A weekly round up of the latest planning news from the central London boroughs
City of London
EG reports that global law firm Paul Hastings is nearing a deal to relocate to 100 Bishopsgate, owned by Brookfield Property Parents. The US-headquartered firm has placed the top two floors, totalling 40,000 sq ft, under offer at the 37-storey tower. It will pay rent of more than £80 per sq ft.
EG reports that Maxwell Shand and Campbell MacDougall, former directors of Exemplar, have launched a business (YardNine) to bring forward the development of the 240,000 sq ft development at 80 Fenchurch Street. The pair’s decision comes after their former employer decided to take a “siesta” from development until Brexit negotiations end in 2019.
City of Westminster
EG reports that Savills Investment Management (SIM) has bought Great Portland Estates’ 30 Broadwick Street for around £190m. The 94,300 sq ft eight-storey building is due to complete this month and will provide a private client of SIM with a fully-let grade-A building with office, retail and restaurant space. PW reports that London Executive Offices has signed more than 46,000 sq ft of leases in prime central London. The deals cover two buildings – at Nova North and 30 Broadwick Street.
Hammersmith & Fulham
PW reports that Chelsea Football Club can soon start its £1bn stadium redevelopment after Hammersmith and Fulham Council has used a temporary planning loophole to overturn a right-to-light High Court injunction.
PW reports that FORE Partnership has struck a deal to acquire the UK headquarters of the French cosmetics giant L’Oreal in Hammersmith for £58m. The 110,000 sq ft office at 225 Hammersmith Road was bought from Standard Life Investments at a yield of 7.5%. FORE Partnership, founded in 2012, focuses on value-add investment across residential, retail and office property in Europe.
PW reports that 42 Southwark Bridge Road office building has been bought by UBS Asset Management for £75.7m, reflecting a net initial yield of 5.31%.
EG reports that Delancy’s proposed major mixed-use development in Elephant & Castle faced a significant setback following Southwark councillors decision to reject a recommendation for approval. Southwark’s Planning Committee decided against plans to provide around 1,000 homes and a new University of the Arts London facility following an eight hour meeting, primarily due to concerns around the lack of affordable housing.
EG reports that Permodalan Nasional Berhad and the Employees Provident Fund of Malaysia have agreed to forward fund the 2.5m sq ft Battersea Power Station for £1.6bn. Representing stage two of the power station project, the duo will take long-term ownership upon completion. The deal is one of the largest ever transactions for a property asset, dwarfing Hong Kong group LKK’s acquisition of the Walkie Talkie for £1.3bn In 2017.
PW reports that Wanda Hotel Development, a Hong Kong-listed unit of Dalian Wanda Group, has sold its 60% interest in a luxury hotel development at Nine Elms for £35.6m as part of a programme of asset sals around the world.
EG reports that Baltimore has agree an £82m, three year development loan with Lloyds Bank Commercial Real Estate to bring forward a 211,000 sq ft office building at its Embassy Gardens development in Nine Elms, London.