A weekly round up of the latest planning and property news from the central London boroughs
EG report that Legal & General and Mitsubishi Estate Compan are selling Central Saint Giles for £700m. The joint venture has instructed JLL to market the 433,000 sq ft mixed use scheme, which is the largest property investment opportunity in the West End. The development has a capital value of more than £1,600 per sq ft.
PW reports that HS2 has selected Lendlease ahead of Argent Related’s Euston Regeneration Partnership and Canary Wharf Group with Hong Kong-listed MTR Corporation after Westfield and Landsec dropped out of the running in August last year. As part of the agreement, Lendlease will draw up plans for the creation of a 54-acre commercial and residential district comprising 3m sq ft of commercial space.
City of London
PW reports that British Land has pre-let 161,000 sq ft of space at its 100 Liverpool Street redevelopment in the City to Sumitomo Mitsui Banking Corporation Europe. Representing 37% of the office building’s space, SMBCE will take up three floors on a 20-year lease.
CE reports that developer Landsec has gained revised planning consent for its 564,000 sq ft office scheme above Crossrail’s Liverpool Street Moorgate in the City. The development at 21 Moorfields will be the new headquarters for Deutsche Bank, which agreed to take most of the space if on planning were granted.
City of Westminster
EG reports that Unity Re has brought the freehold of 24 Old Bond Street, W1 for £141m, reflecting a yield of 2.46%. The firm is the investment vehicle of the Maramotti family, owners of Max Mara Fashion Group brands. The 14,000 sq ft building has served as Salatore Ferragamo’s London flagship since 1967, generating 85% of the total income.
EG reports that LaSalle Investment Management and Quantum Global Estate are putting 23 Savile Row up for sale at £300m, representing a yield of 3.8%. The 103,000 sq ft building was bought from D2 in 2012 for £218m, which represented a yield of 4.3%.
PW reports that British watch brand Olivia Burton has agreed terms to open its first UK store at Capital & Counties Properties’ Market Building, Covent Garden.
PW reports that Shaftesbury has signed British shoe brand Clarks Originals for its first permanent standalone store in London. The new 500 sq ft concept store at 32 Berwick Street in Soho will be the first of its kind for the brand. Soho saw various high-profile openings in 2017 including flagship stores from Fiorucci and Champion while Drake opened OVO (October’s Very Own).