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

Camden

PW reports that Gerald Eve has been appointed to market a prime office building in King’s Cross on behalf of a private trust for an asking price of £23.7m.  The building on Pentonville Road is being sold following a comprehensive refurbishment programme and is fully let to home design website Houzz until September 2030.  The 25,751 sq ft building offers a gross passing rent of £1.43m a year, equating to £55.33/sq ft, and the asking price will reflect a net initial yield of 5.25%.

PW Reports that Hong Kong’s Cheng family has put one of London’s most exclusive hotels, the five-star, Rosewood London Hotel, up for sale with a price tag of £450m.  This is more than three times the amount it paid for the building in the mid-2000’s.  The London hotel, located on High Holborn, has 306 rooms and suites and the price equates to just under £1.5m per room.

City of London

PW reports that Kingboard Chemical Holdings has exchanged contracts to purchase WeWork’s European HQ, Moor Place, for £271 million.

Online restaurant delivery company Deliveroo is set to expand the size of its headquarters five-fold after signing up at Cannon Bridge House in the City of London.  Deliveroo is under offer to take 51,500 sq ft in the River Building at the Blackstone-owned scheme in the square mile.

PW reports that  AXA Real Estate Investment Managers and BlackRock are to put 6 Bevis Marks in the City of London up for sale for around £220m.

PW reports that AXA Investment Managers – Real Assets has announced it will continue with the construction of 22 Bishopsgate in the City of London.

PW reports that Oxford Properties has restructured the lease of CBRE’s London headquarters at St Martin’s Court, Paternoster Square.

PW reports that Investment company Ashby Capital has completed a series of retail and office lettings at its 200 Aldersgate scheme in Farringdon with rents exceeding £80/sq ft.

City of Westminster

PW reports that Westminster Council has approved plans for the complete refurbishment of Kilmuir House for a 49-unit PRS scheme by Native Land and Amprop.  The two partners acquired the long leasehold interest in the 35,225-sq ft residential building on Ebury Street in Belgravia from the Metropolitan Police in March 2016.  The approved plans, designed by architectural firm LEEP, will overhaul the exterior of the vacant 1950’s brick building.

PW reports that Great Portland Estates has sold 60 Great Portland Street to City  Office Partnership for £102.15m.  This reflects a yield of 3.89%.

Islington

PW reports that a former Victorian school in Clerkenwell, London, founded in 1878 to educate the area’s destitute children, has been put on the market for £20m.  Gerald Eve has been appointed by the private owners of The Ragged School, at 18 Vine Hill, to sell the 18,807 sq ft office building.

Kensington & Chelsea

PW reports that Mayfield Asset Management has sold the site of its proposed luxury residential scheme in Chelsea, which it acquired in February 2016, to a private United Arab Emirates-based fund.  The scheme at 2 Lucan Place, formerly Chelsea Police Station, was sold unexpectedly after it was the subject of an unsolicited offer from the private buyer. Its new owners plan to continue with the development proposal to convert the mid-20th century building into 60,000 sq ft of luxury apartments, which would be valued in excess of £150m.

Southwark

PW reports that Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB) Consultant have signed up the first tenant to their South Bank Central scheme in Southwark in the latest sign of the area’s growing appeal.

Tower Hamlets

PW reports that London Square has been given the go-ahead to redevelop the Toynbee Hall charity HQ in Spitalfields alongside two other sites that will together deliver 409 new homes in London.  The building will be redeveloped into 63 homes. The project will enable the Toynbee Hall charity to retain ownership and keep its offices at the site.

EG reports that planning permission is being sought by Cubitt Property for the Marsh Wall tower at 225 Marsh Wall. The application is for the 49 storey tower to produce 336 homes.  This is the fifth planning application for the tower.