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

City of London

Estates Gazette reports that there are increasing concerns over the future of the City’s “diamond district” as local jewellers battle with soaring rents. Hatton Garden, EC1, is the iconic heart of the UK diamond trade however, traders are being squeezed by rent increases largely due to Crossrail.

City AM reports that office space leasing in the City has hit an all time high in 2019, rising to 43 per cent of all take up across London, according to the latest research by Devono Cresa. The number of businesses with office space in the Square Mile also increased, jumping 25 per cent compared to 2018, as a growing number of tech firms and educational institutions took up space.

Architects Journal reports that Architect Carmody Groarke has submitted plans for a vertical extension and refurbishment of an Edwardian, Grade II-listed office block. The seven-storey building forms the south-east quadrant of Finsbury Circus, lying between Moorgate and Liverpool Street stations.

Construction Enquirer has reported that enabling, demolition and structural works are to cost around £40m for the New Museum of London. It comes as the cost of transforming the market buildings into a museum has already risen to £337m from the original budget of £250m.

Hackney

Hackney gazette reports that bedsits in a Clapton tower block are set to be converted under the council’s Hackney Living Rent model. The 16 homes in the 17-storey Gooch House will be aimed at local renters and offered at a third of average local incomes.

Islington

Islington Gazette reports that Islington Council is consulting on what it should do when a controversial outsourced housing deal with a private sector consortium ends next year. A public finance initiative deal, known as PFI 2, that sees Partners for Improvement in Islington manage and maintain 4,042 properties in the borough will end in April 2020. The council is currently consulting residents on if they prefer services were brought back in-house or outsourced again via a procurement process.

Kensington and Chelsea 

Architects Journal reports that Kensington and Chelsea Council is looking for a design team to work with residents on a £57.9 million overhaul of the estate devastated by the Grenfell fire. Bids for the co-design contract will be evaluated 80 per cent on quality and 20 per cent on cost. The deadline for applications is midday, 18 March.

Westminster

City AM reports that Polish billionaire Dominika Kulczyk has reportedly snapped up a luxury property in Knightsbridge for £57.5m. Kulczyk, one of the richest people in Poland, bought the Georgian redevelopment near Harrods from residential developer Mike Spink, after taking control of the Farringdon Property Trust.

Property Week reports that Barings has sold a 7-10 Waterloo Place to Frankfurt-based Cara Real Estate for £71m. The sale reflects a net initial yield of 4.06%, following three years of repositioning of the 35,000 sq ft building by Barings.

Architects Journal reports that construction has started on a temporary community led project by Jan Kattein Architects, the latest phase of the redevelopment of the Ebury Bridge Estate.The 505m² scheme will create shops, a café and workspaces for the ‘neighbourhood in transition’ while the 1930s estate in Pimlico makes way for 750 new homes drawn up by Arup.

Architects journal reports Historic England is not convinced that the ‘substantial harm’ Allford Hall Monaghan Morris’s temporary House of Commons scheme would cause is justified. The proposal, to adapt Grade II* listed Richmond House, creating a temporary chamber and offices for MPs, is the first step of a wider overhaul of the parliamentary estate being overseen by BDP.

Industry wide 

Property Week reports that Cushman & Wakefield has launched a flexible office business that will run workspaces for its clients under their own brands. INDEGO aims to help customers move into the flexible workspace sector without having to deal with the ‘operational complexities’- it will also offer landlords services ranging from design, build and marketing to onsite operation and business management.

Property Week reports that The Collective has agreed a new £140m financing deal to fund the group’s continued expansion in the UK and overseas. The four-year group-level financing from Deutsche Bank and Gravis Capital’s GCP Asset Backed Income Fund comprises a £120m term loan and a £20m revolving tranche. Deutsche is providing £87m and Gravis the other £53m.