A weekly round up of the latest property news from the Central London boroughs.
EG reports that Barratt has submitted an application to Camden Council for a major mixed-use development neat Camden Market. The Camden Goods Yard scheme will provide 573 new homes, a new supermarket, 125,000 sq ft of offices and the UK’s largest rooftop urban farm.
EG reports that HS2 has revealed the shortlist for the appointment of a master development partner to bring forward a 54-acre commercial and residential district at Euston. The shortlist comprises Landsec, Westfield Europe, Euston Regeneration Partnership (led by Argent Related), Canary Wharf Group and Lendlease Europe. The estimated value of the contract is £4bn.
Orchard Street Investment Management has acquired Dun’s Hat Factory, an office building in Camden from Columbia Threadneedle for £25.3m. The off-market transaction was on behalf of St James’s Place Property Unit Trust, with the purchase price reflecting a NIY of 4.3%.
City of London
EG reports that Blackstone has completed a deal to let 60,000 sq ft at 20 Old Bailey to law firm Withers, which will establish its new UK HQ at the 240,000 sq ft office building.
PW reports that Mitsui Fudosan and development partner Stanhope have completed two further lettings at their City of London office scheme, Angel Court, bringing it to 50% let. Members Club The Clubhouse and investment consultancy Redington are the latest occupiers to sign up at the 300,000 sq ft building, which completed in February this year.
PW reports that a Hong Kong-based private investor has acquired an office building in the City of London from Legal & General for £32.4m, in a sign that appetite exists among Asian investors for redevelopment opportunities. The family office bought the 43,382 sq ft Garden House, which is located close to the Bank of England, at a yield of 5%.
PW reports that the Walkie Talkie has been sold for £1.3bn to LKK Health Products Group. This represents a net initial yield of 3.4% and is the UK’s largest single office deal.
City of Westminster
PW reports that Blackstone has signed up Japanese beauty company Shiseido Group to complete the occupier line-up at its 330,000 sq ft Adelphi office building.
EG reports that Tishman Speyer and PSP Investments are preparing to sell their £500m office block in Victoria. Knight Frank and Eastdil Secured have been interviewed to prospectively advise on the future of the 317.083 sq ft building. Subject to the details of the final leasing deals, a sale at the proposed price would reflect a yield at around 4.25%.
Hammersmith and Fulham
Imperial College London has submitted an EIA application to H&F Council for a new, 2.7m sq ft campus in White City. The plans include 2.2m sq ft of research and educational facilities as well as other commercial space. Building heights will range from six to 12 storeys, across eight plots.
PW reports that Chinese fashion label Urban Revive is to open its first store outside Asia at the Westfield London shopping centre. The 22,000 sq ft flagship store will open in March 2018.
PW reports Omer Weinberger and Marc Pennick have purchased the 3.5 acre Ruby Triangle site in Southwark, on which they plan to develop more than 1,000 homes, as well as commercial space.
PW reports that the Qatari royal family’s private property company, Alduwaliya, has acquired Riverside House, the Bankside HQ of communications regulator Ofcom, in an off-market deal reflecting a NIY of 4.5%.
Aldgate Developments has teamed up with Hong King investor Kwong Hing Investment Group to build an 18-storey office tower in Aldgate. The partners completed a deal to buy US private equity firm Starwood Capital’s majority interest in One Braham for £65m. Aldgate will retain its minority interest.