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

Camden

ES reports that Camden Council is to makeover their town hall. The £44.2 million estimate for renovating the Grade II listed building opposite King’s Cross St Pancras is more than the total construction bill for Norman’s Foster’s glass City Hall, which was built on the riverside for £43 million. The Portland stone-clad building’s 1930s features include a grand marble staircase and it is a popular venue for weddings.ADVERTISING  It is hoped that the council will recoup their money by leasing floors and 123 empty desk spaces to tech, creative and professional services firms, who they believe will be attracted by companies such as Google in the nearby King’s Cross regeneration zone.

City of London

PW reports that Axa’s planned 22 Bishopsgate skyscraper has been reduced by four storeys in a new revised planning application.  The change, which will make the building 23m shorter, has been made to ease problems for airplanes landing at London City Airport.

PW reports that the recently consented ‘Undershaft’ building which is set to be the second tallest building in Western Europe could be British throughout all 73-storeys. Architect Eric Parry said it could be built using UK sourced materials.

ES reports that US insurance giant Chubb is likely to take up to seven floors in the City of London’s latest skyscraper, the Scalpel’s, which would make them the third major tenant in the 38-storey tower, joining other prospective tenants including insurer Axis Capital and broker Berry Palmer & Lyle. The move is part of the fallout from Chubb’s $29.7 billion merger with rival ACE.

City of London, City of Westminster and RBKC. 

PW reports that Luxury gym brand 1Rebel is seeking several new sites in London as part of its expansion drive. Currently with two sites in the City, 1Rebel has appointed Colliers International to find at least four new sites in the capital next year. 1Rebel is seeking sites of 4,000 sq ft to 8,000 sq ft in locations including Chelsea, Marylebone, Mayfair, Fitzrovia, Notting Hill, Farringdon and Kensington.

City of Westminster

PW reports that Westminster City Council has given the green light to developer Irvine Sellar’s revised plans for his £775m Paddington Quarter scheme in West London.  Great Western Developments and development partner Sellar Paddington are aiming to build the distinctive’cube’ building at the former Royal Mail sorting office site adjacent to Paddington Station. Designed by Renzo Piano, the 360,000 sq ft Paddington Cube will headline the scheme and sit on a three storey podium 12m above 1.35 acres of newly created public realm.

PW reports that Residential Land and joint venture partner Ivanhoé Cambridge have acquired a £60m office and residential building in Westminster.  The seven-storey building at 3-4 Abbey Orchard Street was acquired at a yield of 4.4%.  Known as Luke House, the 80,000 sq ft property is home to a number of government offices as well as 30 residential apartments let on assured shorthold tenancies.  Additional floors could potentially be added to the building to increase the volume of residential space or to accommodate a serviced apartment offering.

PW reports that the Chief Executive of Shaftesbury, Brian Bickell, has said that investment opportunities for around its West End estate have become scarcer since the EU referendum.  Mr Bickell stated that “since Brexit and the uncertainty it caused, landlords have been holding on to the family silver.” Shaftesbury completed £62m of acquisitions in the past year and is hoping to invest a similar amount this year – typically buying from small private owners in Soho. In the results, Shaftesbury reported a 2.2% rise in net asset value per share to 888p driven by 5.7% rental value growth, which analysts said was in line with expectations.

PW reports that a prime residential development opportunity in London’s Little Venice has hit the market for £27m.  Pond Field House, a post-war purpose-built apartment block formerly used to provide accommodation for the Metropolitan Police, is being sold by a private vendor. The 16,736 sq ft building comprises 16 apartments, but has potential for a 22-unit prime resi scheme. The property also has access to a private garden square.  Strutt & Parker and Rokstone have been appointed to sell the property.

RBKC

PW reports that Cadogan has announced a block of five new artisan shops in Chelsea.  The area in Pavilion Road is soon to house a traditional butcher, fine wine shop, bakery, greengrocer and cheesemonger. All shops will be open by the end of the year.

Tower Hamlets

PW reports that Chinese soy sauce manufacturer Lee Kum Kee has acquired a Docklands office building from Clearbell for £37m.  The multi-let 3 Harbour Exchange, in the South Quay area of the Docklands, was sold by Clearbell Property Partners II.  The 90,000 sq ft office at Harbour Exchange on the Isle of Dogs was acquired in 2014 as part of a strategy to capitalise on the “ripple effect out of prime London locations”.

ES reports that there is a £250m masterplan for East India Dock in Poplar which will include Europe’s longest freshwater pool and high-tech workspaces for 8,000 Londoners.  The new campus, called Republic, offers rental of “office space in Zone 2 London at Manchester prices”. It is set to boost a relatively unknown area at East India Dock in Poplar.