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

City of London 

PW reports that AshbyCapital is looking to cash in on overseas investor appetite for London offices by putting 200 Aldersgate in London’s Farringdon on the market with a guide price of around £320m. The company has appointed CBRE and Savills to market the 434,000 sq ft office building (pictured), which it acquired for £225m in 2013 from Helical following a major refurbishment in 2011.It is understood that the £320m price tag reflects a yield of 4.5% and that any buyer would benefit from further rent reviews over the next 12 months, potentially pushing the yield up to over 5%. The current passing rent is believed to be between £40/sq ft and £45/sq ft, but in early 2016 it was reported that AshbyCapital had let space on one of the upper floors to Jampur Group for £81.50/sq ft. Under AshbyCapital’s ownership, 200 Aldersgate’s occupancy has increased to nearly 100% and the building’s amenities have also been improved.

PW reports that British Land and GIC have signed fintech duo Starling Bank and Innovate Finance to take space at Broadgate’s 2 Finsbury Avenue. Starling Bank, the first mobile-only challenger bank to launch a current account,  will take 14,500 sq ft on the third floor of the building and Innovate Finance, the UK fintech membership association, will take 1,600 sq ft on the seventh floor.

PW reports that Thackeray Estates has signed three new office tenants and a handful of retailers at its Eastcheap Estate redevelopment in the City of London. Three floors have been let in the first finished building, No. 39; and one floor has been let in No. 25.Midrex UK, which designs and builds iron plants; Ingenhaag, an independent tax adviser; and DRUM Risk, a provider of pre-investment due diligence and risk management, have all taken around 1,000 sq ft of space.Office rents at the scheme begin at £65/sq ft. Thackeray has also let around 8,500 sq ft of the retail space available, to tenants Joe & The Juice, Black Sheep Coffee, Blacklock, Baygo, Adam and Waka.

Hammersmith & Fulham

PW reports that the Sloane Stanley Estate has struck a deal with Benjamin Moore which will see the US designer paint brand open its debut London showroom at 263 Fulham Road. The 1,300 sq ft flagship store is set to open later this month and will stock the brand’s range of premium paints, which are available in more than 3,500 shades. Founded in 1883, Benjamin Moore has been available to UK buyers online since September 2015.  The deal follows the recent opening of French interior design firm Silvera, which launched its debut UK showroom on the King’s Road in June. Miles Commercial and Savills represented Sloane Stanley.

PW reports that The team behind Pergola on the Roof will open a new pop-up canteen at the King’s Mall Shopping Centre in Hammersmith, after signing a deal with landlord Schroder UK Real Estate Fund (SREF). Feast Canteen is the latest dining concept from Incipio Group, the company behind the Pergola on the Roof leisure brand which began as a pop-up at Stanhope’s Television Centre scheme, White City in summer 2016 and has recently signed a two-year lease at British Land’s Paddington Central. Feast Canteen will operate a new 7,500 sq ft food court at King’s Mall, in addition to taking an additional 4,100 sq ft of back of house space.Operators within the food court will include Breddos Tacos, burger operator Patty & Bun, pizza restaurant Born and Raised and Salvation Noodles.

Kensington & Chelsea

Malaysia’s Federal Land Development Agency, Felda, is selling the Grand Plaza Hotel in Kensington, W2, for £110m. The 105,336 sq ft property comprises 13 interconnected Victorian buildings on Prince’s Square, Bayswater, and provides 198 serviced apartments. It also includes a courtyard, restaurant, office and meeting space. It is being offered freehold and is available with vacant possession. Felda, which operates some of the world’s largest palm oil plantations, bought the hotel three years ago for £98m through its investment arm Felda Investment Corporation. In January the state-owned group was mandated to sell shares in its investment portfolio to raise money for its small landowners. CBRE and Knight Frank are advising FIC.

Southwark 
PW reports that facilities management firm Mitie Group has become the 31st company to sign at The Shard after agreeing a 15-year lease to take the entirety of Level 12. Mitie’s letting of 29,824 sq ft will allow it to bring 250 employees from three separate locations together under one roof at The Shard. Asset manager REM  announced the deal on behalf of the building’s owners as part of office lettings totalling 39,967 sq ft at The Vertical City. Existing occupier Foresight Group, the private equity investment manager, is also expanding by a further 10,143 sq ft of office space on Level 18 in line with its existing lease. Knight Frank and JLL are the leasing agents on The Shard. Vail Williams acted for Mitie and Foresight was unrepresented.

PW reports that flexible workspace provider Uncommon has expanded to a second location, opening a 25,000 sq ft space in Borough. The company already operates an 18,000 sq ft site in Islington and has acquired a further 26,000 sq ft space in Fulham. Once all are operational, the three sites will offer around 1,300 desks to tenants on a flexible basis, alongside shared amenities and support services.In June, the company received a £150m investment from the Carlyle Group.

Westminster

PW reports that Aberdeen Standard Investments have made a double investment in Harley Street, committing £40m to back the growth of medical technology in the UK. The Standard Life Investments Long Lease Fund has bought the freehold of two buildings at 95 and 97 Harley Street in London from Anglo Suisse Investments.

EG reports that Firmdale, the owner of the boutique Ham Yard Hotel in Soho, W1, is seeking £120m to refinance the existing debt secured against the hotel to fund its development pipeline. Tim and Kit Kemp’s hotel chain has instructed JLL to find fresh funding for the 91-bedroom hotel, and is seeking a seven-year loan at a 60% LTV, implying a valuation of £200m.

EG reports that Luxury British fashion brand Burberry is moving its agship store across the road in Knightsbridge, SW1, to Chelsfield’s Knightsbridge Estate development. It has agreed a deal for a new four-storey 15,000 sq ft shop on a 20-year lease at £4m pa, at 1 Sloane Street, SW1, which forms part of the first phase of Chelsfield’s Knightsbridge Estate K1 scheme. The development also includes of office space, 35 rental flats and a garden. Burberry has signed for the rest of seven retail spaces. Chelsfield acquired the 340,000 sq ft site in 2010. Burberry was unrepresented; CBRE and CWM acted for Chelsfield.

EG reports that Lazard has hired Colliers International to look at options for a new 80,000 sq ft West End base, ahead of a lease expiry at its HQ at ADIA’s 50 Stratton Street, W1, in 2022. The firm is understood to have contacted Great Portland Estates, Grosvenor and The Crown Estate about a potential move but is also considering a renewal of its current lease.