Camden

Property Week reports that property giant Landsec’s masterplan for its first mixed-use scheme – 1 £1bn development on the site of a car park at the O2 Centre in Camden, north London – has been approved by Camden Council.The scheme will feature 1,800 energy efficient homes, of which 35% will be affordable, alongside 180,000 sq ft of retail, leisure and other community space on 14 acres at Finchley Road.

City of London

The City of London Corporation has announced that it is exploring appetite to help transform the western section of London Wall. The site is currently home to the Museum of London, which is now closed to visitors in preparation for its move to West Smithfield in 2026, and Bastion House office block.The City Corporation wants to establish the level of market interest in repurposing these buildings for new uses.In parallel, the  Corporation is also considering the full redevelopment of the site, which, if progressed, will help the City Corporation invest in ambitious cultural programmes. This includes a new London Museum which will showcase London’s rich culture and history to millions of visitors and is set to become a ‘Top 10 London attraction’. It is one of the biggest cultural projects in Europe.

Property Week reports that Cheyne Capital has provided a £150m senior loan to a joint venture of Gamuda Berhad and Castleforge to fund its acquisition of Winchester House. The JV acquired the City office block, the London headquarters of Deutsche Bank, last week in a £257 million blockbuster deal and plans to extensively refurbish the 317,000 sq ft office.

City of Westminster

Westminster City Council has submitted a planning application and Listed Building Consent application for the refurbishment of the historic Seymour Centre in Marylebone. Proposals have been submitted to the council’s Planning Department which would see a full refurbishment of the Grade II listed building. The proposals include an open plan gym space on the lower ground floor creating a new and accessible space for gym users. The air circulation and ventilation of the gym will also be improved, and a new range of studios for spin, aerobics and other classes will also be provided.

Property Week reports that Great Portland Estates (GPE) has signed The Fragrance Shop for a new store concept in London at 70/88 Oxford Street, completing the line-up at the development. The brand will occupy the 2,300 sq ft Unit 2, the final retail unit at the scheme, which has an eight metre double-height frontage. The Fragrance Shop joins Reserved, Pandora and competitive socialising outlet Boom: Battle Bar at the property.

The Times reports that a residential block of flats in Westminster is believed to be accommodating as many tourists as the Ritz Hotel amid complaints that Airbnb and other rental platforms are devouring the city’s housing stock. Westminster city council investigators found about 90 per cent of the 118 properties at Forset Court, an apartment block next to Hyde Park, were being used for holiday stays. The figure, based on data collected during summer visits and talks with staff at the building, represents nearly the number of rooms available at the capital city’s most famous hotel.

Islington

Construction Enquirer reports that works are due to start on developer Tishman Speyer’s refurbishment of Angel Square. The refurbishment, which is due to commence in June, will transform 132,000 sq ft of office space in three linked buildings to create one 293,000 sq ft building containing 188,000 sq ft of office space, affordable workspace, a replacement public house and a public café. The refurbishment will retain around 70% of the existing structure, infilling a central courtyard and adding two new floors with roof terraces after demolition of the upper level. McLaren Construction have been awarded the contract.

Southwark

The Architects’ Journal reports that Craftworks architects has won planning for an eight storey office block in Bermondsey with a facade that appears to move. The scheme at 24 Crimscott Street was approved by Southwark councillors last week following the planning officer’s recommendation of plans for an eight-storey office block on the corner of Willow Walk. The building, which will replace a 1970s warehouse that has been vacant since 2019, will contain 2,525m² of commercial office floorspace. Ten per cent of the interior will be set aside for ‘affordable co-working’. On the outside, the façade of the building has a curtain wall with deep metal capping fins that, as well as providing shade to the southern elevation, appear to animate the building as you move around it, a planning report says.

General

City AM reports that US private equity giant Blackstone is close to a £700m take-private deal with London-listed commercial landlord Industrials REIT as it ramps up its bargain hunt on UK property firms. In a statement this morning, Industrials REIT said that after a “period of extensive negotiations” it had struck an agreement on the key terms of an all-cash offer for the firm at 168p per share.

Property Week reports that investment in central London offices has rebounded in the first quarter of 2023 driven by an influx of Asian investment, with agencies forecasting a marked recovery after the lowest levels of investment on record at the end of 2022. Investment in the capital’s office assets hit £1.65bn in Q1 2023, more than double the level in Q4 2022, according to CBRE. Asian investment was the driving force behind the revival of investment volumes, making up 74% of all purchasing activity in Q1 and 100% of activity over £85m. But despite a wave of major deals in the sector, investment still lags behind pre-Covid figures, with volumes remaining around half the quarterly 10-year average.

On London reports that the London Property Alliance held a breakfast seminar last week to discuss the findings of its  Retrofit First, Not Retrofit Only report. JLL’s head of sustainability Kirsty Draper, who is also vice-chair of the WPA, stated that retrofit remained the marked preference of most developers, but highlighted case studies like the 105 Victoria Street where consideration of Whole Life Carbon suggested that redevelopment would be preferable in some buildings unsuitable for retrofit. Sadiq Khan’s Deputy Member for Planning and Regeneration Jules Pipe also gave an address, stating City Hall’s commitment to driving sustainability in the built environment.

The Evening Standard reports that the CEO of London and home counties social housing provider Peabody admitted the association has not been good enough and outlined a plan to improve on its merger with fellow provider Catalyst closed. Peabody has come under fire in recent years for issues such as neglect, mould and buildings falling into disrepair. Last year, the trust apologised after a tenant’s body was found in her flat two and a half years after her death.

The Telegraph reports that thousands of offices across Britain have become unlettable after new net zero rules left landlords unable to let them out. New laws that came into force on April 1 ban landlords from renting offices with an energy efficiency rating of E or below. The minimum E rating that came into force on Saturday has left around 8pc of all commercial stock obsolete, according to BNP Paribas. That equates to 10,000 office spaces in London alone, the firm says. Landlords are now facing a choice between either doing expensive renovation word to bring buildings up to standard or cutting their losses and trying to sell up.