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Derwent London, the property developer, has said that it is not planning to start any new commercial developments until 2010 or 2011. The company has made the decision because of the credit crunch and the fall in occupier requirements for new space. John Burns, chief executive, has said that the next two years are about "good housekeeping" and his comments mirror those expressed by Great Portland Estates, Hammerson and Liberty International. - (20-11-2008)
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JP Morgan, the US investment bank, has announced a £237m deal to acquire a 999 year lease from Canary Wharf Group (CWG) on the Riverside South site at Canary Wharf, London, E14. The site has planning permission for 1.8m sq ft of office space in two towers and a ‘link’ building. Infrastructure work is underway but JP Morgan is still finalising the design of the buildings and will occupy in phases. The building will be the headquarters for all the banks European operations and could be completed in 2012 or 2013. CWG will act as development and construction manager. CWG will complete the design, planning, piling and raft construction and the bank will, subject to market conditions, decide when to instruct CWG to proceed with final construction. If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain £76m representing a portion of developers profits related to the development. - (18-11-2008)
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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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Lancaster Holdings, part of Warner Estates, is well underway with the refurbishment of the 5,300 sq m (57,000 sq ft) Cable House office building at 60 New Broad Street, London, EC2. Completion is expected in December 2008 and Montagu Evans is the letting agent. - (14-11-2008)
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Thornfield Properties has appointed a new architecture team to redesign its plans for Smithfield Market in the City of London. Architect Kohn Pederson Fox has been replaced by John McAslan & Partners. Plans by KPF were rejected in August 2008 by Secretary of State Hazel Blears. Revised plans will be submitted shortly. - (11-11-2008)
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A public inquiry has been ordered into P&O and Morgan Stanley Real Estate's proposed 1.43m sq ft redevelopment of Elizabeth House in London, SE1. The ‘Three Sisters’ scheme proposes two office towers, totalling almost 1.2m sq ft and reaching up to 22 storeys and a 33 storey, 277,500 sq ft residential tower. The inquiry will focus on the 'appropriateness of tall towers at this location'. Completion was planned for 2011. - (07-11-2008)
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Wood Wharf Limited Partnership, comprising British Waterways, Canary Wharf Group and Ballymore Properties, has had its outline planning application for the development approved. The plans for the 7ha (17 acre) Wood Wharf site in London, E14, include 455,221 sq m (4.9m) sq ft of offies, retail and leisure space and 1,668 apartments. The scheme includes a £50m S106 agreement and a £100m contribution to Crossrail. Wood Wharf will be developed as four phases. Reserved matters on Phase 1 will be submitted in 2009. - (06-11-2008)
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ING Real Estate has completed its 1,548 sq m (16,667 sq ft) office refurbishment of the seven-storey office and retail building at 2-4 Eastcheap, London, EC3. Tuffin Ferraby Taylor advised. Cuffe was main contractor and the letting agent is King Sturge. - (15-02-2008)
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Sellar Property is likely to start construction of the Shard tower in London, SE1 later in 2008, after a finance package was agreed with Qatari-backed consortium - the Qatari Islamic Investment bank QInvest, Qatar National Bank and Qatari Islamic Bank. Sellar will remain the developer for completion of Shard of Glass tower and 55,740 sq m (600,000 sq ft) New London Bridge House in 2011. The schemes were designed by Renzo Piano. Cushman & Wakefield advised on planning, and Mace is project manager. - (01-02-2008)
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Demolition at Arab Investment's site at 22-24 Bishopsgate, London, EC2 is due to complete in February 2008. Mace is project manager. Multiplex is to build the new £500m, 288m-high office tower which will be completed in 2010. - (15-01-2008)
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The public inquiry to determine Thornfield Properties’ contentious 35,303 sq m (380,000 sq ft) office scheme at Smithfield market, London, EC1 will begin in November 2007. A successful outcome for Thornfield may prompt a 2008 construction start.
- (26-10-2007)
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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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Construction work is underway at Delancey's speculative redevelopment of Bream’s Buildings and Rolls Buildings in Fetter Lane, London, EC4. 13,527 sq m (145,600 sq ft) on LG,G,1,2,3,4 floors has been pre-let to HM Courts Service, and 9,649 sq m (104,347 sq ft) remains available on 5,6,7,8 floors. The completed scheme will offer separate entrances for HM Courts Service on lower floors and the offices on upper floors. - (22-08-2007)
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Land Securities, the developer, has won the planning inquiry into its planned £200m, 39-storey skyscraper at 20 Fenchurch Street, London, EC3. The 160m high ‘Walkie Talkie’ scheme, looking a bit like a mobile phone, will provide 55,741 sq m (600,000 sq ft) of office space, 1,114 sq m (12,000 sq ft) of retail space and 3,716 sq m (40,000 sq ft) “Skyroom” function facility. There are also plans for a 1,745 sq m (18,783 sq ft) office next to the tower. Work on the development could start in late 2007 for 2010 completion. - (11-07-2007)
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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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