Weekly round up of the latest planning and property news from the central London boroughs
City of London
Property Week reports Cisco International’s 100,000 sq. ft letting at 60 London Wall in the City of London has fallen through. The tech firm decided not to progress with the deal after the exclusivity agreement ran out at the end of November. One source with knowledge of the deal said there was a “lack of interest on Cisco’s part.” The firm might decide to remain in their current offices at 16-18 Finsbury Square.
Property Week reports Barings has sold City of London office building Nexus Place to Brookfield for £169.4m.The building at 25 Farringdon Street has been refurbished by Barings, which bought the asset in 2013. The property, which contains 159,840 sq. ft of office space, is fully let to eight tenants.
Property Week reports Montagu Evans is relocating its London headquarters to larger offices in Nuveen Real Estate’s 70 St Mary Axe. The property and development consultancy firm has taken the twelfth floor and part of the eleventh floor – a total of more than 25,000 sq. ft on a 15-year lease. Rob Bower, Montagu Evans’ managing partner, said: “We’re looking ahead to the future of the firm with this new office. London’s centre is shifting further east and we intend to stay at its heart, closer to many of our clients and easier for more of our team to access.
Hammersmith and Fulham
The Estates Gazette reports Capital & Countries has completed the sale of its Earls Court stake for £425 million. Capco confirmed it will be selling its stake Delancy and APG. Delancy will now work with Transport for London to develop a new London Plan compliant vision for the site. The new ownership team has cancelled the sale agreement between Capco and Hammersmith & Fulham Council, which included the West Kensington and Gibbs Green estates, returning the land to the council.
Kensington and Chelsea
The Estates Gazette reports a Swiss investor represented by Singapore-listed City Developments has sold three apartments in Knightsbridge, SW3 for £24 million. The apartments at 31 Hans Road are spread over six-floors opposite the iconic Harrods.
Property Week reports Rockwell has partnered up with Gateway Housing Association to deliver its affordable housing at 82 West India Dock Road, Westferry. Gateway Housing Association, the largest provider of social housing in the London Borough of Tower Hamlets, is set to sign on for a 250-year lease on the 18 affordable homes within the scheme. The development, which will comprise a 30-storey hotel and residential building adjacent to Westferry DLR station, is due to be completed in Q1 2022. The scheme is expected to deliver 259 jobs and 66 new homes, of which 35% will be affordable. Tower Hamlets is estimated to have the highest population growth rate of any London borough, with 60,000 additional residents by 2028.