A weekly round up of the latest property news from the central London boroughs.
EG reports that Brexit is suffocating the property market in 2019. Central London office investment in the first quarter of the year down by 40% on Q1 2018 to £1.5bn and take-up down 14% to 2.1m sq ft according to the latest figures from JLL.
City of London
EG reports that the Reuben brothers have brought the long leasehold on 100 Pall Mall, SW1 for close to £90m. Tenants at the 60,620 sq ft property include DP9, CapVest and Laird. Vendor Standard Life Assurance was granted the 125-year lease in January 2011.The crown estate owns the freehold
PW reports AshbyCapital and Helical have agreed a 43,000 sq ft lease to the University of Chicago Booth School of Business at One Bartholomew in the City of London.
City of Westminister
EG reports that O&H Grafton Developments has put in a planning application to redevelop a site in Mayfair to create an 82 bedroom hotel to be operated by Louis Vuitton owner LVMH’s Cheval Blanc. The site encompasses 10 Grafton Street, 11-14 Grafton Street, 22-24 Bruton Lane and 163-164 New Bond Street. Designed by Foster + Partners, the development will also include restaurants and shops, as well as up to six homes. In the planning statement, Gerald Eve, on behalf of O&H Grafton Developments, said that London had been a key target for Cheval Blanc and that Bond Street had been specifically identified as a required location for a new hotel, due to its reputation and proximity to LVMH’s existing stores.