Weekly Property News from the Central London Boroughs

A weekly round up of the latest planning and property news from the Central London Boroughs

City of London

EG reports that the Bank of China is buying 60 Gresham Street from Standard Life as part of its long term
Plan to expand its footprint in the capital. It has placed the long lease hold under offer for around £68m – a net initial yield of 4.25%.

EG reports that British Land is in talks with an operator to open a cinema on its Broadgate Estate at 1 Finsbury Avenue.

EG reports that Singaporean investor Ho Bee Land is nearing a deal to buy 70 Mark Lane – Mitsui’s £200m off development and the HQ of Zurich Insurance and Miller Insurance. The investor has placed the 181,223 sq ft block, close to Fenchurch Street station, under offer following a sales process led by Cushman and Wakefield, which quoted an asking price of £200m – a net initial yield of around 4.5%.

EG reports that M&G Real Estate is the preferred bidder to buy Angle American’s new HQ at 17 Charterhouse Street. The mining company instructed BNP Paribas Real Estate to find a buyer for the circa 110,000 sq ft building on a sale-and-leaseback basis in August, with a guide price of around £225m – a net initial yield of around 4.25%.

City of Westminster

PW reports that The Crown Estate is to embark on a £100m redevelopment project at 314-322 Regent Street. Morley House will be redeveloped to provide 11,000 sq ft of retail space and 44 residential units for rent.

PW reports that The Portman Estate and GPE have appointed architect Make to draw up plans for a high mixed-use retail-led development on a two-acre site at the Western end of Oxford Street.

PW reports that New Bond Street has overtaken the Champs-Elysees in Paris to become the world’s third most expensive street in terms of prime retail rent. Research by Cushman & Wakefield found there had been a 37.5% year-on-year increase in rents on New Bond Street to an average of £1,305/sq ft.

Hackney

EG reports that Meadow Partners has bought Helical’s C-Space, a 63,500 sq ft Shoreditch office building, for £74m. The price agreed reflects a net initial yield of 4.6%.

Southwark

EG reports that Meyer Bergman’s development on the former Vinopolis site will be called Borough Yards. The scheme is due to open in early 2020.