A weekly round up of the latest property news from the central London boroughs
EG reports that Aprirose has bought Holborn Central, an office and retail site above Holborn Tube Station. The sale by Transport for London is part of their strategy to sell off a small number of unnecessary to free up funds elsewhere. Holborn Central, a 68,373 sq ft building was sold for around £40m to Aprirose.
City of London
EG report that the City of London Corporation has granted planning permission to redevelop Seal House on Swan Lane. The scheme by Eric Parry Architects is an 11-storey development with a public roof garden and restaurant on the top floor. The site will also double the current office space to 173,130 sq ft.
EG report that British Land has submitted plans to create a new park in its £1.5bn development of Broadgate. The 64,500 sq ft park will be the largest pedestrianised neighbourhood in central London. The site incorporates the Exchange Square by Liverpool Street, which will feature restaurants and event space.
City of Westminster
EG report that Quadrum Global have placed 21 Dartmouth Street on the market for around £88.9m, reflecting a net initial yield of 3.75%. The site near St James’s Park that’s freehold is let by the House of Commons on a new 20-year FRI lease with a tenant option to break at year 15.
PW report that Aberdeen Standard Investments (ASI) has sold 60 Charlotte Street to Westbrook Partners for just £80m. ASI have suffered from a number of redemptions in recent months. 60 Charlotte Street was the company’s largest office buildings, and one of the fund’s highest-valued assets. ASI have also put Browns restaurant in Coven Garden up for sale.
Hammersmith & Fulham
EG report that Schroder’s has put the £105m One Lyric Square building in Hammersmith on the market. Michael Elliot has been instructed to market the 103,474 sq ft property which is let in its entirety to The Office Group for 19.5 years without a break. One Lyric Square, opposite Hammersmith Underground station is within King’s Quarter area, which is undergoing a multi-million pound repositioning project and also includes a shopping centre.
PW report that London Square have launched a commercial arm, aimed at securing success for its mixed-use sites. London Square Works will focus on ‘developing high quality bespoke space for offices, retail and leisure’. Their first scheme of this nature is Cally Yard on Caledonian Road in Islington. Cally Yard will be a 53,000 sq ft flexible workspace, which is being offered on a long-leasehold basis.