A weekly round up of the latest planning and property news from the central London Boroughs
EG reports that as part of Facebook’s expansion plans, it is in advanced discussions to occupy four buildings ranging up-to 12-storeys totalling more than 500,000 sq ft in King’s Cross. The main site, named P2, is due to be transferred to the King’s Cross Central Partnership, which will build the offices. The site was formerly proposed for a culture centre by the Aga Khan Development Network.
PW reports that Investec Structured Property Finance has backed Israeli billionaire Teddy Sagi with a £72m loan to fund LabTech Group’s development of 140,000 sq ft mixed-use scheme in King’s Cross. The club deal is structured as a direct £43m loan from Invested alongside £29m of debt arrange with Bank Hapoalim, Israel’s largest bank.
City of Westminster
PW reported that serviced office provider London Executives Offices (LEO) has taken nearly 32,000 sq ft of space at Park House on Oxford Street. It has signed a 15-year lease on the seventh and eighth floors at Park House, which is managed by Real Estate Management (REM), meaning that the building now fully let.
PW reports that mixed-use developer Queensberry is scaling up its activity in London, having secured a major development mandate in London Bridge. The retail, leisure and office scheme is located on the former site of the Vinopolis bar and wine museum next to Borough Market. The project – which will comprise up to 50 retail and leisure units within railway arches and former Vinopolis building, as well as a new 62,010 sq ft office building – received planning consent in 2016. In 2017, Everyman Cinemas and The Office Group were signed as tenants.