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

Camden

PW reports that Picton, the property investment company, has sold its interest at 1 Chancery Lane for £17.25m, reflecting a net initial yield of 3.9%.   The building is a 15,000 sq ft multi-let retail and office block arranged over basement, ground and five upper floors.  The sale formed part of and now completes Picton’s strategy to reduce central London office exposure and use the proceeds to reduce gearing.

PW reports that there is a prime mix-use development opportunity on the site of a former dairy depot in London’s Bloomsbury has come to the market.  It is being marketed for £10.75 million.

City of London

PW reports that Mitsui Fudosan UK and Stanhope have signed up three major food and beverage brands to Angel Court, the 300,000 sq ft prime office building in the heart of the City of London.

City of Westminster

EG reports that the development at 22 Hanover Square has returned to the drawing board to provide more but smaller homes.  There will be more than double the homes originally planned.

EG reports that Westminster City Council (WCC) is to move in to Land Securities offices on the Strand, WC2, after the company moves in 2017.   WCC will take 57,000 sq ft whilst its civic headquarters on 64 Victoria Street is being refurbished.

EG reports that Mayfair Capital is to launch a new £250 million UK fund following the firm’s acquisition by Swiss Life Asset Managers.

New bond Street has set another rental record with Polo Ralph Lauren paying £2,225 zone A, at rent review for 1-5 New Bond Street W1.  This is a 11.5% rise in the previous rent record.

EG reports that Green Property Ventures has put 7-8 St James Square up for sale for £200 million.  This building hold the record for the highest office rent in the UK.  The building is 62,195 sq ft and has an average rent of £125 per sq ft.

Blackstone has signed The Economist as a new tenant at the Adelphi Building in Covent Garden.  The publication is moving its UK editorial team’s headquarters to the  Adelphi, signing a 15-year lease to occupy 26,000 sq ft on the 6th floor of the 330,000 sq ft art deco building.

Hackney 

PW reports that Fortwell Capital has provided £30m of funding for a mixed-use development of a vacant warehouse in London Fields by Gold Section Developments. The residential element of the scheme will comprise 12 one-bed, 16 two-bed and 14 three-bed apartments, complemented by 20 commercial studios spanning 21,969 sq ft.

Hammersmith

PW reports that Online fashion retailer Yoox Net-a-Porter (YNAP) has signed for 70,000 sq ft of office space in the MediaWorks building at Stanhope and Mitsui’s White City Place.

Tower Hamlets

Blackstone has secured a new 10-year lease of 16,000 sq ft to QA Limited at International House, the 215,000 sq ft office building at the heart of St Katharine Docks in central London.

Wandsworth

PW reports that the developer of Battersea Power Station is considering increasing the amount of office space in the predominantly residential scheme on the back of last month’s landmark letting to Apple and the weakening prime residential market.   A total of 1.25 million sq ft had already been earmarked for office use on the 42-acre site, including the 500,000 sq ft let to Apple.