A weekly round up of the latest planning news from the central London boroughs
PW reports that Workspace Group has brought the Centro Buildings in Camden, north London, from Brockton Capital for £109m, reflecting a yield of 4.2%.
City of London
PW reports that Madison International Realty has withdrawn the £240 sale of Houndsditch Estate in the City of London from the market after discussions with the Californian State Teachers’ Retirement System (CalSTRS) ended.
PW reports that Hong Kong-listed Hao Tian Development Group has exchanged contracts to buy the Corn Exchange in the City of London from Reignwood Europe for £130m.
City of Westminster
PW reports that Westbourne Capital Partners has acquired a prime development opportunity fronting London’s Regent Park for around £200m and is negotiating plans for a residential scheme with the City of Westminster. As well as acquiring the long leasehold on 1-18 York Terrace East site from Crown Estate, Westbourne has also bought the short lease on the building from International Students House – previously operated as student accommodation. Westbourne initially sought planning permission for 13 houses on the 23rd January but Westminster Council postponed a decision on the planning application and requested that Westbourne deliver more homes on the site. The company will now review the plans and resubmit in early spring.
Hammersmith and Fulham
EG reports that New Look has pulled out of a deal for a new shop at Westfield London’s £600m extension, W12. The retailer was in advanced negotiations on a new 20,000 sq ft flagship at the extension but is no longer taking the shop as part of its cost-cutting turnaround plan. The 20,000 sq ft unit is in a prime space in the extension, sitting opposite Primark’s new 70,000 sq ft flagship and next to John Lewis, split across the first and mezzanine floors.
EG reports that a proposed deal to sell Brixton Market, SW9, to a vehicle owned by Mike Ashley, owner of Sports Direct, has fallen through. The Sports Direct vehicle placed the market under offer in November 2017 for £30m. The Grade II listed market, home to 140 retailers and restaurants, generates £1.3m pa in rental income. It is fully leased to and managed by a division of Group Geraud.
EG reports that Greystar is to radically upscale plans for its student housing scheme in London Bridge, SE1. Greystar acquired the site in April 2017 for £54 from Investream, with the benefit of planning consent for both residential and student housing scheme. Both envisaged a 31-storey tower known as The Quill, with either 470 student housing units or 119 apartments. New plans now propose a 45-storey tower providing 1,025 student rooms, as well as a 16,000 sq ft permanent for the Migrant Museum, currently situated in Lambeth, SE1.