A weekly round up of the latest property news from the central London boroughs
City of London
EG reports that the City of London Corporation has granted planning content to the £1.5bn, 56-storey Diamond Tower, which will become the City’s third tallest building.
City of Westminster
PW reports that Hermes Investment Management has sold the former 123,200 sq ft, eight-storey, Woolworths headquarters at 242-246 Marylebone Road to Henderson Park for £94m.
PW reports that luxury jewellery brand Tiffany & Co has agreed terms to open a new flagship store at 12-13 James Street, part of Capco’s Covent Garden estate.
PW reports that the founder of Zara, Amancio Ortega, is poised to buy the 330,00 sq ft Adelphi building at 1-11 John Adam Street, near Covent Garden. The asking price comes close to £600m and would come through Ortega’s investment vehicle, Pontegadea.
Kensington and Chelsea
PW reports that Queensgate Investment has agreed a £280m refinancing deal for one of the largest hotels in central London. The facility, which has the option of two additional one-year extensions, is secured against Holiday Inn Kensington Forum Hotel at 97 Cromwell Rd in Kensington.The 500,000 sq ft hotel near Gloucester Road Tube Station has 906 rooms. The loan replaces a £260m facility provided by Society Generale after Queensgate bought the hotel from Apollo Global Management for £400m in 2015.
EG reports that a Lodha-affilated company has exchanged contracts with Delancey to buy its luxury Kensington Odeon development, which could have an end value of close to £300m. India’s largest development – making headlines in 2013 when it bought the Canadian Embassy on Grosvenor Square, W1, for £306m – has not bought anything since 2014.
EG reports that Slovakian developer J&T Real Estate has made its debut UK investment alongside Sons & Co, having exchanged on Delancey’s £400m luxury scheme of 163 flats at 185 Park Street, SE1.
PW reports that the Canary Wharf Group has been provided a £30m development finance loan from Metro Bank to build a new 60,000 sq ft Arts Club private members cub in Canary Wharf.