A weekly round up of the latest planning news from the central London boroughs
PW reports that New Look has cancelled plans to move its headquarters to the Kings Cross development and has signed its lease over to Google. The fashion retailer signed a lease on the 123,000 sq ft R7 building in 2016 and was due to move in last year.
City of London
PW reports the seller of Plantation Place has dropped the price it was seeking for the building to £650m. Although there was no formal price for the 500,000 sq ft block on Fenchurch Street, trustees of the late Brazilian billionaire Moise Safra were thought to be seeking £700m when it was put on the market in April 2017. It is further reported that they received very little interest at that price of around 4%. City investment agents said they were seeing a shift in pricing across the market. “Investors are showing a lot more discipline… they won’t pay the irrational prices that perhaps they were last year,” one told PW. Managed by Delancey, the building was bought by Safra in 2012 for around £470m reflecting a 5.5% yield that year.
PW reports that Evans Randall Investors has completed the acquisition of 26-28 Glasshouse Yard in Farringdon for £40m.