A weekly round up of the property news from the Central London boroughs

Camden

 

EG reports that Northwood Investors has submitted plans for the redevelopment of Templer House, 81-87 High Holborn. The existing block will be demolished and replaced with a larger modern office and residential development.

 

City of London

 

EG reports that Tristan Capital Partners, in partnership with Addington Capital, has sold the 60-year long leasehold interest in Harmsworth House, Bouverie Street, to a UK private family trust for £28m – a 6.25% yield. Savills advised the JV; Capital Real East Partners acted for the buyer.

 

EG reports that BNP Parabis Real Estate has been appointed to sell 51 Eastcheap. Administrators at PwC are selling the vacant office on behalf of Cerberus, which bought the defaulted loan securing the building as part of a £1bn non performing loan portfolio from Nationwide last December. BNP PRE is expected to seek bids in excess of £55m.

 

PW reports that Legal and General Property has appointed agents at Capital Read Estate Partners to sell Bloomberg Place, formerly Walbrook Square. Bloomberg Place comprises two buildings of 507,000 sq ft and 255,000 sq ft. The guide price is thought to be around £100m.

 

City of Westminster

 

PW reports that Levy Real Estate has been appointed to market the freehold of 139 New Bond Street for more than £70m. S J Philips is selling its interest in the property, which it has occupied since 1966. It currently provides 10,160 sq ft on basement, ground and four upper floors.  Following the sale of the freehold S J Philips will continue to occupy the property until January 2017 at an annual rent equating to £1.6m a year.

 

CoStar News reported that Kildare Partners has completed the sale of 2 Park Street for £74m to Span Property International, a South African high net worth consortium, financed with a £45m five-year senior loan from Deutsche Pfandbriefbank (PBB). The sale of the 50,342 sq ft Mayfair office block reflects a £22m, gross profit in just under two years, after the property was acquired for £52m, excluding costs, from a Danish pension fund advised by Cording Danmerc.

Current tenants at 2 Park Street includes Triton (West Park Management Services), which is currently in advanced discussions to extend its 10,354 sq ft by an additional 3,090 sq ft which would see an increase on the current £60 per sq ft rent. In addition, Sun European Partners occupies 7,327 sq ft at £55.55, with a break clause option 7 November this year.  Crossbridge Capital takes 3,618 sq ft at £93.97 and Equus Petroleum takes 2,376 sq ft at £94.70, both leases were re-geared by Curzon.

 

Laxfield Capital, the UK commercial mortgage advisory and execution firm, also is also a tenant, occupying 1,779 sq ft on a reversionary lease, currently paying £112,077 per annum until December when it will step up to £170,000.

EG reports that LaSalle Investment has bought the long leasehold interest of the headquarters of the Department of Energy and Climate Change at 55 Whitehall for £80.6m from Aberdeen Asset Management’s Property Trust. JLL advised LaSalle IM; Colliers International acted for Aberdeen.

 

EG reports that CPC Group is looking to raise capital for its development pipeline by selling its interest in the long-leasehold of One Hyde Park. CPC Group is in advanced talks with Meadow Partners. The long-leasehold effectively entitles the owner to the ground rent paid by residents. It is valued at around £15m.

EG reports that Shaftesbury has lodged plans for the revamp of Jaeger House at 57 Broadwick Street.

 

Aerium has appointed Cluttons to market a seven-storey block of flats in Bayswater for £62m, a 3% yield. The office-to-residential conversion of 50 Kensington Garden Square will complete next March.

 

PW reports that Bestseller, owned by the billionaire Holch Povlsen family, is under offer to buy a number of buildings between Hanover Square and Oxford Street for around £170m from M&G Real Estate. The buildings at 18 Harewood Place and 14-15 Hanover Square were put up for sale as a major redevelopment opportunity in August via CBRE. Harper Dennis Hobbs advised Bestseller. CBRE advised M&G.

 

Islington

 

Helical Bar and Crosstree have agreed deals totalling almost 35,000 sq ft at The Bower to CBS Interactive and Allegis Group. CBS Interactiave has taken the eight and ninth floors of The Warehouse at The Bower, comprising 17,416 sq ft of space, at £60/sq ft for 12 years, with a 20 month rent free period. The third floor of The Warehouse has been let to Allegis Group, totalling 18,035 sq ft at £55.50/sq ft for a 15 years, with a 15 month rent free period. JLL and Hatton Real Estate are joint letting agents; Colliers advised CBS Interactive and BNP Paribas Real Estate advised Allegis Group.

 

Lambeth

 

PW reports that CLS Holdings has secured a £54.5m senior debt financing package from MetLife secured against its recently complete Spring Mews development. The financing, which was arranged by Laxfied Capital, comes soon after CLS revealed that the mixed-use estate in Vauxhall was almost fully let.

 

Tower Hamlets

The Mayor of London has called in British Land’s planning application for Blossom Street after it was refused by Tower Hamlets Council.

 

Wandsworth

 

PW reports that Workspace Grouop has exchanged contracts for the acqisition of a former Mecca Bingo site in Wandsworth for £26.1m. The site, on Garratt Lane, comprises a vacant 43,000 sq ft bingo hall and 200 space car park. This is now the fourth Workspace site in Wandsworth. The 2.9 acre site was sold by Dutch chemiocal company Akzo Nobel’s pension fund, managed by CBRE Global investors. CBRE advised on the sale.