Weekly planning news from the central London boroughs

A weekly round up of the latest property news from the central London boroughs.

Camden 
EG reports that British Land has exchanged contracts to let more than 310,000 sq ft of offices to Dentsu Aegis at its 1 Triton Square development near Euston, NW1. In a significant boost to third-quarter take-up figures, the media company will relocate within BL’s Regent’s Place scheme, where it is currently headquartered at 10 Triton Street. Aegis will take the whole of the 311,800 sq ft Triton Square building, which was approved by Camden’s planning committee in May.
PW reports that Brockton Capital has put the Centro Building in Camden, north London, on the market for £83m. It has appointed Savills to sell the multi-let office building at a yield of 5.22%. The 85,000 sq ft building is let to French Connection, Hugo Boss, Piercy & Co and Rocket Dog at a “highly reversionary” average rent of £52/sq ft with an unexpired lease term of 7.1 years. Brockton has undertaken significant asset management including re-gearing Hugo Boss’ lease, which was due to expire this year, to provide a new 12 year lease in exchange for surrendering the top floor which has been fully refurbished and is under offer to a fintech business. Brockton also surrendered the whole of the ground floor from French Connection where Piercy & Co took a pre-let on a 10 year term which also provided the opportunity to create a brand new reception and entrance to the building. The most recent letting was to F45, an Australian gym operator on a new 15 year lease, which will also provide brand new shower and locker facilities for all the occupants in the building.
PW reports that The office space at The Avenue in London’s West End is now fully let six months after completion. The Avenue, the new building on the corner of Bedford Avenue and Tottenham Court Road owned by AshbyCapital and developed by Exemplar, provides 71,000 sq ft of office space and 14,000 sq ft of retail space over seven floors. Office tenants at The Avenue include William Hill which has taken 30,000 sq ft as a hub for its tech and marketing operations and global travel technology company Skyscanner which occupies 24,000 sq ft across the top three floors of the building. The final 17,000 sq ft, which took the building to fully-let status, was taken by an unnamed occupier.
 
City of London 
PW reports that craft brewer BrewDog has stepped up its UK expansion with the launch of its first BrewPub, a bar with on-site microbrewery, at the refurbished Minster Building in the City of London. The independent Scottish brewer has acquired the 8,500 sq ft space at the neo-gothic landmark at the corner of Great Tower Street and Mark Lane from Ivanhoé Cambridge. In contrast to BrewDog’s 30 existing sites in the UK, of which six are in London, the BrewPub will create small-batch, seasonal beers that will be exclusive to the new 400-person capacity venue. BNP Paribas Real Estate advised BrewDog on the acquisition; Dibley Property and Nash Bond advised the landlord.
PW reports that Bloomberg’s new European headquarters in the heart of the City of London was officially unveiled this week by its founder, Michael Bloomberg, its architect Lord Foster and mayor of London Sadiq Khan. Bloomberg’s 4,000 London employees are set to move into the HQ, which Bloomberg said was designed to “facilitate collaboration and fuel innovation”. The 1.1m sq ft scheme boasts three public plazas and the Bloomberg Arcade, a new pedestrian thoroughfare that features a variety of independent restaurants. The development achieved a BREEAM Outstanding rating and the highest design-stage BREEAM score ever achieved by any major office in the world.
Islington 
PW reports that The Standard Life Investments Pooled Property Pension Fund has started its £80m speculative redevelopment of the Grade II listed Farmiloe building in London’s Farringdon. Work is now underway to create a 65,730 sq ft mixed-use scheme, including the retention and full restoration of the existing historic building with the internal atrium preserved as the centrepiece. A total of 25,400 sq ft of new office space will be added to create 60,860 sq ft of Grade A offices overall. This will be complemented by two ground floor retail units of 2,700 sq ft in total, accessible from the inside, as well as from outside via St John Street. There will also be 2,160 sq ft of affordable office space aimed at start-ups or small companies.


Westminster 
EG reports that IWG Group has taken the entirety of the Harley Building in Marylebone, W1, for its Spaces co-working concept. The flexible workspace provider has signed a 20-year lease for the 35,775 sq ft, six-storey building, paying £3m pa, with a fixed rental uplift in year five. The private landlord was advised by Gerald Eve, Bluebook, Pilcher Hershman and TMCT Associates.
PW reports that British Land has won planning consent for the conversion of an existing office building in Paddington into a hotel providing 180 to 200 rooms. The building is located at 1A Sheldon, W2. It will be transformed into a new building comprising a basement, three lower levels, ground and 19 upper levels and a rooftop. The hotel will include facilities such as conference and meeting rooms, private dining restaurants and bars and a publicly accessible restaurant bar in the ground floor. At the same time, Westminster City Council announced that planning approval was deferred for Premier Inn owner Whitbread’s plans for a 294 room hotel at 191 Marylebone Road.
PW reports that Swingers is set to open two crazy golf courses themed around the 1920s English Riviera inside the former BHS store on London’s Oxford Street. The 20,000 sq ft venue, which will be on the site of the old BHS café, will be Swingers’ second in the capital. Inside, caddies will serve cocktails to guests as they navigate the two 9-hole courses. A ‘promenade’ lined with lampposts and beach huts will house street food stalls between the two courses and there will be two seaside-themed bars. Change of use and a new premises licence was obtained for the former retail space. Swingers, which was advised by Harper Dennis Hobbs, started as a pop-up in Shoreditch and opened its first permanent venue underneath the Gherkin in the City last year.