Property Week reports that British Land has unveiled plans for a major redevelopment of Euston Tower. The plan is to create net-zero workspace for life science and innovation occupiers with “world-class”, lab-enabled spaces for businesses of all sizes. British Land is discussing the plans with Camden Council and other local stakeholders and hopes to submit a planning application towards the end of the year.
The Architect’s Journal reports that Morris+Company has revealed its recently approved designs for a retrofit of three Grade II-listed office buildings on a curved street in central London’s Bloomsbury. The east London-based architecture firm will turn Minerva House, Fitzroy House, and the Telephone Exchange in North Crescent, just off Tottenham Court Road, into 9,920m2 of offices for developers the Schroders Capital UK Real Estate Fund (SCREF) and Stanhope.
City of London
The City of London Corporation reports that a new sustainability milestone has been reached as the first geothermal borehole has been completed on the innovative Salisbury Square development – the first Square Mile scheme to use a standalone borehole cooling and heating system.
City of Westminster
Westminster’s planning committee has passed a planning application and Listed Building Consent application for the refurbishment of the historic Seymour Centre in Marylebone on 11th July. Proposals by Mark Architects and Westminster City Council were submitted to the Planning Department which will see a full refurbishment of the Grade II listed building. The plans include an open plan gym space on the lower ground floor creating a new and accessible space for gym users. The air circulation and ventilation of the gym will also be improved, and a new range of studios for spin, aerobics and other classes will also be provided.
EG Radius reports that Luxury health club operator Third Space has signed a 25-year lease at the £1bn regeneration scheme the Whiteley in Bayswater, W2. Third Space will take 34,000 sq ft of space across three floors, with 21,000 sq ft dedicated to a new luxury wellness centre.
Hammersmith & Fulham
Property Week reports that Catella APAM has sold a prime office site in Hammersmith, west London, to MRP, the property development and investment arm of McAleer & Rushe. The two adjacent office buildings – Liberty House, 76 and 80 Hammersmith Road – comprise a total of c. 90,000 sq ft of office accommodation.
In Islington, the trial low-traffic neighbourhood (LTN) in St Mary’s Church has been made permanent, after monitoring data and resident feedback revealed it has helped create greener, healthier, and more welcoming streets for all. The St Mary’s Church LTN was introduced in February 2022 as an 18-month trial, the seventh LTN to be introduced in the borough.
Kensington & Chelsea
The Evening Standard reports that Kensington and Chelsea council is set to consult on improvements to Portobello Road and surrounding streets.A new community panel of more than 20 people, including residents, community groups, businesses and Notting Hill traders, has been recruited to help inform the consultation.On Wednesday, the council said the group will look at infrastructure in the area, including flood mitigation strategies and a “comprehensive review” of how road access can be made safer for pedestrians, cyclists, and traders.
Property Week reports that Mandarin Oriental Hotel Group has signed a pre-development hotel management agreement with Sampson House (SHL) for a new luxury hotel and branded residences at Bankside Yards on London’s South Bank. The Mandarin Oriental Bankside will occupy a stand-alone, 33-storey building between the Tate Modern art gallery and the Southbank Centre, as part of the wider Bankside Yards masterplan.
Construction Enquirer developer Regal London has submitted plans for 940 student rooms and 200 on-site affordable homes at a landmark Old Kent Road scheme in the capital. The proposed Devonshire Place development is expected to cost around £200m to build with the site located opposite the planned new Bakerloo Line station in the London Borough of Southwark. In addition, 600 sqm of commercial and community areas will be delivered across four buildings ranging in height from 15 to 33 storeys.
Property Week reports that Asset manager LS Estates and Oaktree Capital Management have gained revised planning permission to transform 17 Columbus Courtyard in Canary Wharf into a life sciences facility. The plans will see the 190,000 sq ft office building expanded to provide 200,000 sq ft of flexible laboratory and office space, targeting a BREEAM ‘Excellent’ certification, and anticipated to be finished by the third quarter of 2025.
Property Week reports that Great Portland Estates (GPE) has let all the remaining office space at The Hickman on Whitechapel Road to digital transformation company TPXimpact. TPXimpact will occupy 6,757 sq ft of second-floor space on a five-year lease, with an option to break at year three.
Property Week reports that McLaren Construction Group is moving its headquarters from the City of London to Canary Wharf, going against the trend among financial firms to move out of the area and back to the Square Mile. McLaren Construction has taken the 11th floor, which has a floorplate of 22,573 sq ft at 20 Churchill Place, where it will combine 240 staff from its City office and its base in Brentwood, Esssex from September.
MyLondon reports that Wandsworth residents have criticised Fizzy Battersea Propco LLP and Big Yellow (Battersea) Ltd’s proposals for a 23-storey residential development providing 294 homes at Lombard Road in Battersea on the grounds that the building could block views of the Shard and the London Eye. It comes after previous plans for a slightly taller building on the same site were thrown out by Wandsworth Council last year over a lack of affordable housing. The 24-storey tower block would have included 547 shared living units managed by Greystar.
Property Week reports that British Land and Landsec, two of the UK’s largest developers, have issued recommendations to the government on how to improve the planning system to support brownfield regeneration. The companies set out a series of reforms under the banner ’More growth, more homes, more jobs – how to reform the planning system to unlock urban regeneration’. They said these proposals would not need primary legislation or significant public funding to drive growth.
Property Week reports that London-based investor Helical has reported ‘good progress’ with its development pipeline in a trading update for the period since 1 April. Helical said its development pipeline totals almost 800,000 sq ft of ‘best -in-class’ office space to be completed in an undersupplied market over the course of the next five to six years. In the trading update, Helical said its own schemes and partnership activity were moving ahead as expected.
Property Week reports that UK real estate performance remains firmly wedded to policy rates and looming refinancing risk is a “major concern”, HSBC said as it downgraded its recommendations for shares in 11 property companies. British Land and Landsec had the biggest downgrades, moving down two places from ‘buy’ to ‘reduce’. Hammerson moved one from ‘hold’ to ‘reduce’, while Assura, Big Yellow, Derwent London, Great Portland Estates, PHP, Safestore, SEGRO and Shaftesbury Capital also moved down one place, but from from ‘buy’ to ‘hold‘. HSBC had no ‘buys’ across its coverage.