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

London wide

PW reports that the Met Police is set to deliver 1,900 new homes on surplus sites. The force will reduce its number of office desks by nearly half, from 31,000 to 19,000, reducing the number of buildings in its estate from 363 to around 100.  It will aim for 50% affordable housing across its excess buildings, he said, and will bring four surplus buildings on the market.   It will vacate 75 freehold sites or varying sizes, including a handful of very large sites.

Camden

PW reports that Unite Students has sold Woburn Place in London for £135m to GCP Student Living.  The property is owned in Unite’s LSAV joint venture, and the price reflects a value per bedroom of £316,000, a net initial yield of 4.5% and a 6% premium to book value. Unite’s share of the sale is £67.5m.  Woburn Place is located in Bloomsbury and comprises 427 bedrooms that are principally studios. The disposal forms part of Unite’s strategy to take advantage of the ongoing strength in the investment market and substantially completes plans to recycle £150-£200m of assets during 2017.

City of London

EG reports that Hong Kong Listed CC Land has bought the Cheesegrater the 610,000 sqft skyscraper at 122 Leadenhall Street, EC3 for more than £1.1 billion.

City of Westminster

PW reports that Luxury London label Marion Ayonote is opening its first-ever store at Connaught Village in the heart of the Hyde Park Estate. The store offers “innovative footwear” for men and women, as well as accessories, with signature heels made of exotic materials.  It will join existing independent fashion boutiques including Lucy Choi, ME+EM, Kokoro and The Place London for Men and Women, to strengthen the fashion offering in Connaught Village. The new signing comes in the same week that Menswear Buyers Club opened in Connaught Village, at 35 Connaught Street, and Connaught Wine Cellars opened at 8 Porchester Place.

PW reports that Asian street food vendor The Ugly Dumplings has secured a unit on Soho’s Newburgh Street for its debut restaurant.  After successfully trading at London street food markets, its founder Ping Wong has taken a 700 sq ft restaurant at 1 Newburgh Street that was formerly occupied by Pitt Cue.  Wong will work with new investment partner Philipp Chaykin to create a concept restaurant with a new menu, including a brunch offer and a “global twist on dumpling recipes”. It will open in summer 2017.

EG reports that the Ministry of Defense has said that it is unlikely that there will be a deal on the Hyde Park Barracks until 2020.  The six-acre site is one of London’s prime residential opportunities and one of the MoD’s most valuable assets – market sources say that the site could become a residential development valued at £2bn – the land is estimated to be worth between £500 and £600m.

EG reports that Marks & Spencer is to sublet office space in Paddington as it makes staff cutbacks and streamlines its business. The company is reviewing options on 160,000 sq ft of space at European Land’s 5 Merchant Square and has invited agents to pitch.  M&S signed a 30 year lease paying a rent close to £53 per sq ft in 2008.

ES reports that a converted stable in Mayfair is on the market for £3.25 million.  The 1,197 sq ft two bedroom mews-maisonette in Mount Row dates back to 1726, and was built to huse the Bishop of Salisbury’s carriage, horses and groomsmen.

ES reports that Winston Churchill’s one time Pimlico apartment in Ecclestone square is listed on the market for £4.5k per week.  Churchill moved into the apartment soon after he was married and his first two children were born there.

Lambeth

EG reports that London & Regional and Chelsfield have agreed to a deal to sell Elizabeth Hous, SE1 to HB Reavis for more than £250m.  The 1.4m sq ft office led development on the Southbank formally known as One Waterloo.

Hammersmith and Fulham 

PW reports that Chelsea’s plans for a redeveloped £500m stadium at Stamford Bridge have been given the green light by the Mayor of London. The new stadium will see Chelsea increase its capacity from 41,600 to 60,000 and include a direct link to the District Line underground station at Fulham Broadway.  Chelsea’s application also included a £12m investment in community activities including employment and skills training, and a contribution of £3.75m towards affordable housing in the borough.

Tower Hamlets

PW reports that Boxpark Shoreditch has announced plans for a major redevelopment this summer, which will create more space for food and beverage retailers. The upper floor of the scheme, which currently houses its main performance area, will now be focused on street food dining but will still include an events space. A new glass ceiling will partially cover the upper floor to make it suitable for all weathers.

PW reports that Entertainment group Time Out’s plans for a 19,250 sq ft market in Shoreditch have been turned down by Tower Hamlets council. The group submitted plans for the market, containing restaurants, bars, shops, an art gallery, and a cookery school, in October.  Since then, Tower Hamlets has received more than 70 written objections to the plans to redevelop a former stables site on Commercial Street, and the council’s licensing subcommittee have now voted unanimously against them. Time Out has vowed to appeal the decision.

Wandsworth

EG reports that Berkeley Group was given the go-ahead to amend plans for its Prince of Wales Drive scheme in Battersea SW8 to provide more and on the whole, smaller homes.   The former gasholder site which is being built under St Williams Home brand will now provide an extra 116 homes on top of the 839 originally approved in 2015.

EG reports that Taylor Whimpey has been chosen by Wandsworth Council as the preferred bidder for the £1bn regeneration of the Winstanley and York Road Estates in Battersea.