Weekly round up of the central London property news

Camden

EG reports that co-working start-up WeWork has agreed deals for another three London locations, including 100,000sq ft at 3 Waterhouse Square, EC1. A rent of around £55 per sq ft has been agreed with Prudential. The two other sites are situated in Hackney and Tower Hamlets. 

City of London

CoStar reports that the Fubon Life Insurance Company, in a deal fronted by JP Morgan Asset Management, has emerged as the frontrunner to buy Cannon Place for around the £500m asking price. The quoting price represents a yield of 4.4%.

PW reports that AXA’s 62-storey office tower at 22 Bishopsgate, EC2, has been granted planning permission. The new tower will provide 1million sq ft of office space as well as restaurants, leisure uses, an auditorium medical facilities and a viewing gallery on the top floor – set to be the highest in London.

EG reports that Simmons & Simmons is close to re-gearing its lease at CityPoint, 1 Ropemaker Street, EC2. The law firm’s lease accounts for just over 40% of the £27.8m rent roll and therefore any change could have significant ramifications for the long-term ownership of the trophy building.

City of Westminster

EG reports that British Land has bought 149-157 Harrow Road, W2, for around £40m from Travis Perkins. The site is understood to have capacity for around 300,000 sq ft of development and will be used for a £400m mixed-use development.

EG reports that TH Real Estate has gone under offer to buy 60 Portland Street, W1, from Great Portland Estates for close to £105m. The 65,415 sq ft office building is let to the Engine Group until 2028.

Shaftesbury has reported growth of more than a fifth in NAV over the past year. NAV per share was up 21.9% to £8.69 in the year to September 30, following 25% at the same point last year. Earnings were up 10.7% to £36.1m. The final dividend was increased by 4.9% to 6.925p.

PW reports that business owners in Chinatown are banding together to fight back against rent rises. Around 40 tenants have signed up to an initiative to share rent information in a bid to ’empower tenants in their negotiations with landlords. 

PW reports that Centrica has taken 28,311 sq Ft at level 2 of Park House, on Oxford Street.

Hackney

As mentioned above, EG reports that co-working start-up WeWork has agreed deals for another three London locations, including 82,000 sq ft for the Provost & East Building on City Road, EC1. A rent of around £58 per sq ft was agreed with Rocket Invesments. The two other sites are situated in Camden and Tower Hamlets. 

Hammersmith & Fulham

City AM reports that TfL has submitted plans for 119 new homes to be built on the site of the former London Underground depot next to Parsons Green Tube station. The plans also include 43,000 sq ft of retail, workspace and restaurants.

Islington

Property Week reports that CIT Group has bought a 15-storey office building close to Old Street from Hermes Investment Management. The 153,000 sq ft building was designed by Richaed Seifert and is largely vacant.

Lambeth 

City AM reports that TfL has submitted a planning application for 362 new homes, 25,000 sq ft of office space, 6,000 sq ft of retail and a new public square at Nine Elms. The development will coincide with the forthcoming new Nine Elms London Underground station, part of a £1bn extension to the Northern Line.

EG reports that London and Continental Railways has been given permission for a 25,000 sq ft redevelopment of the railway arches beneath the original Eurostar terminal at Waterloo station, SE1.

Tower Hamlets

As mentioned above, EG reports that co-working start-up WeWork has agreed deals for another three London locations, including 45,000 sq ft on the top three floors of 7 Westferry Circus, E14. The deal with Canary Wharf Group will be WeWork’s first push into the Docklands market. The two other sites are situated in Hackney and Tower Hamlets.

EG reports that British Land will submit revised plans for a major redevelopment at Blossom Street, EC1, after they were called in by Mayor Boris Johnson. The proposals were rejected by Tower Hamlets Council despite a recommendation for approval by officers. The revisions are not expected to have a significant impact on the overall size of the 350,000 sq ft development.