A weekly round up of the latest property news from the central London boroughs

City of London

PW reports that Blackstone has secured a 60,000 sq ft letting to international law firm Withers at 20 Old Bailey in the City of London. The firm will occupy levels ground, three and four of the 240,000 sq ft building. It will join Barings which agreed to take 113,000 sq ft at the building last year. BNP Paribas and CBRE are the joint leasing agents for Blackstone and Savills acted for Withers.

Kensington and Chelsea

PW reports that Australian skincare brand Aesop will open its largest UK store at Cadogan’s Duke of York Square development in Chelsea, London. The new 1,163 sq ft store, located at 22 –24 Duke of York Square, will join other premium fashion and beauty brands including Liz Earle, Cos and Joseph. Aesop has taken a 10-year lease on the unit, which will open September 2017. Nash Bond and CBRE were advisors to Cadogan.

Lambeth

PW reports that plans have been submitted to Lambeth council for a community hub and adventure playground at Slade Gardens in south London. The plans were developed in an attempt to secure a future for the park, which is currently owned by the local authority. The proposed development will provide a space for the Slade Gardens One O’Clock Club, a children’s play group, and will offer a multipurpose space for the local community. Plans also include a café and a house containing two maisonettes. The café will help generate revenue and the house will be sold to raise money for the project.

Southwark

PW reports that The Qatari royal family’s private property company, Alduwaliya, has snapped up an office development on London’s South Bank from M&G’s retail fund for around £150m. The group has acquired Riverside House, the Bankside headquarters of communications regulator Ofcom, in an off-market deal reflecting a net initial yield of 4.5%. Riverside House totals 171,936 sq ft and produces an annual income of around £7.2m. It is majority let to Ofcom, which occupies around 100,000 sq ft of space.

Westminster

EG reports that one of London’s  most expensive residential developments is being lined up for £200m refinancing. Wainbridge has hired US bank Lotus Capital  Partners to secure new debt against 11-15 Grosvenor Crescent SW1.

EG reports that Thor Equities and Meyer Bergman have halted the £400m sale of luxury retail parade Burlington Arcade, W1. The joint venture owners appointed CBRE to sell the asset in January. It is understood that a refinancing of the property is now being explored. Burlington Arcade is one of the lst remaining properties held in Meyer Bergmans’ European Retail Partners fund, launched in 2007. Thor Equities and Meyer Bergman bought the 0.5-acre freehold estate for £104m in 2010.

PW reports that Ashby Capital and Exemplar have let three of five retail units at a new office and retail building in London’s West End. Homeware retailer Cath Kidston has taken 2,521 sq ft across two floors at The Avenue, which is located on the corner of Bedford Avenue and Tottenham Court Road. Danish bakery Ole & Steen has signed up for a 1,627 sq ft ground floor corner retail unit, for what will be its fifth London store after upcoming openings in Canary Wharf and Victoria. Dutch retailer Hema has taken a 3,900 sq ft store.

PW reports that London’s New Bond Street is the fastest-growing prime retail location in the world, according to new research by CBRE. The shopping destination saw prime rental growth of 39.1% in the first quarter of 2017 compared to the same period last year. According to CBRE’s half yearly research report Global Prime Retail Rents, New Bond Street ranked second among the world’s most expensive retail locations, with an annual rent of $1,753/sq ft (£1,345/sq ft).

PW reports that Blackstone has signed up Japanese beauty company Shiseido Group to complete the occupier line-up at its 330,000 sq ft Adelphi office building. Shiseido Group has taken a 10-year lease on 23,400 sq ft of space on level 10 of the grade II listed property, which is located just off the Strand in London’s West End. The landlord has completed a string of lettings in the last eight months, completing lease transactions on more than 270,000 sq ft of space.

PW reports that Ashby Capital and Exemplar have let three of five retail units at a new office and retail building in London’s West End. Homeware retailer Cath Kidston has taken 2,521 sq ft across two floors at The Avenue, which is located on the corner of Bedford Avenue and Tottenham Court Road. Danish bakery Ole & Steen has signed up for a 1,627 sq ft ground floor corner retail unit, for what will be its fifth London store after upcoming openings in Canary Wharf and Victoria. Finally, Dutch retailer Hema has taken a 3,900 sq ft store. Skyscanner has taken the building’s top three storeys, leaving 47,000 sq ft of office space remaining.