Search Results for: london

News Corp move marks largest Central London office letting agreement in 8 years

The Place

In the largest letting in Central London to be agreed in the last eight years, News Corp is to move its entire operation to all 17 floors of the Place, next door to the Shard at London Bridge Quarter. The Place, like The Shard, is designed by Renzo Piano and comprises 430,000 sq ft of high quality offices, much of which utilises natural light. The move will see staff of News UK, Dow Jones and HarperCollins housed together for the first time once relocation to the new site begins in the summer of 2014.

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Plans to redevelop London’s Smithfield Market are given the green light

SmithfieldThe much talked about plans to redevelop Smithfield market have been given the green light by City of London planners. As we reported earlier this year, the development in the heart of a London district renowned for its creative industries, including many of the UK’s leading workplace design studios, has been the subject of a great deal of scrutiny and controversy. Now the City of London’s planning and transport committee has voted to approve the scheme designed by John McAslan + Partners. Most of the objections were made by campaigners based on the heritage of the historic site.

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New joint venture formed to capitalise on booming London Office market

 New joint venture formed to capitalise on thriving London Office market

A 50:50 joint venture partnership to capitalise on the thriving London office market has been formed by Hermes Real Estate Investment Management Ltd and Canada Pension Plan Investment Board. CPPIB is investing £173.9 million to acquire a 50 per cent interest from Hermes’ BT Pension Scheme’s (BTPS) existing portfolio, which comprises 550,000 sq ft of high quality offices, retail and ancillary accommodation, primarily located in London’s West End. Graeme Eadie, Senior Vice-President and Head of Real Estate Investments for CPPIB, said: “We are pleased to be partnering with BTPS and Hermes on this unique opportunity to invest in a high quality, well-diversified portfolio of office properties in prime Central London locations.”

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Two separate reports highlight thriving London office market

Holborn Circus

Holborn Circus

The London office market continues to thrive according to two new reports from property consultancies CBRE and BNP Paribas Real Estate. According to the CBRE survey, take-up of Central London office space in the second quarter of 2013 increased by 32 percent compared with the previous quarter while, according to BNP Paribas, the take up of central London offices in the first half of 2013 rose by nearly a quarter 24 percent to 6.02m sq ft compared with the same period in 2012, while activity rose by around a third (31 percent) to 3.08m sq ft in the second quarter of the year compared with the second quarter of 2012. CBRE report that there were three deals for offices over 100,000 sq ft in the period covered and eight deals over 50,000 sq ft, the highest number since Q4 2010.

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Designs unveiled for new Google London headquarters in King’s Cross

Detailed plans have been submitted for the design of the new Google London headquarters building in King’s Cross. The 1 million sq. ft scheme designed by architects Allford Hall Monaghan Morris does not exceed 11 storeys at any point and will be home to up to 4,500 employees, double the company’s current London workforce and potentially making it the largest Google operation outside of New York.  The scheme is part of a wider development of Kings Cross and will incorporate 750,000 sq. ft. of office space with 50,000 sq. ft. of shops and cafes.  Current employees will relocate from three existing buildings in the capital.  Subject to approval for the detailed design from Camden Council, who have already granted planning permission,  work will begin on the site next year with completion set for 2016-2017.

Google is evidently keen to emphasise its investment in the UK, following weeks of criticism of its tax affairs from the media and politicians. Dan Cobley, Google UK’s managing director, in announcing the details of the development said: ‘Building our new headquarters in King’s Cross is good for Google and good for London.’ Certainly the deal is one of the biggest in recent years in the UK property industry, worth around £650 million and is expected by the developers to create 1,500 construction jobs and 35,000 new employment opportunities over all.

Some of the more interesting aspects of the proposed design are:

  • The primary way for workers to move between floors will be stairs rather than lifts as the firm looks to challenge the sedentary workstyles of staff. No news yet on any wretched slides.
  • The building is designed as a ‘groundscraper’ eschewing London’s recent trend for tall buildings, but is larger than the Shard at 1,083 ft long compared with the Shard’s 1,016 ft height.
  • Over two thirds (71 percent) of the office space are designated for workstations with the remainder set aside for meeting and breakout spaces, cafes and lobbies. Nearly half of the roof of the building will be landscaped.
  • The intention is to achieve a BREEAM outstanding accreditation.
  • The architects claims the design is inspired by the Victorian industrial heritage of the area and will act as a theatre in which the drama of Google’s business will unfold, but with stage settings that can change quickly and easily.

Commenting on the development, Simon Allford, of Allford Hall Monaghan Morris, said: ‘This building is underpinned by cutting edge design intelligence and technologies to provide a sophisticated twenty first century working environment for Google’s staff. The architectural approach, which has taken inspiration from King’s Cross and St Pancras International railway stations, complements the local area’s strong industrial heritage and will be a building London can be proud of.’

Record breaking month for City of London office leasing market

The City of London leasing market has had one of the highest monthly take ups on record in May, with a total of 793,400 sq ft being let – up by 117 per cent month-on-month and 135 per cent on May last year. This brings the year to date take-up to 2.2 million sq ft, a 46 per cent increase on the equivalent period in 2012 according to Jones Lang LaSalle.  Five lettings over 50,000 sq ft were recorded during May, of which three were pre-lets exceeding 100,000 sq ft. These include Amazon at Sixty London, EC1 (213,000 sq ft), Bird & Bird at 12-14 New Fetter Lane which was leased last month by Great Portland Estates (pictured), EC4 (136,200 sq ft), and Amlin at The Leadenhall Building, EC3 (111,800 sq ft). More →

Mayor confirms £1billion China gateway business district in London

Royal DocksLondon mayor Boris Johnson has confirmed the details of a £1bn investment in a new business district that will transform the Royal Docks into a 35 acre gateway project aimed primarily at firms from China and Asia looking to establish a business foothold in the UK and Europe. The site is intended to deliver more than 2.5m sq ft of office as well as retail and leisure facilities under the plans. Chinese owned developer ABP will work with Stanhope and architects Farrells with the first firms taking up occupancy in 2017. The Greater London Authority said the proposed development would create 20,000 full-time jobs, and inject £6bn into the UK economy, with £23m in business rates generated annually. No tenants are confirmed at this stage although the developers claim interest from Chinese banks is said to be high.

Three quarters of London investment banks set to trim corporate real estate

AxeAccording to a new report from CBRE, nearly three quarters (72 percent) of investment banks based in London are looking to cut their corporate real estate portfolios over the next two years as they adjust to a changing global market for their services as well as structural changes in the UK’s regulatory framework.  As well as trimming London based properties, the report says that banks will continue to relocate functions to the UK regions in an effort to reduce costs.  Since the low point of 2009, rents in the City of London have increased from £42.50 per sq ft to about £55 per sq ft. The survey also found that just over a third (34 percent) of banks expect to see cuts as a result of mergers and acquisitions in the sector.

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British Land submits plans for London landmark Mayfair scheme

British Land development

British Land has submitted a planning application to Westminster Council for a major new 193,500 sq. ft. mixed use scheme following its acquisition of the Clarges Estate last year. The site totals almost one acre bounding London’s Piccadilly and includes residential, offices and retail. Planning consent for an earlier scheme was granted in April 2011 but the new plans mean the development’s office element will be re-modelled from 91,000 sq. ft. to 47,500 sq. ft to sit on the ground floor and six upper floors with facades to Clarges Street and Bolton Street.

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City approves plans for new offices by Fire of London Monument

New office development by Fire of London Monument

The City of London has granted planning permission for the development of an 88,000 sq ft (8,175 sq m) office-led scheme, next to the historic Monument column which commemorates the Fire of London in 1666. The project by Skanska Project Development Ltd (SPDL) will see the existing buildings at 11-15 Monument Street, 46 Fish Street Hill and 1-2 Pudding Hill replaced with around 85,000 sq ft (7,896 sq m) of offices on nine floors, with floorplates of around 10,000 sq ft (929 sq m), and 3,000 sq ft (278 sq m) of ground floor retail accommodation. Work is expected to start on site later in the year with completion scheduled for 2015.

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Report highlights changing occupier demands in City of London property

City of London coat of arms by GuildhallA new report from DTZ has outlined the ways in which the City of London property market is changing in response to occupier demand. As has been revealed in previous recent surveys, one of the most significant factors is a shift in focus away from the City’s traditional financial services heartland towards the technology, media and telecoms (TMT) sector.  Other structural changes include greater demand for different types of facilities from law firms as the legal sector adjusts to developments in its own market. The broader base of tenants and the expected economic upturn will mean a gradual improvement in demand although the report concedes that even by 2017, the market will not have returned to its peak.

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London calling for Green Sky Thinking events

GST13-ButtonIf you’re looking for some practical guidance on sustainability check out a free London-wide event, Green Sky Thinking, a week-long series of free sustainability-focused events showcasing innovative and practical solutions to greening London’s built environment, which runs across London from 15-19 April. Ranging from onsite project talks, round-table discussions, pecha kuchas and seminars, it offers attendees the inside view from top experts, industry leaders and collaborative teams to understand innovations and what works in practice. Victoria Thornton, Founding Director of Open City, said: “The value of Green Sky Thinking Week is offering the solution of ‘how’ to make London’s built environment  sustainable.” More →