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

Camden

EG reports that Stanhope and Mitsui Fudosan have been selected to bring forward one of London’s most valuable development sites, which could result in a £1bn research hub.   The British Library has selected  the partners to bring forward a 2.8 acre site adjoining its Grade I listed building in St Pancras, N1.  The site thought to the potential between 600,000 sq ft and 7000 sq ft of commercial development.

City of London

PW reports that the City of London Corporation is considering plans to force office developers to provide consolidation centres for postal deliveries in a move that would help establish a new subsector of London’s industrial market.  The number of deliveries to offices has increased as online shopping has grownin popularity, raising concerns about delivery levels in central London.

PW reports that the sale of CityPoint Tower in the City of London to Brookfield has completed, receivers from KPMG have announced.  The 35-storey building on Ropemaker Street is understood to have sold for about £560m.  Brookfield has long been tipped as a likely buyer of the property after it bought a £106m junior loan on the tower in 2014. The property has a complex financial history.  Beacon Capital Partners acquired the building in 2007 for £650m, financed with £535m of debt that was then securitised.

EG reports that HB Reavis, the developer behind Wells Fargo’s new headquarters at 33 Central EC4 has launched a real estate business for institutional investors.  It is now preparing to launch in a series of closed-end funds.

PW reports that Obidos Properties has obtained an £85m loan from pbb Deutsche Pfandbriefbank to refinance the Montcalm Royal London House hotel in London.  The five-star hotel comprises 10 floors of bedrooms, conference rooms, restaurants and bars over 10 floors on Finsbury Square.

City of London, Tower Hamlets and Wandsworth

PW reports that EcoWorld Ballymore has sold ground rents on a portfolio of London’s most high-profile residential schemes to the Nationwide Pension Fund for more than £60m. The deal comprises the ground rents on three schemes: Wardian London in Canary Wharf; the second phase of Embassy Gardens in Nine Elms, which includes the famous Sky Pool; and the second phase of London City Island on the Leamouth Peninsula. Nationwide will receive the future ground rent receipts on more than 2,500 units across the three sites,  which will be worth more than £1.6m per year to the pension fund. All three developments are currently under construction and are due to complete between 2018 and 2021.

City of Westminster

PW reports that the West End offices of publisher Carlton Books have been sold to a Greek private investor for £11.65m. The 9,155 sq ft building at 20-22 Mortimer Street was sold by Threadneedle at a net initial yield of 3.55%. The price reflects a capital value of £1,272/sq ft. The building was marketed for £10m and attracted 11 bids from a range of domestic and international investors.

PW reports that Legal & General Investment Management Real Assets has sold its office and retail building at 9 Argyll Street in London to a private overseas investor for £21.25m.  The sale equates to a net initial yield of 2.81%, and follows a series of asset management initiatives on the property.  The building comprises a retail unit, which is let to Jigsaw, arranged over the basement, ground and first floors; and five floors of separately accessed office accommodation above.

EG report that Norge Bank Real Estate Investment Management and the Crown Estate are buying two assets from Standard Life’s Galaxy Portfolio for £227 million.  Norges has placed under offer the long leasehold of 10 Piccaddilly, W1 for around £160m, a yield of 3.9%.  The 57,000 sq ft asset known as Swan Gardens, is the main office of Noel Hayden’s online gaming company Gamesys and was also marketed individually for offers in excess of £140m.  The Crown Estate has placed  under offer the long leasehold of the 51,000 sq ft office at 11-12 Charles II Street, SW1, for £67m – a 6.5% yield.

PW reports that the Crown Estate is to start a £100m redevelopment of a retail and office block in St James’s, London.  Duke’s Court will be located on the corner of Duke Street St James’s and Jermyn Street. The completed scheme will be comprised of 35,000 sq ft of office space over five floors, above 11,000 sq ft of retail units and restaurant space at ground and basement levels.  Six new apartments will also be built at 33 Bury Street as part of the project.   The plans, which have been designed by John McAslan and Partners and will be delivered by Skanska, form part of The Crown Estate’s wider £500m investment programme in St James’s.

PW reports that Derwent London has sold its freehold interest in 120-134 Tottenham Court Road to a private investor for £69.7m.  The property comprises a 330-room hotel and 26,400 sq ft of retail and restaurant floorspace.  Radisson Blu Edwardian Grafton occupies the hotel on a long lease with a 147-year unexpired term, while the retail units are let to 11 tenants on various lease terms.   The building produces a net annual rent of £2.3m.

Lambeth

PW reports that UBS Asset Management’s Global Real Estate business has bought India House on London’s Southbank for £28.4m from LaSalle Investment Management.

PW reports developer Marston properties has acquired a 10,000 sq ft former charity headquarters in Clapham, London which it will redevelop as a residential scheme.  The site at Crosland Place, Taybridge Road was purchased for £4.7m from private vendors represented by Strutt & Parker. Marston Properties was unrepresented.  Until recently the site, which comprises a private cobbled mews with a mix of office warehouses and residential accommodation, was the headquarters of charity The Besom.

Southwark

PW reports that Kraft Heinz has struck a deal to move its UK and European HQ from Hayes in Middlesex to a 38,000 sq ft office in The Shard.

EG reports that U+1 has revealed plans for the redevelopment of London Fire Brigade Headquarters at 8 Albert Embankment, SE1.  The scheme will include 300 flats and three public squares, as well as shops, restaurants and cafes.