Camden

Camden Council is to utilise its Community Investment Programme (CIP) to deliver homes for Afghan Refugees in the borough. The scheme, which is one of the largest housebuilding projects in the UK, sees thousands of private houses built in order to fund the provision of new coun cil homes, school buildings and community facilities. New plans will now see the council converting houses designated for private sale into borough-owned homes to provide housing for refugees.

City of London

Developers in the City of London will be asked to consider alternatives to demolition at the earliest stages of the planning process in a “pioneering” scheme aimed at reducing the Square Mile’s carbon footprint. The City of London Corporation is the first planning authority in the country to issue planning guidance in which developers will be expected to carry out a detailed review of the carbon impact of development options before submitting an application.

The Financial Times reports that Blackstone has sold a £395 million waterfront office complex near the Tower of London to a Singaporean investor, who said turmoil in the UK had created a buying opportunity. St Katharine Docks, a complex of office buildings, retail space and a 185-berth marina to the east of the City of London, has been acquired by City Developments Ltd, the Singapore-based property group led by billionaire Kwek Leng Beng.

The Architects’ Journal reports that the Twentieth Century Society has named the Museum of London in the Barbican one of the top 10 heritage buildings most at risk from demolition, redevelopment or neglect in 2023. The charity cited the building, which was designed by Powell & Moya in 1977, closed as a museum in December last year. The museum itself is set to move to a new home in West Smithfield, while the fate of the existing building hangs in the balance, with the City of London Corporation insisting that retaining the building is “not a suitable option”.

City of Westminster

Planning Resource reports that the government has introduced new legislation to remove a statutory obstacle which would then enable the construction of a National Holocaust Memorial. Plans for a Holocaust memorial and education centre next to parliament were blocked by the High Court in 2022 due to a rule in the London County Council (Improvements) Act 1900, which restricts building in Victoria Tower Gardens.

Property Week reports that Capital and Counties and Shaftesbury have completed their £4.9 billion all-share merger to form a new company that will dominate the Soho and Covent Garden area of central London. The company will be known as Shaftesbury Capital and has a portfolio primarily focused on Covent Garden, Seven Dials, the opera quarter, Carnaby Street, Soho, and Chinatown. The portfolio has been independently valued at £4.9bn and comprises more than 2.9m sqft of lettable space across 670 mainly freehold buildings with around 2,000 individual units.

EG reports that Federated Hermes has out an office block in the heart of Soho is up for sale. Harris Associates is marketing 27 Soho Square, W1, on behalf of the Federated Hermes Property Unity Trust, with a gyude price of more than £50 million. The 30,990 sqft office was designed by architect Rolfe Judd in the mid-1980s and has recently been refurbished. Its current tenants include Barclays Bank, Muse Developments and data company Genius Sport, with an annual rent of £2.26 million.

The Evening Standard reports that Westminster City Council has unveiled plans for an empty homes hotline to combat the surge in long-term empty residential properties in the borough. The move would see residents able to report neighbours leaving homes vacant for more than 6 months by calling a dedicated hotline. It comes as Westminster City Council’s tax data has shown a 123% increase in the number of long-term empty residential properties (LTEP) between 2021 and 2022, with the council estimating that the real figure is likely to be higher than 1,150 empty homes.

Applications are now open for Westminster City Council’s Greening Westminster funding initiative. The funding programme is designed to improve and increase Westminster’s green infrastructure and open spaces, and has undergone a refresh over the last year to ensure fairer access to high-quality green spaces. The fund is open to various applicants including Community groups, Neighbourhood Forums and Business Improvement Districts and internal council departments.

Hackney

The Architect’s Journal reports that new plans have been unveiled for Edge and Mitsui Fudosan’s mixed-use tower on at Wilson Street near Finsbury Square. Hackney Council granted planning permission for a 21-storey block proposal at the site near Finsbury Square to existing owners the London Stock Exchange in 2021, but the development was subsequently sold to the developer. New plans designed by Allford Hall Monaghan Morris (AHMM) propose a 5-20 storey building offering 39,682 sqm of office space and 573sqm of workspace.

Royal Borough of Kensington & Chelsea

Property week reports that Maslow Capital has provided a £258m development loan to fund the development of 100 West Cromwell Road, a 462-home prime residential-led scheme in Kensington, West London. The seven residential blocks are being developed by a 50:50 joint venture between UK developer SevenCapital and real estate investment manager MARK. The scheme will feature a 29-storey residential tower, which will be the tallest building in the Royal Borough of Kensington and Chelsea, 12,000 sq ft of commercial space and 24,96 sq ft of community and leisure facilities.

Southwark

EG reports that Peachtree Services’ £135 million GDV, four-acre Camberwell Quarter scheme in Southwark has been put up for sale. Knight Frank’s residential land and industrial agency teams have been appointed alongside Levy Real Estate to seek offers in excess of £20 million for the freehold of the site which currently hosts Burgess Business Park. Southwark Council granted planning to redevelop the business park into a major residential-led scheme last year, approving proposals which would see the existing buildings demolished and replaced with 375 homes and 56,000 sqft of commercial space.

EG Radius reports that plans for Landsec’s new £320 million office-led redevelopment of Red Lion Court, SE1 have been recommended for approval by Southwark Council planning officers. The 11-storey block, which would see the delivery of 344,833 sqft of office space alongside retail, restaurant and wellness offerings, is now one step closer to approval when it goes to planning committee later this year.

Tower Hamlets

East London Lines reports that the Chinese Embassy has renewed calls for UK co-operation regarding its planned move to the Royal Mint complex in East Smithfields. The Chinese government purchased the building in 2018, but Tower Hamlets planning committee rejected proposals for the new embassy late last year. The GLA upheld the committee’s verdict in January 2023, finding that there was “no sound planning reason for the Mayor to intervene” in the ruling. China has now renewed its calls for the UK to intervene, stating “China urges the UK to fulfil its relevant obligations. Chin firmly opposes the relevant decisions by Tower Hamlets Council out of factors beyond planning itself.”

Wandsworth

CoStar reports that W.RE has let more than 33,000 sqft of its mixed-use redevelopment project at former department store Arding & Hobbs in Clapham Junction. The London-based developer and asset manager’s refurbishment, which is set for completion in Summer 2025, will offer 14,905 sqm of office and retail space in the Grade II listed building which was first built in 1912 as one of South London’s first purpose-built department stores.

General

The Architects’ Journal reports that a proposed amendment to the Levelling Up and Regeneration Bill currently going through Parliament is seeking to make it mandatory for all demolitions to require planning permission. Labour peer Baroness Andrews tabled the amendment last week on behalf of The Victorian Society campaign group, which says current laws around demolition are environmentally damaging as well as bad for the UK’s built heritage.

Property Week reports that Landsec has launched a £400 million green bond via Land Securities Capital Markets, the group’s first such fundraising. The bond will have a maturity of 9.5 years, paying a coupon of 4.875%. Coupled with a pipeline of central London and mixed-use development opportunities, the group said that the transaction “leaves Landsec extremely well placed to continue delivering against its strategy in the years ahead”.

Property Week reports that two of Home REIT’s major tenants have gone into administration, piling further trouble on the under-fire social housing group. The company revealed to investors that Gen Liv UK CIC, a tenant making up 5.7% of the group’s annual rent roll, has entered into a creditors’ voluntary liquidation and has appointed FRP Advisory Trading as liquidator. Lotus Sanctuary CIC, a tenant making up 12.5% of the company’s annual rent roll, also entered into a creditors’ voluntary liquidation on 2 March, Home REIT added.

The Evening Standard reports that it was revealed today that average house prices in London have fallen by 0.9 per cent over the past year.The slowdown may be due, in part, to the capital’s large proportion of flats, prices for which have “broadly stagnated”, said the report by Halifax. London’s housing market has felt the squeeze following September’s mini-budget, which sparked a jump in mortgage rates. Bank of England base rate rises have also been putting an upward pressure on borrowing costs which has impacted demand.

Property Week reports that the Crown Estate and Grosvenor have added their backing to a  report which has found that retrofitting the UK’s historical buildings could generate £35 billion of economic output. The report, whose backers also include Peabody, the National Trust and Historic England, concluded that a national retrofitting campaign of buildings built before 1919 could generate the additional economic output through construction activity and knock-on benefits for the tourism and hospitality sectors.