A weekly round up of the latest property news from the central London boroughs
City of London
PW reports that Henderson Park has pre-let 75,000 sq ft of space at Athene Place in the City of London to Deloitte. The business vacated the Midtown building in June ahead of a refurbishment and is now re-leasing the space for its Deloitte Digital arm.
PW reports that City of London office building One Bartholomew Lane is under offer to a private South African investor represented by Pembrey Asset Management for around £110m. If completed, the sale of the 79,800 sq ft building’s freehold for £104m, which overlooks the Bank of England, would reflect a yield of 3.8%. A source close to the deal told Property Week that interest in the property had been high, probably due to its close proximity to the Bank of England.
EG reports US stock exchange Nasdaq is looking for a new London headquarters. The New York-based company, which currently occupies around 30,000 sq ft at 25 Basinghall Street, EC2, has appointed Colliers International to undertake the search. The 330,000 sq ft building, also known as Woolgate Exchange, is owned by Taiwanese insurance firm Cathay Life. Nasdaq is looking for a similar amount of space, having already upsized its London base when it signed up for 25 Basinghall Street in 2013. It expanded in London following the acquisition of Thomson Reuters’ investor relations business.
City of Westminster
PW reports AB Hotels Group has sold the Arch London hotel on Great Cumberland Place to Staywell Holdings, part of Prince Hotels. Once refurbished, it will be the first hotel to open under Staywell’s new five-star brand, The Prince Akatoki.
PW reports that Private equity firm Cinven – the owner of shoe brand Kurt Geiger – is under offer on 50,000 sq ft of office space at Columbia Threadneedle’s 21 St James’s Square in the West End. If completed, the letting would account for the majority of the space at the period building, which comprises a total of 61,381 sq ft. A fund managed by Columbia Threadneedle acquired the eight-floor St James’s Square building in early 2016 from Pembroke Real Estate for around £120m, and the owner has since carried out a full refurbishment.
PW reports Landsec is launching its first flexible office next year in a 36,000 sq ft space at 123 Victoria Street in London. The listed developer’s move into the serviced office sector, first tipped by Property Week earlier this year, was announced in its half-year results on Tuesday. Chief executive Rob Noel said the flexible office product would “provide customers with direct access to contemporary serviced space on flexible, allinclusive terms” when it opens in April 2019.
PW reports that Photographic retail company Jessops has signed for a new store at Thor Equities’ 145 Oxford Street scheme. It will move into its new 3,800 sq ft store within the 8,000 sq ft corner building (pictured) before Christmas. The store is close to Crossrail’s new Tottenham Court Road station, which is scheduled to open in 2019 and sits alongside Calzedonia, Zara and Swarovski stores. It will feature specialist photo printing machines and will also off er onehour canvas and posterprinting facilities. Thor acquired 145 Oxford Street in December 2015 for £40m. It also owns 105-109 Oxford Street, 100 New Oxford Street and Bond Street House.
Kensington & Chelsea
EG reports that Sadiq Khan has called for more affordable housing under any new plans put forward by Capital & Counties for its Earls Court regeneration scheme. Khan said more affordable homes should be available as part of any new plans for the stalled redevelopment. He also said two housing estates at risk of demolition under the current plans should be “handed back entirely” to the council. In a statement, Khan said: “To ensure my concerns are addressed, my view is that ahead of alternative plans being progressed and determined, the estates should be handed back entirely to the London Borough of Hammersmith & Fulham.” Capco, which has led the scheme since 2009, is in talks with Hong Kong’s CK Asset Holdings to sell an interest in the 77-acre site.
PW reports that M&G Real Estate has bought One Southwark Bridge, the headquarters of the Financial Times, from Pearson for £115m. WPP has signed a 20-year lease.