. Last year Stephen Hill, the FT Group chief executive, was keen to build an "FT Campus" in Southwark but the plans now seemed to have changed. - (26-10-2001)

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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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Skanska wins 1 London Wall

Skanska is rumoured to have won the main construction contract on Greycoats' 1 London Wall office development in EC2. The scheme, designed by Foster & Partners, will provide about 28,980 sq m (311, 940 sq ft) of office space. Demolition of the existing building is underway and main construction is expected to start in March 2002. - (15-10-2001)

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City objects to "excessive layers"

At the 'Docklands at 20' conference Judith Mayhew, chair of policy and resources at the Corporation of London, has said that "excessive layers" are undermining the planning process and putting London position as a leading financial centre at risk. She made the point said that planning rules allowed English Heritage and others to delay approvals. Her view is that "Large developments, in the City and elsewhere, need speed and certainty in planning process" and she also seemed to be saying that the power of the Mayor of London and the Secretary of State to over-ride local authority decisions, along with individuals and organisation that "seek to influence" decisions, were unnecessary layers. - (03-10-2001)

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Canary looks to Tarmac site

Canary Wharf Consortium, the property developer, is said to be looking to buy a site from Tarmac to extend its 13.5m sq ft office scheme. Tarmac's office complex is at the western end of Heron Quays and was one of the first 'high-tech' developments in the Docklands area in the mid 1980's. It is now thought that the site could now accommodate an office development of over 1 million sq ft. Canary Wharf recently extended its ownership by buying a 6.7-acre site to the north of the main office complex. - (25-08-2001)

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SMUT e-mails on Spitalfields

The Spitalfields Market Under Threat (SMUT) group, which is fighting the plans to redevelop the east London market, has stepped up its campaign. SMUT is understood to have e-mailed over 1,000 key figures asking them to sign a petition objecting to the materials Foster & Partners are proposing to use on office buildings. A detailed application for the first phase of the 25,000 sq ft office complex is to go to the London Borough of Tower Hamlets' planning committee next month. - (25-08-2001)

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NAO reviews Treasury scheme

A review of the private finance initiative (PFI) approach on the Treasury and Ministry of Defence buildings in Whitehall, London SW1 has been launched by the National Audit Office, parliament's spending watchdog. The NAO has said that I will produce separate reports on the Treasury and MoD contracts, which are worth about £500m and £1.6bn respectively. The Treasury's Grade II listed building is being refurbished by the Exchequer Partnership, a consortium involving Chesterton, Stanhope and Bovis Lend Lease. The MoD's Grade I listed main building in Whitehall is being refurbished by Modus Services, a consortium comprising Amey, McQuarie Infrastructure, John Laing and Innisfree. Internal demolition work on the MoD's building will start in September. - (25-08-2001)

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Ericsson to move European HQ

Ericsson is to move its London-based operations from its current regional office at 1 St James's Square, London SW1 to 105 Wigmore Street, London W1. The telecoms company is thought to have taken about 2,601 sq m (28,000 sq ft) in the top four floors. The move is being made as a consequence of the ongoing "Efficiency program" in the company and was taken after Ericsson reduced its London-based workforce from more than 100 to around 70 staff. It is said that the move will "substantially lower costs". The London offices deals with treasury and vendor finance, strategic global HR operations, and communications functions such as investor relations and marketing and sales operations. - (24-08-2001)

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Greycoat to win Paternoster Row site?

The site of Sheldon House at 1 Paternoster Row could be developed by Greycoat. Earlier this year the Sheldon House and Transept House sites, owned by HSBC, were put on the market at a price said to be around £25m. Greycoat is said to be the favorite to win the site from Pillar Property, Helical Bar and Development Securities. CCF Charterhouse originally planned to occupy the 9,500 sq m (102,000 sq ft) new build scheme but these plans were abandoned when the firm was taken over by HSBC and then sold to ING. - (06-08-2001)

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Kings Cross plans released

Argent St George, the developer, has published its draft plans for a mixed-use scheme at Kings Cross, London N1. The document, entitled "Principles for a Human City", sets out 10 principles for developing the masterplan and is for consultation. The scheme features buildings of up to 12-storeys but the developer has said that existing buildings will be reused where possible. Roger Evans is the project director for Argent St George. - (29-07-2001)

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Greycoat to advise Exchange

Greycoat is to advise the London Stock Exchange on the redevelopment of its site on Old Broad Street, London EC2. The LSE will relocate from its 15,793 sq m (170,000 sq ft) of office space in the 26-storey Exchange Tower in 2004. City Offices, owned and operated by the management of Greycoat, is thought to have beaten rival Stanhope to the consultancy role. The Stock Exchange is being advised by Insignia Richard Ellis. - (14-07-2001)

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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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Berkeley Square estate sold

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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Mayor agrees Lehman Brothers scheme

The mayor of London decided not to direct London Borough of Hackney to refuse the Northgate project, designed by Sidell Gibson for Lehman Brothers. In the decision letter the mayor has said that the 17-storey office and retail development "would contribute to London's global city role". However the mayor also said that he will ensure that the scheme, and the adjoining scheme planned by Railtrack, to not compromise each other when he considers the Railtrack proposals. The Commission for Architecture and the Built Environment (CABE) is thought to be concerned that Hackney failed to consult it on the proposals, which CABE says are "incompatible" with the Railtrack proposals and should be refused. - (02-06-2001)

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Quadratic gets sums right

Carnegie Holdings has been granted planning permission by London Borough of Tower Hamlets for the 'Quadratic' building at 4 Mastmaker Road, in the Millennium Quarter in South Quay, London Docklands E14. The 13-storey office building is named the 'Quadratic' as it is in an H-shape with office towers at each corner. The design includes an 11-storey double atrium on the east and west sides, and a two-storey winter garden on the north and south sides. The building will be clad in Planar glazing glass and travertine stone, from the same quarry as stone cut for the Colosseum in Rome. The Quadratic will provide 25,840 sq m (278,141 sq ft) of office space and has been designed by Patrick Davies. - (20-05-2001)

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2 Millharbour deferred

Fidelity Investments Guardian Printworks scheme at 2 Millharbour in the Millennium Quarter in South Quay, London Docklands E14 was deferred by London Borough of Tower Hamlets for further information to be provided. The developer has agreed to provide Tower Hamlets with £23m in section 106 payments, primarily to be used for transport improvements. - (20-05-2001)

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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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Demolition starting at 1 London Wall

Hammerson has started site preparations for demolition work to start at 1 London Wall, EC2. A start on the main construction could be made in summer 2001 with completion in late 2003. Last year a revised scheme was submitted with 13 upper floors, basement, ground and mezzanine levels. The total floorspace (gross external) is 28,980 sq m (311,940 sq ft). The scheme, by Foster & Partners, retains the Livery Hall (Plaisterers Hall). The original proposals for 1 London Wall go back over 13 years. - (15-05-2001)

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Railtrack tower proposed for E1

Railtrack Property has submitted plans for a new office and retail scheme on the edge of the City of London. The proposed elliptical glass and steel development, on the corner of Norton Folgate and Worship Street, in London E1, has been designed by Kohn Pedersen Fox, and will have 19,000 sq m (204,521 sq ft) of offices in a 23-storey tower. It is said that Railtrack had hoped to create a larger development by linking the site to the adjoining site owned by Lehman Brothers. The bulk of the scheme will be built over the railway lines and will include 200 sq m (2,153 sq ft) of retail space next to the main office entrance. - (30-04-2001)

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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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Victoria plans revived

Plans by Railtrack to redevelop the major rail interchanges in central London continues apace. A £250m mixed-use redevelopment scheme for Victoria Station, London SW1, first mooted in the mid-1990's, is being revived. Railtrack is said to be working on a revised masterplan for the Victoria site, which could see an office and retail development of about 46,451 sq m (500,000 sq ft) built at the station. The latest scheme seems likely to integrate a new bus terminal within the scheme with offices above. In addition to the Victoria proposals Railtrack is currently working on plans for 'office-led' mixed-use schemes at Paddington, London Bridge, Kings Cross and with Pillar at Cricklewood, north London. There have also been rumours of investigations by Railtrack on the potential of redeveloping at Waterloo. At Victoria, Railtrack is said to be about to undertake a study, along with other developers with schemes in the area, to assess the level of demand. The developers could include Land Securities, Grosvenor Estate, and Howard Ronson International. The total future potential of developments in the Victoria area amount to over 1.5m sq ft of office space. An end-user 'demand' survey would be no doubt be helpful as at present everyone seems to be chasing Enron, the US energy company, which has the largest known West End requirement. - (26-03-2001)

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Strategic thinking

The strategic plan for London will recommend a massive redevelopment to the north-east and east of the City according to deputy mayor Nicky Gavron. The spatial development strategy will rethink London's transport provision and could support the regeneration of land in the Lee Valley and Thames Gateway areas. The main strategic policies are due to be published in a consultation document in April, with a more detailed draft by the end of 2001, and a final version ready in by late 2002. - (25-03-2001)

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Ernst & Young confirm SE1 pre-let

Ernst & Young, the accountancy firm, has confirmed that it is to take about 35,767 sq m (385,000 sq ft) at CIT's More London Bridge development in London SE1. Ernst & Young is said to be taking Building 1A, with an option to take a further 10,684 sq m (115,000 sq ft) in the linked Building 1B. The firm's relocation in early 2003 could release up to 12 buildings onto the market, including Rolls House, 7 Rolls Buildings, London EC4 and Becket House and York House, London SE1. DTZ Debenham Tie Leung is advising Ernst & Young. - (25-03-2001)

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Shell-Mex House for sale

Shell-Mex House in the Strand, London WC2 is rumoured to be on the market at around £300m. The landmark office building was built by Royal Dutch Shell as its head office in 1931 and was acquired by Witkoff, the US property company, for about £180m in 1999. The 53,400 sq m (575,000 sq ft) building completed a major refurbishment last year and is now occupied by Omnicom, the advertising group, Pearson, the media company, and Vizzavi, the internet joint venture between Vodafone and Vivendi. It is said that Insignia Richard Ellis is to market the investment opportunity. - (11-03-2001)

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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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£1.5bn Elephant deal finalised

The deal with Southwark Land Regeneration, a joint Frogmore Estates and Godfrey Bradman venture, for the mixed-use redevelopment of the Elephant & Castle area, was finalised at a Southwark Council meeting on Monday 22nd January 2001. An outline planning application for the scheme could now be submitted in the autumn, following public consultation on the proposals. - (26-01-2001)

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London & Regional buys EC4 site

London & Regional Properties has taken a controlling stake in a 0.9ha (2.2 acre) site on Victoria Embankment, London EC4, which includes the 37,160 sq m (400,000 sq ft) Morgan Place, 60 on Victoria Embankment, London EC4Y OJP, occupied by JP Morgan, the US investment bank, on a lease expiring in 2016, and the former City of London School for Boys. The site was sold by Sumitomo Life for about £135m. The deal has led to speculation that JP Morgan, which is about to merge with Chase Bank, will now seek to combine operations in one site in London. Chase, formerly Chase Manhattan, also recently acquired Flemings the UK investment bank, based at London Wall EC2, where leases expire in 2004 and 2006. The merger between Chase and JP Morgan will see around 2,000 staff laid off by the end of the year in London and New York and more in 2001. - (01-12-2000)

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British Land may buy 51 Lime Street

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

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SG to expand at Tower Hill site

A planning application has been submitted by Healey & Baker on behalf of SG (Societe Generale), for the redevelopment of the Minories multi-storey car park adjoining SG's office at 41 Tower Hill, London EC3. The proposal is to redevelop the Corporation of London car park to provide a 9-storey office block of 23,937 sq m (257,657 sq ft) gross and 18,615 sq m (200,371 sq ft) net office floorspace. - (17-10-2000)

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Canary Wharf heads for FTSE 100

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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McGraw Hill to take DS4 at Canary Wharf

McGraw-Hill, the US-based information services provider, has signed a letter of agreement with Canary Wharf Group to take the majority of the 46,450 sq m (500,000 sq ft) DS4 building at Canary Wharf to accommodate the company's rapidly growing financial services and business-information operations. The new building for The McGraw-Hill Companies is designed by Skidmore Owings & Merrill and construction wok will start once formal contracts are signed and will be ready for occupancy in 2003. The McGraw-Hill Companies plan to occupy the majority of the new building with options for expansion over the balance of the space. The new building will have direct access to the new retail building immediately to the north, to the underground retail mall, and to the Jubilee line link - (06-10-2000)

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Eurohypo funding for Tower Place EC3

A seven year development/investment facility of £135m has been announced for the Marsh & McLennan development at Tower Place EC3, being carried out by Tishman Speyer Properties. The funding is to be provided by Eurohypo (Europaische Hypothekenbank der Deutschen Bank), a member of the Deutsche Bank Group. - (01-10-2000)

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Docklands site on the market

A vacant seven acre site in London Docklands to the west of the new Billingsgate fish market and adjoining Canary Wharf is said to be on the market and could be acquired by Canary Wharf Group. The site is owned by the Ruler of Dubai, Sheikh Maktoum Al-Maktoum, and a number of business associates and could be worth £150m. If acquired by Canary Wharf Group the site would be an extension to the Canary Wharf complex. The consortium, which operates under the name Wetherby, a Gibralter registered firm, is thought to have planning consent for a hotel, exhibition space and offices totalling over 69,676 sq m (750,000 sq ft). - (25-09-2000)

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