The recently completed ‘Razor’ tower in Elephant and Castle, London is to generate 8% of its own energy with new wind turbines.
Officially named the Strata tower, it stands at 148 m high and is part of a £1.5 billion project to regenerate the area around Elephant and Castle. It cost £113 million and also includes a smaller building, named the Pavilion. The towers are mainly for residential use, comprising of exclusive apartments ranging from £230,000 to £2.5 million in price. (more…)
West End and City office space landlord Derwent London has reported a sharp pick-up in business this week.
The firm, who owns office property in the City and West End areas of London, announced a 9.8% rise in the value of its property portfolio over the last half of 2009. The figures partly offset the 12.3% drop in the first half of 2009, which left the portfolio down 3.3% for the whole of 2009. Derwent had previously reported losses of £34.9 million for 2009, which was an improvement on the £606.5 million in 2008. Property values in 2008 had also dropped by 22.1%. (more…)
The office building of PricewaterhouseCoopers at More London has won the first ‘outstanding’ BREEAM rating in the UK.
BREEAM is the standard for sustainable design and environmental performance. The ratings look at many different criteria and offer an award based on the results. ‘Outstanding’ is the top rating, meaning the site has to meet or exceed 85% across all targets. (more…)
A portfolio of eight London office buildings is to be put up for sale by CB Richard Ellis Group Inc.
The buildings belong to entrepreneur Simon Halabi, and are being sold to repay investors part of the £1.15 billion in defaulted bonds which back the buildings. (more…)
One of London’s most popular architectural icons, The London Eye, celebrates its tenth birthday this week!
It was officially opened on 31st December 1999 by then-prime minister Tony Blair, but face technically difficulties meaning it couldn’t open fully to the public until March 2000. Ten years on and over 30-million people have taken the breath-taking ride to view the capital from above. It was the worlds largest Ferris wheel until two years ago, when the Singapore Flyer took its crown by being 30 metres taller. (more…)
Legal & General are reported to have made an offer on 26 Red Lion Square, London.
The building is currently owned by an offshore investor, but Legal & General have registered their interest in the building with a £52 million offer, offering a 8.2% yield on the property.
26 Red Lion Square is currently leased to Cable and Wireless, which expires in January 2023. They in turn sub-lease most of the 107,000 office space development to The Economist Group. The current rent is £28 per sq ft, with a break in contract in 2013. This earns a net income of 34.9 million per annum. Part of the ground floor and the entire fourth to sixth floors are sub-let by Cable and Wireless to TSL Education. (more…)
A stake holder in the UK’s tallest building has plans to construct an even bigger project in the City of London.
Brookfield Asset Management Inc, based in Toronto Canada, have announced that they are searching for a site to rival the planned 64-storey Pinnacle project. The Pinnacle is the only major office space skyscraper planned for completion after 2012 in the capital’s City district. (more…)
A fire was reported early this morning at an office black and restaurant in Shoreditch, East London.
100 firefighters are still battling the blaze in Tabernacle Street, 20 fire engines were called in to tackle the fire. The fire has spread across the first, third and fourth floor, and part of the roof is also on fire. It has been reported that the top floors have been completely hollowed out by fire. (more…)
The first tenant at the new Ealingcross office space scheme in London has been signed.
Ealingcross is based at 85 Uxbridge Road, Ealing in west London. It is owned by Neptune Land and Standard Life Investments’ Life Property Fund, represented by Montagu Evans and DTZ. It was completed last autumn, promising to bring West End standards of office space to west London. (more…)
Heron International, owned by Gerald Ronson, has submitted the planning permission for the much anticipated Heron Plaza development scheme.
The scheme, worth £500 million will sit in the heart of the City of London, near to Liverpool Street Station. It is the second and final phase of works by the adjacent Heron Tower. (more…)