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

Central London Property News

Westminster

Property News reports that the property developer Galliard Homes has launched the first phase of the sale of the apartments in its £140m TCRW Soho development. The two buildings are situated where Dean Street meets Oxford Street above the Crossrail interchange. The apartment building with 69 apartments across six floors is Art Deco-inspired and the other with 23 apartments across five floors is inspired by Soho’s Georgian brick architecture. Stephen Conway, Galliard Homes executive chairman and chief executive said “We are delighted to have completed construction on this fantastic development and look forward to welcoming homeowners through the doors before Christmas.”

Property News reports that Westminster City Council, which has been controlled by Labour since May, is launching a “war on dirty money” that could see oligarchs’ homes in Belgravia, Knightsbridge and Mayfair seized and turned into affordable housing. The council wants to “combat the capital’s reputation as the European centre for money laundering”. Since 2010, the number of properties registered to owners in Jersey and Russia has risen by 300% and 1200% respectively. Adam Hug (Leader, Westminster City Council) has said that “the problem goes wider than Putin and his henchman to many others who see Belgravia, Knightsbridge, Mayfair and other parts of Westminster as places to rinse their money,” and that it “not only damages the reputation of our city by supporting authoritarianism abroad but drains the vitality of areas with empty or under-used homes.”

The City

Property Week has used the net zero 100 Liverpool Street scheme as an example of how building services engineers now play a key role in repurposing buildings to create low-carbon developments. The building engineers on that scheme used modelling to show that contrary to expectation, concrete would be more beneficial than the steel that the client was originally inclined to use. Concrete was not only the most sustainable option, but it was also the cheapest.

Camden

Property News reports that the Camden Town Hall extension to the Standard Hotel at King’s Cross is the perfect example of the re-use and adaptation of existing buildings as part of the UK’s net-zero commitments. It is reported that many new construction sites are now taking after the Town Hall in reusing an existing building despite the high costs involved in retrofitting. Property News predicts that 80% of new buildings and developments currently in existence will still be in use in 2050. Therefore, projects like the Town Hall, that can retain the original substructure and/or frame of obsolete buildings are contributing to the UK’s net zero pledge by 2050. The article acknowledges that reusing existing buildings may not always be feasible due to their structural integrity. That being said, the conversion on the Town Hall continues to be one way in which the construction industry can contribute to a net-zero future.

Islington

The Islington Gazette reports that Angel, Holborn, and Hornsey Wetherspoons are among the 32 pubs for sale. Wetherspoon spokesman Eddie Gershon noted that ‘This is a commercial decision. The pubs will continue to operate as Wetherspoon outlets until they are sold’. Property specialists CBRE and Savills are managing the sale of the pubs which includes a mixture of 10 freehold and 22 leasehold units across England. The pubs will be sold either individually, in small packages or as a portfolio. Savills’ Paul Breen (Director, Licensed Leisure), suggests that the commercial properties will be appealing to a range of buyers due to the high standard of fitted equipment. Meanwhile, Toby Hall (Senior Director, CBRE), said: ‘The excellent mix of locations in this portfolio is rarely seen in the market.’

Hackney

The Hackney Citizen reports that Stamford Hill Clock House will be put up for sale. The Council are now urging local businesses to help bring the old Council property into use.  On Friday 23^rd of September, the plans to sell were announced and the Council has since asked businesses to come forward with new ideas for the building.  The Council-owned property, located at 149 Stamford Hill, includes two floors of unused office space.  Previously, the property was occupied by the Council’s housing team and has private-residential properties above. Phillip Glanville (Mayor of Hackney) said: ‘We recognise the value this facility has had to residents in Stamford Hill and the North of the borough’. In his message he highlights that the Council has a duty to ensure that it should not stay unused in the long term. The Council hopes that Stamford Hill’s growing community and demand for communal spaces attract businesses who can present ideas which will benefit residents.

Tower Hamlets

Tower Hamlets Council is set to spend £2 million on work at Watney Market underground car park.  The car park, located on Watney Street, is said to be a fire hazard due to the broken sprinkler system. The investment from the Council is to improve the safety of the site.  Council officers have recommended the site goes for ‘urgent’ work after the London Fire Brigade highlighted the potential risk to health and safety. The project will see a refurbishment to the existing sprinkler system and emergency lighting as well as work to the concrete structure and drainage. Currently, the contingency in place, a waking watch, is costing £328 per day. The scheme is set to be delivered within the next 12 months.

Southwark

Southwark news reports that Southwark Council have approved plans to build 24 social rent homes on a site which is currently occupied by garages and one-bedroom bedsits in Champion Hill. The new development, named Seavington House, will consist of 19 flats and five terraced houses. The project was given planning permission despite fears it would cast a shadow on the neighbouring block. One of the council’s daylight consultants found that Seavington House would block sunlight to some windows by three times the accepted guidelines.

A spokesperson for the neighbouring block, 1a Dog Kennel, says that “it was our last course of action to object today because earlier this year in June we requested to officers that the boundary wall between the two sites be reduced in height. That was on the advice of the daylight consultant”. Cllr Livingstone (Labour Member for Old Kent Road) said: “I think we do all know that we’re in desperate need of new social housing in this borough, so I think this is a good scheme”. The scheme received unanimous approval at a meeting on September 21^st.

Wandsworth

Property News reports that Hong Kong developers R&F and CC Land have appointed JLL and CBRE as the letting agents for their Thames City residential tower development in Nine Elms. Thames City is a landmark development of twelve buildings that will have 1,400 homes alongside new shops and a 2.5-acre Linear Park. The tallest building, No.8, will open first to residents this autumn and will have 298 one-to-five-bedroom apartments. Lyre Liu (Associate Director, JLL Residential) commented: “With a resilient rental market – particularly with the return of overseas students, who account for around 60% of our tenants in Nine Elms – we are expecting a high level of competitive interest for these rental units at Thames City.”

RBKC

Property News reports that Arthur Lintell has been appointed the new Knight Frank Head of Notting Hill Sales following the departure of Caroline Foord. The office was set up in 2000 by Foord who has worked for Knight Frank for 32 years.  Lintell has been working at Knight Frank for 12 years and will be stepping into his new role in April 2023. Lintell started as a graduate in 2008 and since then has worked his way to Partner at the company. In his celebratory comment, Lintell said ‘It is a true privilege to work alongside Caroline. I am hugely honoured to be stepping into her shoes, and excited to be taking the Notting Hill office to the next level with the best team in London’. As Caroline prepares to hand over the baton, Lintell will continue working between the London and New York Offices; driving business across the Atlantic.

General

City A.M. reports that mortgage lenders withdraw some products after mini-budget market turmoil. Banks and building societies are withdrawing some of their mortgages from sale following the Governments mini-budget announcement. It is said that three lenders have already withdrawn some of their products due to the current economic uncertainty the country is facing. Virgin Money were among one of the lenders to withdraw, stating: ‘given market conditions we have temporarily withdrawn Virgin Money mortgage products for new business customers’. In addition, high street bank Halifax has announced that it is withdrawing all fee-based mortgages. The decision to do this was made by banks after markets began predicting huge rises in interest rates for this and the remainder of this and next year. The bank of England is now expected to rise the base rate by 2% and could exceed 6% by next year. Inflation is currently hovering at 10% and is expected to rise later this year. Since the new Conservative government unveiled its fresh plans for the economy, the pound plummeted to its lowest level against the dollar.  Other lenders that have pulled mortgage products include Santander, HSBC, Bank of Ireland, Clydesdale Bank, Post Office Money and Monmouthshire building society.

City A.M. reports that the Stamp Duty cuts announced by Kwasi Kwarteng (Chancellor of the Exchequer) are set to boost the housing market. The boost is estimated to be more than 25%. Research suggests that millions of homes could be sold as a result of the cut. Barrows and Forrester found that during the last stamp duty cut, in London, property sales were boosted by 35% while the southeast experienced a 36% boost. While there may be benefits for British consumers, one analyst described the move by Liz Truss’s government as ‘tired, recycled thinking’. However, this does not address the supply-side housing issues – managing director of Barrows and Forrester, James Forrester, said “Many of us within the property industry remain highly sceptical about government initiatives that focus solely on fuelling the furnace of demand while doing very little to address the issue of supply.”