Weekly round up of the latest property news from the central London boroughs

Camden

EG reports that AshbyCapital has emerged as the frontrunner to buy Kaupthing’s 50% stake in Fitzroy Place, WC1 for an estimated £218 million.  Fitzroy Place comprises of 220,000 sq ft of fully-let offices across two builders.  The larger 140,000 sq ft building 1 Fitzroy Place is the new headquarters of Estee Lauder.

PW reports that Teddy Sagi’s Citwax Investments has acquired the £300m Holborn Links Estate – a portfolio of 34 properties spanning 465,000 sq f on Bloomsbury Square, Sicilian Avenue, Southampton Place and Southampton Row.

City of London and Westminster

PW reports that Queensgate Investments has appointed Lazard to ‘explore strategic options’ for its serviced office business, London Executive Offices.  The business controls 33 serviced offices totaling around 745,000 sq ft in Belgravia, Mayfair, Midtown and the City. These include sites at 33 St James’s Square, 1 Cornhill, 78-79 Pall Mall, 288 Bishopsgate, and 17 Cavendish Square.  It is estimated the sale would earn £750 million.

City of London

PW reports that Singaporean Investor UOL Group has acquired London Midtown office and retail block 120 Holborn for £229.6 million reflecting a yield of 5.75%.  UOL Group recently bought 110 High Holborn in June for £98 million.

PW reports that Shanska has let the first floor of The Monument Building in the City of London to insurance company Maxis on a 10-year lease.

PW reports that the Government has pre-let the top two floors of Derwent London’s City fringe office scheme, The White Chapel Building, taking phase one of the scheme to 75 % pre-let.

EG reports that Evershed’s HQ at 1 Wood Street, EC2 is being marked a 5.3% discount to its pre-referendum pricing.   Aerium, on behalf of Korean insurer Hanwha Life, has instructed CBRE to cell the 184,184 sq ft builder for £190 million which is a £3.9% yield.   CBRE is now marketing it for £180 million which is a 4.22% yield.

PW reports that Hampshire Trust Bank has agreed a deal to take 21,000 sq ft at Schroder Real Estate’s 55 Bishopgate, bringing the building up to full occupancy.

City of Westminster

Great Portland Estates (GPE) has announced it completed 92,800 sq ft of lettings since 1 July 2016, generating a combined annual rent of £7.9m for 73/89 Oxford Street.  GPE has signed Moneysupermarket.com to Oxford Street scheme.

PW reports that European real estate fund manager Ærium has announced that it has completed the letting of an entire floor at 24 Savile Row to Aurelius Capital Management.  The US hedge fund has agreed a 10-year lease on the fifth floor of the West End building covering 3,774 sq ft of grade A office space.

Rowan Strategic Asset Management and development partner GI Partners have announced a number of lettings at Aldwych House.  Following the 62,000 sq ft letting to WeWork, which was announced last month, five further leasing deals have been signed bringing the building to 75% occupied.   This includes the London School of Economics who have taken 12,900 sq ft on the third floor, music publishing company Imagem Boosey & Hawkes and Huntress Group have agreed to take 7,600 sq ft and 4,300 sq ft of space on the sixth floor.  In addition, Base Quantum have signed on 3,600 sq ft on the part third floor, and law firm Fenwick Elliott has leased 12,000 sq ft on the part fourth floor.

Hackney

PW reports that Mare Street Studios is set to undergo redevelopment after Workspace Group were granted planning permission by Hackney Borough Council to refurbish the site, upgrading the existing space and adding a rooftop extension including a new 55,000 sq ft business centre focused on co-working space and communal breakout areas.  The site currently consists of 38,000 sq ft of office and light industrial space and was valued at £9.4m at March 2016.

Southwark

PW reports that HSBC Holdings is under offer for around 50,000 sq ft at the Blue Fin building on London’s Southbank.  The bank will locate its new fintech hub at 110 Southwark Street, and is understood to be paying £65/sq ft for an initial term of 10 years.

Tower Hamlets

EG reports that office rents in the City and Docklands are predicted to fall by as much as 10-12% in the next two years as a result of the Brexit vote.  Some Landlords are offering extended rent free periods as well as discounts of up to 5%.