This weeks central London property news

City of London

CoStar reported that two trophy City of London office blocks are set to be bought by Chinese investors for a combined £200m. China Taiping Insurance has an agreed an off market deal to buy the Corn Exchange at 55 Mark Lane for around £130m, a NIY of 5%. Beijing Capital Development Holdings has agreed an off-market deal to buy Friary Court from German closed-ended fund manager HIH Global Invest for £67m for the 75,000 sq ft office building, which reflects a NIY of 4.5%.

PW states the City of London Corporation has passed a motion to deliver 3,700 new homes by 2025, with 3,000 of those to be built on land it owns throughout London and sold or rented on the open market. The plans constitute the biggest housebuilding programme the authority has ever undertaken.

City of Westminster

PW reports that American healthcare group Cleveland Group has made its first major UK investment, purchasing Mayfair trophy building 33 Grosvenor Place from Perella Weinberg Partners for around £250m. EG put the price at close to £300m.

EG reports Helical Bar has sold the 45,000 sq ft Enterprise House, W2, for £43m to a private overseas buyer – an initial 4% yield.

CoStar reports that Clivedale London has entered into a partnership with the Dorchester hotel at its Stanhope Gate development – which is to be called Mayfair Park Residences. The Dorchester Collection is to act as residential manager, manage a luxury gym and 20-metre underground pool.

Hackney

EG reports that China Vanke is to make its debut European investment by buying a stake of just over 20% in the £750m The Stage development in Shoreditch, EC2.

Islington

CoStar reports that Virdis Real Estate has submitted plans to Islington Council for a 130,000 sq ft redevelopment of the Guardian’s former HQ on Farringdon Road. The proposal is for an office-led mixed use scheme providing commercial space at part lower ground and part ground level, SME space at part ground level and office space at part lower ground level, part ground level and upper levels. It will have a gross external area of 127,000 sq ft and a net internal area of 99,911 sq ft. It will have 81,138 sq ft of net internal floor space.

Kensington & Chelsea

EG reports Fake Landscapes is to take a 10-year lease for 301 Fulham Road, SW6. They will pay around £60,000 pa for the 1,900 sq ft space.

Lambeth

PW reports that Almacantar has appointed CBRE and Cushman & Wakefield as letting agents for Two Southbank Place at the Shell Centre. The building will total about 300,000 sq ft over 16 floors. It will be ready for occupation in the last quarter of 2018.

Tower Hamlets

EG reports that Northern & Shell Investments No 2 has submitted plans for a £500m redevelopment of Westferry Printworks, E14. The scheme which will include 737 homes across several buildings between four and 30 storeys tall, plus a school, shops and offices.

PW reports that Aecom has agreed to lease around 100,000 sq ft (estimated to be at a rent of £55/sq ft) at Aldgate Tower, meaning the 317,000 sq ft building is now fully let. BNP Paribas Real Estate, Savills and GM Real Estate are leasing agents on Aldgate Tower.

Wandsworth

PW reports Topland Group has sold a block of 24 flats in Putney, SW15, to a private investor for £15m – a 3.3% yield.

PW reports Ballymore has put the Waitrose at its Embassy Gardens development in Nine Elms, SW8, up for sale for £20m – a 4% yield.

PW reports that Battersea Power Station Development Company has agreed a deal with Art’otel for a new hotel within the scheme. The 160 plus-bedroom is planned to open in 2019.