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Welsh Government criticised over planned London office relocation

The Welsh Government plan to spend £270,000 on a new London office base.

The plans to move to 25 Victoria Street have been severely criticised by the Welsh Conservatives.

The Welsh Government has been accused of “empire-building at the taxpayers’ expense” after announcing plans to relocate to a new London base.

The government plan to move out of its office in the Wales Office and into new office space at 25 Victoria Street – a move which could cost around £270,000. The proposals have been strongly criticised by the Welsh Conservatives who believe the relocation would be an unnecessary expense. (more…)

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London office space dominated by foreign investors

Filed under: News — Tags: foreign investors dominate London office space market, Jones Lang LaSalle, knight frank, Korea Investment Corp, London office space — Amy Edwards @ 12:16 pm

New research shows foreign investors snapped up the majority of London office space last year.

Overseas maiden investments accounted for a third of the total spend in the London office market in the last 12 months.

Foreign first-time buyers and investors are dominating the London office space market according to new research from the property group Knight Frank.

The figures show that foreign investors and cash-rich first time investors are fighting for a share of the market as they look to acquire stable assets in the current Eurozone crisis. According to Knight Frank, overseas investors making their debut investment in the London office space market accounted for about a third of the £9.1 billion spent in the market last year, while foreign investors accounted for about 60% of the overall investment into the market. (more…)

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KTU interested in London offices

Filed under: News — Damian Taylor @ 9:00 am

The KTU could buy office space in London.

A South Korean credit union is close to purchasing office space in London as it looks to take advantage of the relatively inexpensive office market in the UK capital.

The Korean Teachers’ Credit Union is looking to purchase a 12 story commercial property in London as it aims to capitalise on the inexpensive commercial property scene currently in the UK.

It is believed that they could be joined by other Korean companies looking to invest in the London office market with a figure of £299 million being rumoured to take control of the building.

(more…)

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Demand from tech firms boosts London office market

Filed under: News — Tags: Knight Frank report on technology firms, office space demand for tech firms, office space demand in London, offices for tech companies in London, Silicon Roundabout offices — Javaria @ 9:28 am

Big name firms from the US leased office space in the capital.

Globalisation of London is set to continue, experts predict.

Take up of offices in Central London fell by 27% last year, however a doubling of demand from the technology sector suggests that the longer term outlook may fare better than earlier predictions, according to Knight Frank.

The commercial property firm found that 1.3 million square feet of office space was taken up by IT and telecoms companies in 2011, up from 640,000 square feet in 2010. Some of these firms included Facebook, Groupon, Nokia, Apple and Expedia. However, a slowdown in demand was recorded among other industry sectors, such as finance. (more…)

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Report shows that there is a shortage of serviced office space in London

Filed under: News — Tags: excess of grade C office space, Jones Lang LaSalle, London office space, service office space, shortage of london serviced office space — Beth Hepple @ 3:55 pm

There is a lack of supply of serviced office space in London.

The reports comes after research revealed that there is an excess of grade C supply.

A report concerning the availability of serviced office space in London has shown that there is limited supply within the capital.

SME’s looking to move into office space in London are set to be left peeved by the lack of serviced business centres available to them. (more…)

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Occupy London protesters evicted from office block

Filed under: News — Tags: former bank office space, Leadenhall Street office space, London office space, Occupy London office space, Swiss bank UBS office space — Beth Hepple @ 2:32 pm

Occupy London have been evicted from their office space base.

The group were using the office space of a former bank as an ideas workshop.

The Occupy London protesters have been evicted from the office space they were inhabiting in the City.

The protesters were using disused space owned by Swiss bank UBS on Sun Street near Liverpool Street Station but police are said to have evicted around 50 of them from the building, labelled the ‘bank of ideas’, in the early hours of this morning. (more…)

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London loses its property appeal in the tough economy

Filed under: News — Tags: European city property survey, foreign investment in offices, investment in London property, London office space, PricewaterhouseCoopers LLP — Beth Hepple @ 9:28 am

London loses its appeal property-wise because of the financial crisis.

The survey places London tenth out of 27 European cities in terms of property investment.

So far London has remained in a positive position property-wise throughout the financial crisis, but is now said to be losing some of its appeal as people are more reluctant to invest as the UK is faced with the prospect of enduring a recession.

High prices are also said to be a deciding factor, seeing London drop down to tenth place in a ranking of 27 European cities according to a survey put together by PricewaterhouseCoopers LLP. (more…)

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Construction of the Pinnacle tower has been delayed again

Filed under: News — Tags: construction of the pinnacle delayed, developers struggle to secure pre-lets, London office space, office space in London financial district, pinnacle delayed for a second time, The Pinnacle — Beth Hepple @ 11:00 am

Construction of the Pinnacle has been stalled for a second time.

Developer Arab Investment has failed to secure enough pre-lets for the development.

City of London office space development the Pinnacle at Bishopsgate has experience another delay in construction amid funding issues.

Upon completion the story is set to be the tallest office space in the Financial District and will comprise of 64 storeys and be around 945 ft in height. (more…)

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Planning secured for Mayfair office re-development

Filed under: News — Tags: Aerium, London office space, Mayfair office space, office soace redevelopment, planning permission for Mayfair office space, Terrace Hill — Beth Hepple @ 9:22 am

Planning permission has been granted for an office re-development in Mayfair.

A joint venture between Aerium and Terrace Hill will see two 1960′s properties be transformed into grade A space.

Planning has been secured for the re-development of prime office space in Mayfair by a joint venture.

Terrace Hill and Aerium have collaborated to revamp 49-51 Conduit Street and 24 Saville Row after acquiring the property from Prupim last year. (more…)

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Three bid for the Olympic Broadcast Centre in East London

Filed under: News — Tags: East London office space, iCITY, London Olympics office space, Olympic Broadcast Centre, Oxylane Group, UK Fashion Hub — Beth Hepple @ 10:44 am

The short-list for the Olympic Broadcast Centre has revealed three bidders.

The list comes after the OPLC revealed that six out of eight venues have secured post-game tenants creating 410 apprenticeships and 254 full-time jobs.

Three potential tenants have been short-listed to become long-term tenants in the Olympic Press and Broadcast centre once the summer games have finished.

Oxylane Group, UK Fashion Hub and iCITY all want to take the available space and were chosen due to their commitment in creating training and employment opportunities in the area. (more…)

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