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

Camden

PW reports that two industrial buildings at Tileyard Quarter in King’s Cross, with potential for nearly 150,000 sq ft of office development, have been put on the market for £32.5m.

PW reports that AshbyCapital has completed the acquisition of a 50% stake in Fitzroy Place, in London’s Fitzrovia, from Kaupthing for £217.1m. Fitzroy Place comprises 221,530 sq ft of office space across two buildings, as well as 19,700 sq ft of retail space at ground and basement levels and a 9,620 sq ft healthcare unit – let to UCL Hospitals NHS Foundation Trust. The development also includes 235 private luxury residential apartments and 54 affordable homes.

EG reports that Threadneedle is selling a portfolio is selling a portfolio of warehouse-style office buildings in Camden, NW1, seeking offers in access of £98m – a 5.5% yield.  The investor has instructed CBRE to market the Centro Buildings, a collection of five assets, which total 131, 129 sq ft across 1.1 acres.

EG reports that Camden Council is becoming a landlord to technology start-ups by creating a “knowledge hub” at its town hall.  Plans to refurbish the Grade II listed building using funders generated from renting space to business including those in life sciences.

City of London

PW reports that The City of London’s tallest building, 1 Undershaft, is set to receive the green light from the council after planners recommended the scheme for approval.  Despite objections that the new development would impact the views and setting of the Tower of London world heritage site, planners said the proposed 73-floor scheme would “preserve the setting of listed buildings” and “enhance the character” of the local area. The City of London Corporation’s planning committee will formally decide the fate of the scheme next week. The proposed 970,000 sq ft  building, created by developer Aroland Holdings and Eric Parry Architects, would be five metres shorter than the Shard.

PW reports that China’s biggest life insurer China Life is opening its first office outside Asia in London, raising the prospect of increased Chinese investment in the UK. The new office is believed to be located at Aldgate Tower in the City, which China Life owns in joint venture  with Brookfield Property Partners following a £346m deal earlier this year. It is understood the new office will be led by James Zhang, who is relocating from China.

PW reports that Helical has announced a 59,000 sq ft pre-let at The Bower development in Old Street to WeWork.  WeWork has agreed to take levels one to six at The Tower, which is the second phase of The Bower scheme. The pre-let was in line with estimated rental values, which have been guided at £62.50/sq ft on floors 1-3 and £67.60/sq ft on the upper floors, according to analysts at JP Morgan. The Tower is due for completion in July 2018 and will provide 171,200 sq ft of office space over 17 floors as well as ground floor retail.

EG reports that the number of refurbishments and minor redevelopments in the City of London is rising as investors put off selling in an uncertain market.  Stanhope is the latest developer to announce a large-scale refurbishment, having been appointed on the 211,000 sq ft 31 Gresham Street, EC2 following Schroders’ departure to a new HQ in Land Wall Place, EC3.

City of Westminster

PW reports that Dutch retailer The Sting is seeking to move out of its only remaining UK store at Piccadilly Circus in London’s West End.  The fashion brand is considering options to exit the 33,875 sq ft unit, which it moved into in 2010. The company closed its only other UK store, a 20,000 sq ft store at Westfield Stratford, earlier this year. It has more than 50 stores in The Netherlands, four in Belgium and three in Germany.

PW reports that International banking and financial group Mirabaud has signed for a new office at Tishman Speyer’s Verde SW1 in Victoria. Mirabaud has signed a lease for 14,873 sq ft to take the building to 60% pre-let. Other committed tenants include Oaktree Capital, PA Consulting and Waitrose.

PW reports that Great Portland Estates (GPE) has sold its retail and office development on London’s Oxford Street to Norges Bank Real Estate Management for £276.5m, as investment levels on the street hit a record high. The scheme at 73-89 Oxford Street and 1 Dean Street is under construction, with completion expected in the second quarter of next year. The deal reflects a yield of 3.2%.

PW reports that Wolfe Asset Management has purchased the freehold of The Peak in Victoria for £145m from the Cityhold Office Partnership, managed by TH Real Estate, in an off-market deal.  The price paid by the Middle Eastern investor for the JPUT in which the freehold interest sits represented a net initial yield of 4.27% and a capital value of £1,489 per sq ft.  Originally developed in 2009, the 100,000 sq ft building is multi-let to tenants including Bank of Scotland, PetroChina and Guggenheim Capital.

PW reports that Menswear boutique Chiltern Street is open its first standalone store at 58 Chiltern Street in Marylebone, taking 605 sq ft on a 5­year lease.  English Cut was founded in 2001 by former Anderson & Sheppard’s head cutter Thomas Mahon and previously located on the tailoring destination of Savile Row.

EG reports that the sales process for one of the most high-profile prime residential development opportunities in central London has kick-started.  Bilfinger GVA has been appointed by the Ministry of Defence to undertake scenario testing and relocation options for Hyde Park Barracks, SW7, with the intention of asking for bids towards the end of 2017.

EG reports that RBS has bought the London headquarters of Coutts, the Queen’s private back, for £198m – a yield of 4%.  The 180,480 sq ft property at 440 Strand, is part of Henderson Global Investors’ UK PAIF Property and PAID Feeder fund marketed by Michael Elliot on behalf of TH Real Estate.

Hackney

PW reports that developer Aitch Group has announced plans for six residential-led schemes on the fringes of the Olympic park in Hackney Wick, east London.  The schemes, which total 366 units, will comprise of flats for both sale and the private rented sector, and will also include significant commercial space. Four schemes, located on White Post Lane, Hepscott Road, Rothbury Road and Monier Road in Hackney Wick, have already been granted planning permission and comprise 233 flats and 67,000 sq ft of space for small and creative businesses.

Hammersmith and Fulham

PW reports that Helical has sold One King Street, in Hammersmith, West London to Orchard Street Investment Management UK for £34.5m. The deal reflects a net initial yield of 4.85%, and the sale price is in line with the March 2016 book value.   Helical acquired the office building from receivers in 2012 and has refurbished space, also adding an additional floor to the building to create 26,000 sq ft of extra offices with retail units on the ground floor. The property is fully let.

RBKC

PW reports that the Sloane Stanley Estate has signed up FaceGym to open its first UK standalone store in west London.   Located at 352 Kings Road, the studio will be spread over two floors totaling 1,434 sq ft and will offer facial workouts and treatments using lasers, ultrasound, and cryotherapy.