A weekly review of the latest property news from the central London boroughs
City of London
Property Week reports that, Madison International Realty has sold £170m Five Acre Square in the City of London to Northwood Investors. Madison acquired the 224,000 sq ft property in 2014 as part of a portfolio of five Houndsditch Estate properties. Together with Nuveen it subsequently refurbished the property, adding bike storage, lockers and showers. Additionally, Madison increased the occupancy to 100% with a weighted average lease term of 8.5 years by securing lettings on the previously vacant fourth and fifth floors. The transaction follows Madison’s sale of the neighbouring Devonshire Quarter to Brockton Everlast last year.
EG reports that, US based law firm White & Case has appointed JLL to advise on its UK property strategy, which could see it relocate from its London office. Based at 5 Old Broad Street, EC2, since 2003, the firm occupies around 140,000 sq ft according to Radius Data Exchange, but it is understood to want to increase its space to closer to 200,000 sq ft. It has a lease break in 2025. It comes as other law firms are also considering their options, Linklaters is understood to be in talks to lease the majority of 20 Ropemaker Street, EC2, ahead of its lease expiry at nearby Silk Street.
EG reports that, Knotel has let 20,000 sq ft at 10 Fleet Place, EC4, as the flexible workspace provider ramps up its presence in the UK. It has taken a 10 year lease in the building, where quoting rents are around £65 per sq ft. BNP Paribas Real Estate advised Knotel.
EG reports that, Galliard has sounded out potential buyers for its 1,113-home landmark scheme at Cantium Retail Park on Old Kent Road, SE1, with a price tag of £75m. The company, along with co-owner Aviva, have had conversations with developers in the area over a sale of the scheme, which received planning consent last year. The £600m scheme comprises buildings of up to 48 storeys, with 60,900 sq ft of offices and 24,000 sq ft of retail at 520 Old Kent Road. The residential element includes 35.5% affordable housing by Habitable Room, with 237 social rented homes and 126 for shared ownership. Galliard founder and executive chairman Stephen Conway said he would consider offers around £75m for the scheme.
Property Week Reports that, the Canary Wharf Group is considering a move into co-living as it expands its build-to-rent (BTR) arm, Vertus. The business is set to introduce more than 1,100 new BTR beds to the Canary Wharf estate over the next 12 months across: 10 George Street, which is available for pre-leasing; 8 Water Street; and 636-apartment flagship Newfoundland. Vertus head Alastair Mullens commented that the brand also had its eye on “a couple” of potential buildings in Wood Wharf, which, like Vertus’s existing portfolio, would be new-builds.
Property Week reports Grosvenor Britain & Ireland chief executive Craig McWilliam has stepped down a year before he had been due to take over as Grosvenor Group chief executive.
EG reports that, Rolls Royce has found a taker for its former London headquarters. It has agreed to sublet its 37,000 sq ft at 62 Buckingham Gate, SW1, to management consultancy Baringa Partners, which is exiting its current base on the South Bank at Dominican Court, SE1. The engineering firm occupied part of the 6th and 7th floors from 2013, paying around £70 per sq ft. Its lease with Landsec expires in 2028. It has subsequently taken space from the guardian Media Group in King’s Cross at 90 York Way, N1, where it occupies around 20,000 sq ft at the Deka owned building.
Property Week reports that, Israeli billionaire Teddy Sagi has exchanged contracts to sell part of the Holborn Links Estate in London to Cording Real Estate Group for £245m. Cording, which is part of the Edmond de Rothschild Real Estate investment management business, has acquired around 250,000 sq ft of the larger 465,000 sq ft estate.
EG reports that, Maslow Group, the hospitality platform behind Fitzrovia’s Mortimer House, has acquired Regency House, 1-4 Warwick Street, in Soho, W1. It is understood that the firm has paid circa £35m to Hermes Property Unit Trust for the 28,000 sq ft freehold property located on the corner of Warwick Street and Brewer Street. The property comes with planning consent to turn the vacant office building into nine flats or a 54 room hotel.