Weekly Property News From The Central London Boroughs
A weekly round up of the latest property news from the Central London Boroughs
City of London
The Estates General reports that Brookfield Global Asset Management is considering buying out Oxford Properties’ 50% leasehold stake in the recently completed £700 office development London Wall Place, EC2. Oxford Properties is the property operation of the Canadian pension fund Omers. In 2012 New York listed Brookfield entered into a joint-venture Oxford Properties to develop a 500,000 sq. ft London Wall scheme.
Property Week reports that Aviva and Transport for London have agreed to build a 175,000 sq. ft retail and office space at 1 Liverpool Street, directly opposite the new Liverpool Street Elizabeth Line (Crossrail) Station.
Hammersmith and Fulham
Property Week reports that CLS have announced the acquisition of two London Office buildings. The buildings at 6 Lloyds Avenue in the City of London and the iconic Clockwork Building in Hammersmith will generate an annual passing rent of £4.2 million. The Clockwork Building contains 39,626 sq. ft of office space, rented out to six long-term tenants. Chief executive officer at CLS, Fredrik Widlund said: “The UK market, and particularly London, offers significant opportunities for acquisitions by well capitalised real estate investors with these properties offering strong cashflow from a diverse range of tenants. We continue to focus on our successful strategy of acquiring properties on an opportunistic basis across the UK, Germany and France, where we can actively manage the assets to deliver income growth and value to investors.”
Kensington and Chelsea
Property Week reports that the Vatican has secured two new tenants for its Kensington High Street properties. British Grolux Investments, a firm owned by the Papacy, owns the 57,000sq. ft at 176-206 Kensington Highstreet which also contains 108 apartments. British Grolux Investments bought the property from the UK Commercial Property Trust for around £60 million in 2015. Richard Griston, partner at Knight Frank, who advised British Grolux commented: “Kensington High Street has arguably suffered in recent years, during what are challenging times for the retail sector. However, the significant investment from local landlords and the flurry of recent openings that include House of Japan, Joe & Juice, Hema, Ole & Steen and Zuaya along with the proposed repositioning of the Kensington Roof Gardens, are positive signs that this famous high street is once again a thriving London destination.”
Wandsworth
Property Week reports Wandsworth Borough Council has purchased a two-acre industrial estate. It has been announced that Wandsworth Council has bought the two-acre Sergeant Industrial Estate at 102 Garrat Lane for £28 million. The site which houses nine trade counters and light industrial units set over 51,958 sq. ft is understood to have attracted strong competition from investors and developers.