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

City of London

EG reports that London & Regional has sold two blocks in the Square Mile’s insurance district to student housing company Urbanest.

City of Westminster

EG Nadler Hotels has bought Walter House, WC2, from Legal & General Property for £15.6m on behalf of its UK Property Fund. It is planning to develop a 56-bedroom boutique hotel under the Nadler brand. Gerald Eve advised Nadler Hotels; legal & General Property was represented by CBRE.

EG reports that the founder of Chinawhite is taking over the former Dover Street Wine Bar to launch a new restaurant concept. The restaurant, called MKNY HSE, will have a late licence, live music and DJs. It will be themed as a fusion of Latin America and London and will be spread over two floors, with a bar and lounge on the ground floor and a restaurant, cocktail bar and sushi lounge downstairs.

CoStar News reports that Real Assets (RA) Global Opportunity Fund I, advised by Floreat Real Estate, in partnership with Arbrook Land, has bought Dacre House at 19 Dacre Street for £17.65m from a private investor. The property comprises two retail units with five floors of multi let offices above, totalling 16,800 sq ft. The principal tenant is Colas Rail Limited.

Southwark

EG reports that Delancey client fund DV4 and pension fund asset manager APG have revealed plans for the redevelopment of Elephant & Castle shopping centre, SE1. Proposals include a campus for the London College of Communication, a cinema, music venue, 108,000 sq ft of public space and 1,000 new homes.

Tower Hamlets

PW reports that rental growth in Canary Wharf has outstripped that of central London according to Cluttons, with rents rising by 26.7% over the past year.