A weekly review of the latest property news from the central London boroughs.
City of Westminster
Estates Gazette report that Lazari is in advanced talks to buy 50 Pall Mall from Zenith Property. The site, originally Boodle Gentleman’s Club was last renovated in 2016/2017, resulting in 35, 257 sq ft of offices. Zenith Property asked Cushman and Wakefield to put the site in St James’s on the market for offers in excess of £59.2m, reflecting an initial yield of 4.25%.
Estates Gazette report that Southwark Council have granted planning permission for a £600m mixed-use project on Old Kent Road. The site will deliver 1,113 apartments, in a variety of buildings, ranging from 3 storeys to 48 storeys.
Estates Gazette report that sovereign wealth fund, the Qatar Investment Authority is nearing a £625m refinancing of the HSBC Tower in Canary Wharf. A club of six banks have come together to provide the new five-year loan secured against the building at 8 Canada Square, E14. The HSBC Tower is one of only a handful of buildings in the Canary Wharf estate that is not owned by Canary Wharf Group, in which QIA owns a 50% stake alongside Brookfield.
Property Week report that a number of retail units have been pre-let in Canary Wharf Groups new 23-acre development. The site will include 2.8m sq ft of office space, 3,600 homes and 490,000 sq ft of retail. Grind, the coffee shop and cocktail bar company have let 4,000 sq ft, while the restaurant Pedler has taken 4,000 sq ft. Crosstown Doughnuts will let a 573 sq ft unit at the site too.