A weekly round up of the latest planning and property news from the central London boroughs
CamdenNewjournal reports a plan for a new neighbourhood in Kentish Town is set to be unveiled next week when developers, Folgate Estates, lodge designs for 800 new homes on one of the last brownfield sites in the borough. If given the green light the scheme will include new housing, businesses and a car-free public space. The heights of the proposed buildings would range from 12 to 19 storeys; however, raised concerns include the height of the buildings and whether people can afford to live there. Folgate said 35 per cent of the housing set to be “affordable”, and one third of the land to be devoted to open space.
City of London
Evening Standard reports that the Canadian investment giant Brookfield has demonstrated confidence in London’s office market, completing on a £635 million purchase in the City. Real estate funds managed by Brookfield Asset Management this week completed on a deal for 30 Fenchurch Street, a 550,000 square office property. The company has a number of projects in the capital, and is one of the owners of Canary Wharf Group. Brad Hyler, managing partner and head of European real estate at Brookfield, said: “we believe the City is an attractive investment market and we are excited to expand our portfolio with the acquisition of 30 Fenchurch Street.”.
Property Week reports that British Land has signed new lettings with four food and beverage companies at 155 Bishopsgate. Plant-based burger restaurant Neat Burger has taken a 2,700 sq ft space, Hawaiian poké restaurant Honi Poké will take 500 sq ft and Black Sheep Coffee will take 1,200 sq ft. Nest, a bar and restaurant run by Urban Pubs and Bars, will open a 3,300 sq ft space including an outdoor terrace. Black Sheep Coffee will also run the reception café within 155 Bishopsgate. Existing brands at 155 Broadgate include Portuguese tapas restaurant Bar Douro, Spanish small-plates restaurant José Pizzaro and independent wine merchant Uncorked.
Kensington & Chelsea
North Ken News reports on Plans to deliver 600 new council-owned homes in Kensington and Chelsea after building work began on two sites in the borough. Construction is now underway on 37 homes and community and commercial space adjacent to Our Lady of the Holy Souls Church on Kensal Road, with an additional 20 homes being built on Hewer Street opposite St Charles’ Hospital. The developments are part of the Council’s New Homes Delivery Programme to build 600 homes – at least 300 at social rent – on Council-owned land.
Property Week reports that Kensington freehold apartment block Allen House has gone up for sale for £50m. The West London building, which houses 45 flats, is being marketed as a development opportunity. The detached property currently spans 40,916 sq ft across six storeys, but has planning permission for the redevelopment for a total of 55,315 sq ft comprising 45 residences, inclusive of two penthouses, private terraces and landscaped gardens.
Hammersmith & Fulham
Property Week reports banking group BNP Paribas is moving its Glasgow operations to 177 Bothwell Street, taking the first floor of the SmartScore-committed building which achieved a platinum WiredScore certification. The firm has signed for 20,624 sq ft and will move more than 200 staff into the first floor of the office property. Stephen Lewis, managing director of HFD Property Group, said: “177 Bothwell Street has been designed to exceed occupier requirements. We have worked hard to ensure that occupiers are at the heart of what the building is about, through a wide variety of initiatives – whether it is minimising 177 Bothwell Street’s carbon footprint or maximising natural daylight for the people working there.
Property Week reports that Wolfe Commercial Properties Southbank has received planning consent for its plans to refurbish and extend 76 Upper Ground, a grade II-listed building in Lambeth, south London. The plans will deliver almost 120,000 sq ft of sustainable office space through retaining over 80% of the existing structure. Construction is expected to begin in the third quarter of 2022, and building to to be completed in 2025.
Property Week reports that Ballymore has sold its office building One Embassy Gardens in Nine Elms, London to Kennedy Wilson for £177.5m. One Embassy Gardens includes a new neighbourhood in Nine Elms, combines homes, offices, retail and leisure space, and new public areas. John Mulryan, group managing director at Ballymore, said: “With the US Embassy, Apple and Penguin Random House and DK already committed we are proud to be part of this area’s ongoing growth story. The future development of our 300,000 sq ft EG:HQ development directly adjacent will add further critical mass to the establishment of Nine Elms as a commercial centre in London.”
KCWLONDON reports on the reopening of Trafalgar Theatre following a multimillion-pound restoration project promises to revitalize the West End. After gaining planning permission in May 2020, building work began to turn the premises into a single 630-seat theatre on two levels, Stalls and Dress Circle. A new spacious foyer and a new stalls bar were also added to create an enhanced customer experience. The theatre is set to open on 28 July 2021, staging the Jersey Boys.
Property Week reports that London’s local planning authorities are sitting on at least £1.55bn in unspent developer contributions. The figure comes from analysis by Property Week of the infrastructure funding statements (IFS) of every local planning authority in London that has published details of the developer contributions received and spent up to 30 March 2020. Of the at least £1.55bn unspent as of 30 March 2020, around £1.1bn is from section 106 contributions and nearly £445m from CIL payments. The figure for London could be higher still, as two local authorities – the boroughs of Ealing and Enfield – have yet to publish an IFS, despite being required to do so by law by the end of last year.