A weekly round up of the latest property news from the central London boroughs
EG reports that Galliard is attempting to buy Camden Goods Yard, just behind Camden Market. The £300m scheme consists of 4.9 acres and the plans detail the building of 389 private flats, with 184 affordable flats. It would also include a supermarket, 125,00 square foot of office space and a roof top farm.
City of Westminster
PW reports that YardNine, backed by Invesco Real Estate, has bought 40 and 50 Eastbourne Terrace in Paddington for £110m from Hermes Investment Management and Canada Pension Plan Investment Board. Number 40 is an 84,450 sq ft office space while no. 50 has consent for a 94,185 sq ft office and retail scheme.
EG reports that Grosvenor plans to give South Molton Triangle, W1, a facelift. Mayfair’s biggest landlord has begun a public consultation on the scheme. Subject to planning approval, the redevelopment will start next year with completion expected to be completed by 2021.
EG reports that The Crown Estate is planning a £250m comprehensive refurbishment of the 14-storey New Zealand House at 80 Haymarket, SW1. The New Zealand government is close to agreeing a deal with The Crown to surrender the long lease of the 81,389 sq ft complex – home to the country’s High Commission – and is considering other options.
Kensington and Chelsea
PW has reported of the continued devaluation of Earls Court, as Capital & Counties’ unsuccessful development has recorded another £52m loss. The 77-acre site near the historic Empress State Building, used to value at £1.4bn in 2016, is now valued at around £707m.
PW reports that Reuben Brothers are continuing to buy up more of Kensington. The property investor siblings have purchased the freehold of Glen House, on Old Brompton Road in South Kensington, which currently houses a Ferrari showroom. The building also has planning permission for luxury apartments and office space. The Reuben Brothers have also bought 1 and 3 Eagle Place, close to Glen House, following their purchase of 69-70 Pall Mall.
EG reports that One Cabot Square in Canary Wharf has been bought by South Korean financial investors KB Securities. The building is currently the UK headquarters of Credit Suisse and has 500,000 square foot of office space.