A weekly round up of the latest property news from the central London boroughs.
Central London news
EG reports that Israeli billionaire Teddy Sagi has launched Labs Enterprise to capture flexible office demand from larger firms. The new venture, a spin-off from LabTech’s existing co-working arm, Labs, aims to provide workplaces for businesses with more than 50 employees. It has services available in various locations within the City of London as well as Camden.
City of London
PW reports that the Collective has announced that its second co-living site in London will be a 705-room development in Canary Wharf.
PW reports that the Law firm BDB Pitmans has instructed agents to help it look for a new office in the City of London.
PW reports that Aberdeen Standard Investments has appointed Knight Frank to sell City of London building Paxton House for £9.5m, reflecting a net initial yield of 4.5%.
City of Westminster
EG reports that the Crown Estate is to appoint Dan Labbad as its new chief executive, replacing Dame Alison Nimmo. Nimmo steps down at the end of the year after serving two four-year terms as the head of the estate. Australian Labbad joins from Lendlease Europe, where he has served as chief executive since 2009.
EG reports that European Land’s 42-storey Cucumber tower at Merchant Square, W2, has been approved by Westminster City Council’s planning committee. The consent covers two towers of 42 and 21 storeys at 1 and 6 Merchant Square.
PW reports that Mason & Fifth has secured two properties, a 28-unit scheme in Bermondsey and a scheme in Gloucester Place in Marylebone. Plans announced to provide spacious Co-Living areas in a boutique setting.
PW reports that Oxford Street Blues CVA’s, Brexit and delays to Crossrail have cast a long shadow over London’s premier shopping destination.
PW reports that London’s West End had its strongest first quarter for office take-up in six years, according to new quarterly statistics on the Central London office market from Savills.
EG reports Hackney’s first co-living scheme has been refused after a planning officer deemed its impact on heritage and affordable provision to be “unacceptable”. Rainbow Properties’ 146-room project at 3-27 Wilberforce Road (N4) has been rejected by Hackney Council.
Kensington & Chelsea
PW reports that Mayor of London Sadiq Khan has refused permission for Johnny Sandelson’s planned redevelopment of Heythrop College in Kensington Square into 142 retirement living homes.