A weekly review of the latest planning and property news from the central London boroughs
City of London
EG report that Brewin Dolphin, the British financial planning firm is in talks to lease the five-stroey neo classical 25 Cannon Street, from Pembroke. The 116,000 sq ft building near St Paul’s Cathedral was completed in 2000, and is currently occupied by Fidelity International. The property sits opposite the Oxford and Cambridge Club and following refurbishments in 2006 and 2016/2017 provides 35,257 sq ft of office space.
EG report that the Tulip skyscraper, proposed by J Safra Group and Foster + Partners does not comply with the London plan. The 305m building, which would be next to the Gherkin would include public space and classrooms at the top of the tower. The Greater London Authority raised concerns about the design of the building and the height. They also found issue with the loss of public realm at street level. However, the Mayor of London, Sadiq Khan stated that these problems could be resolved and therefore make the plans compliant.
PW report that a private South African investor, represented by Pembrey Asset Management have purchased One Bartholomew Lane for £107m from Hines, on behalf of the Korean Investment Corporation.
City of Westminster
EG report that Westminster City Council have approved Daejan Investments application to build a seven-storey building between Oxford Street, Wardour Street and Berwick Street. The building, which will replace a set of buildings will contain a nightclub, 60,773 sq ft of office space and 30,599 sq ft of retail unit space.
EG report that Zenith Property Developments have instructed Cushman & Wakefield to find a buyer for the freehold of 50 Pall Mall, SW1, on behalf of a European investor. Zenith are looking for offers in excess of £59.2m. The sale price reflects a net initial yield of 4.25% and a low capital value of £1,678 per sq ft.
Hammersmith and Fulham
EG report that the renovation of the 130-year-old Olympia exhibition venue, in W14 is likely to be approved by Hammersmith and Fulham Council, as it has been recommended for approval by officers.
The £700m plans, designed by Heatherwick and SPPARC, include new facilities for the exhibition centre. It will also create 70,000 sq ft of co-working space, 600,00 sq ft of creative offices and studios, and 2.5 acres of public realm. The proposals also feature 73,000 sq ft of performing arts space, hotels, cinemas and restaurants.
PW report that Knight Frank have been appointed by ITV to sell its former London Studios. The studios on the South Bank have been ITV’s home for 45 years. The site currently has planning permission for a 31-storey residential tower, new office and studio space.
EG report that DWS, the asset management wing of Deutsche Bank has inquired about purchasing Ballymore’s One Embassy Gardens in Nine Elms, SW8. Ballymore instructed JLL and Savills to find a buyer for the 156,000 sq ft office scheme in October 2018.