A weekly review of the latest planning and property news from the central London boroughs
PW report that the two former chief executives of Addison Lee, Liam Griffin and Daryl Foster are seeking offers for the former headquarters of their cab company in excess of £23.5m. Griffin and Foster are attempting to sell 35-37 William Road through their property company Melrose Capital, to launch themselves into the property market. Harris Associates and Colliers International are acting on behalf of Melrose to sell the 32,000 sq ft buildings.
EG report that M&G have instructed Knight Frank to find a buyer for 247 Tottenham Court Road for around £90m. The 73,600 sq ft mixed-use property contains retail space, offices and residential units. Current occupiers include Pret a Manger, Flying Tiger and Nero, as well as financial advisers Timothy James and teacher recruitment and training firm Protocol Education.
City of London
PW report that the Turkish investor Esas Holdings are in the process of purchasing 15 Fetter Lane from the British Steel Pension Fund. The deal is valued around £92.5m, at a yield of 4.95%.
PW report that Greycoat and Cheyne Capital have put 8 Salisbury Square up for sale. Cushman and Wakefield and Eastdil have been appointed to find a buyer. The 166,000 sq ft building does not currently have an asking price.
PW report that Spelthorne Council have pulled out of a deal to buy 100 Cheapside in the City of London. This comes a week after its attempt to buy Ballymore’s One Embassy Gardens, in Nine Elms, also collapsed. Aberdeen Standard Investments aimed to sell the 100,000 sq ft building for £136m, with Spelthorne Council attempting to build its property portfolio to fund affordable housing in the borough.
EG report that Nuveen Real Estate has sold the Steward Building for £97m to Saudi investor Al Rashed. The 57,000 sq ft building is a mix-used development containing office space and retail floorspace.
EG report that US law firm Milbank Tweed Hadley & McCloy is planning to take up 90,000 sq ft in Liverpool Street. The lawyers want to expand their operation in London, and want to move into British Land and GIC’s 520,000 sq ft 100 Liverpool Street redevelopment
City of Westminster
EG report that Brockton is in negotiations to buy Marks and Spencer’s headquarters in Paddington for £220m. They are in talks with the owner, the Korean Federation of Community Credit Cooperatives. Marks and Spencer have occupied the 13-storey, 237,800 sq ft building since 2003.
PW report that New Bridge Health, the online pharmaceutical company is to open its new headquarters in the Old Sorting House in Islington. The global company has signed a 10-year lease for the 21,760 sq ft building.