Camden

Property Week reports that Argent has ordered safety inspections at one of its residential schemes in London’s Kings Cross after part of the building’s cladding fell off. The developer said a piece of facade on its 120-flat Tapestry building had dislodged. Argent said it was undertaking inspections and had attached straps to the rest of he facade as an “additional, precautionary safety measure.” The building was designed by Niall Mclaughlin Architects and built by contractor Kier for Argent in 2016, going on to win the Royal Institute of British Architects’ (RIBA) 2017 London award.

My London reports that Camden was one of the lowest ranking boroughs for house building for the 2021/2022 year, delivering just 40 new homes in the period. The borough placed jointly with RBKC for the second lowest housing delivery in the period, ahead of Richmond-upon-Thames where just 20 new homes were built between 2021 and 2022.

City of London

The Evening Standard reports that the £700 million, seven-year transformation of Bank station was completed on Monday. Construction on the project first began in 2016, with total costs well exceeding the anticipated £560 million at the outset of the project in 2014. The works have increased the capacity of the station by around 40%, with six new escalators at the Cannon Street entrance and improves access to the DLR. It is hoped that the renovatioins will encourage more commuters back to the square mile as the City continues to recover from the impact of the pandemic.

CityAM reports that HSBC’s and Lloyd’s rival plans for the futures of their London headquarters have revealed a growing split in attitudes towards the long-term prospects of working from home. Lloyd’s of London is reportedly in talks to extend the lease on its iconic City headquarters as it works to bring staff back into the office in resisting the post-pandemic shift towards homeworking. The insurance marketplace is in talks with its landlord to continue working out of its One Lime Street building, well after lease expires in 2031. HSBC, by contrast, is looking for new London offices that are half the size of the space it currently occupies in its Canary Wharf tower.

City of Westminster

Property Week reports that Pimco has struck a deal with landlord Derwent London to pre-let five floors of office space at a newly developed office block at 25 Baker Street. The American investment manager has areed a 15 year lease with an annual rent of £11 million for 106,00 sqft of office space. The deal, which equates to £103 psf is the first pre-let for 25 Baker Street, a £300,000s sqft Marylebone development due to be completed in 2025. The developer will offer a top environmental rating, which Derwent London said was key to Pimco’s decision.

EG reports that the West End is on track to reach an annual turnover of £10 billion by 2025, according to new research from the New West End Company (NWEC) and Colliers. The submarket saw year-to-date sales rise by 56% last year compared with 2021. 2022’s £8 billion turnover was still 11% below 2019 levels, however, and the latest research shows that recovery is forecast to show over the next two years.

EG reports that Capital & Counties has posted a £211.8m full-year loss but a stable valuation in its final set of results ahead of its planned merger with Shaftesbury.

Hammersmith & Fulham

Property Week reports that proposals for the regeneration of Earls Court have come under fire from Labour-run Hammersmith and Fulham Council for failing to meet their affordable housing target. The Earls Court Development Company – a joint venture between Delancey, APG and Transport for London – unveiled plans for their 7.35m sqft mixed-use scheme last week, including 4,500 homes at 35% affordable. Now, however, Hammersmith and Fulham council have criticised the scheme which fails to meet its 50% affordable homes target set out in the Local Plan. This would mean the delivery of an additional 675 homes at the Earls Court scheme. ECDC have stated that their current proposals are “delivering the maximum amount of affordable housing possible on this challenging site.”

Royal Borough of Kensington & Chelsea

RBKC Council published its new four-year Council Plan this week following extensive consultation with residents, businesses and community groups. The plan re-states the council’s commitment to housing delivery targets of 600 new homes, with at least 300 homes for social rent. The first new homes built by the Council will be ready for occupancy by 2023. The plan also outlines a new £14 million fund to accelerate net zero commitments in vehicles and the built environment.

Southwark

EG reports that developer Native Land has been granted planning approval by Southwark Council for a new 110,000 sqft office at its 1.4 million sqft Bankside Yards development. The scheme will be the eighth building at the landmark scheme, targeting undersupplied SME demand for flexible workspace. The £2.5 billion project at Bankside Yards aims to provide the UK’s first net zero major mixed-use development by Blackfriars Bridge on the South Bank.

Tower Hamlets

Property Week reports that HSBC is looking for a new global headquarters in London around half the size of its current HQ at Canary Wharf. The banking giant’s 8,000 staff occupy 1.1 million sqft of a 45-storey tower at 8 Canada Square, but the firm is now set to leave the Docklands HQ when its lease expires in 2027. According to The Sunday Times, HSBC Holdings is now r looking to take up a smaller space between 400,000 and 500,000 sqft. The company has been considering a move for some time, having appointed Cushman & Wakefield to undertake a strategic review of its occupational requirements in January this year.

Wandsworth

Property Week reports that Warehouse investor and developer Avanton has secured permission for a £30 million GDV warehouse complex redevelopment in Battersea. The site – Culvert Court – which currently consists of 128 micro-units across 22,000 sqft, was acquired by Avanton in June 2022 and will now be transformed into three buildings across 36,500 sqft of multilevel logistics. Completion for the project is already set for the second half of 2024.

General

Property Week reports that analysis by BNP Paribas has found that up to 8% of inner London office stock could be unlawful for new lettings and unlawful to let from April 2023 because it does not meet Minimum Energy Efficiency Standards (MEES). The company’s analysis of government inner London data has highlighted an urgent need to upgrade stock in the light of changes to Minimum Energy Efficiency Standards (MEES) due to come in on April 1^st. The latest December 2022 figures also suggest that up to 43% of existing inner London Grade D and E commercial stock could become illegal to let from April 2027 under further proposed MEES regulation changes.

Property Week reports that industry sources have slammed government proposals to hike planning fees for major developments by as much as 35%, stating the move could price small developers out of the market and create a “two tier planning system” Whitehall proposals would see a 25% rise in fees for most planning application, with the 35% rise for major developments. Government plans would also see a “fast track” service for developers who pay an additional fee, with income from all fees ringfenced to address undercapacity in local planning departments. The Department for Levelling Up, Housing and Communities is consulting on the proposals until 25 April, with strong criticism already coming in from the British Property Federation and property journalists and lawyers.

Property Week reports that Derwent London has reported a 13% rise in its results for the full year 2022, after what it has termed the “busiest period for portfolio activity” in years. These 163,000 sq ft of lettings were signed at an average 13% above December 2021 estimated rental value (ERV). Nine deals accounted for 68% of the £9.8m total value of its 46 lettings, of which £2.3m were pre-lets. The developer did, however, report a £422 million (6.8%) fall in the value of its assets for 2022.