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Canary Wharf Group take on office development at Wood Wharf

Filed under: News — Tags: Ballymore, British Waterways, Canary Wharf Group, Docklands office space, London office space, Office space in Canary Wharf — Beth Hepple @ 10:39 am

Canary Wharf Group bought out its partners for the Wood Wharf development.

The group now have sole control of the project which is located adjacent to Canary Wharf.

Canary Wharf Group has bought out its partners in regard to the Wood Wharf development which is set to be adjacent to Canary Wharf.

Originally the group controlled 25% of the development but now have sole control after buying out former partners British Waterways for their half and Ballymore for their 25% of the scheme. (more…)

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Former Shell offices to be redeveloped

Filed under: News — Tags: Canary Wharf Group, London office space, Qatari Diar, Shell Centre, South Bank offices, Uk Office Space — Lee Kozlowski @ 1:43 pm

South Bank commercial property to be developed into mixed use space.

Canary Wharf and Qatari joint venture purchase former Shell International offices.

In a joint venture the Canary Wharf Group and Qatari Diar have acquired the 5.25 acre Shell Centre on London’s South Bank. Interestingly, the construction sector has been watching the development of the project closely as it will likely boost the recruitment levels in the area. Work on the new development is expected to start sometime within the next year.

The companies purchased the commercial property for £300 million from Shell International and plan to create a mixed used development. Once completed the site will feature high quality office, residential and retail space. The joint venture is currently in talks concerning construction, development dates and approximate finishing times for the commercial property project in London. (more…)

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Shell Centre to undergo £300 million redevelopment

Filed under: News — Tags: Canary Wharf Group, London office space, Qatari Diar, Shell Centre South Bank, Shell Centre to get £300 million redevelopment, Shell UK, Southbank office space — Amy Edwards @ 9:00 am

Shell agree deal for £300 million redevelopment of Shell Centre on South Bank.

Canary Wharf Group and Qatari Diar to redevelop building, while Shell staff temporarily relocate to Canary Wharf and The Strand.

Oil conglomerate Shell have this week confirmed that their landmark Shell Centre on the South Bank will undergo a £300 million redevelopment courtesy of Canary Wharf Group and Qatari Diar.

As part of the scheme, the corporation’s low-rise wing which sits alongside the main Shell Centre will be knocked down and new offices, flats and shops will be constructed in its place. Canary Wharf Group and the property investment vehicle Qatari Diar have paid £300 million for the 5.2 acre site, which excludes the historic 1950s tower, on a 999 year lease. (more…)

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London’s Walkie Talkie tower set for a number of joint venture deals

Filed under: News — Tags: Canary Wharf Group, china investment corporation, investment stake, Land Securities, new developments, Walkie Talkie tower — Amy Edwards @ 9:34 am

The Canary Wharf Group plc (CWG) is expected to form a joint venture with Land Securities to aid with the development of the Walkie Talkie tower on 20 Fenchurch Street, EC3M.

Joint ventures are an increasingly vital part of new developments, particularly in regards to securing effective funding and maintaining security in the event that a company should be terminated.

The China Investment Corporation (CIC), China’s biggest sovereign wealth fund, is also reported to have approached Land Securities about taking a 25% equity stake in the tower. The fund already has links to the property, holding 19% shares in Songbird Estates plc, whom own 60% of CWG.

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Real IS take 80,000 sq ft of office space in the West End

Filed under: News — Tags: Bloomsbury, Canary Wharf Group, real estate funds, real IS, West End office space — Amy Edwards @ 10:09 am

Asset management firm, Real IS has taken office space in the West End in a multi-million deal that will secure them a number of further deals with high-profile and national clients.

Real IS have taken 80,000 sq ft of office space in 21 Bloomsbury Street, West End, for a deal costing £52 million.

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Investment banking group purchase Drapers Garden development in London

Filed under: News — Tags: Canary Wharf Group, Drapers Garden, evans randall, Investment banking, London offices, morgan stanley — Amy Edwards @ 9:47 am

Evans Randall, a privately-owned investment banking and equity group, are to strengthen their UK real estate portfolio with the purchase of the Drapers Gardens development in the city of London for £242.5 million.

This purchase shows an initial yield of 5.2%, however does not include a deduction for rent-free periods.

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Skyscrapers on the rise again in City of London

Filed under: News — Tags: brookfield, Brookfield Asset Management Inc, Canary Wharf Group, city, commercial property, london, London office space, London offices, One Canada Square, skyscrapers — Krista Harrison @ 9:00 am

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…)

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JP Morgan considering leaving Canary Wharf

Filed under: News — Tags: Canary Wharf, Canary Wharf Group, city, commercial property, JP Morgan, london, London office space, London offices, office space, recession, UK commercial property — Krista Harrison @ 11:17 am

US investment bank JP Morgan is considering leaving their European headquarters in Canary Wharf in favour of other premises in the City of London area.

This will be a harsh blow for Canary Wharf’s hopes to be the main financial district of London. JP Morgan are currently reviewing plans for its headquarters and the consolidation of all staff and buildings into one development, which may be in City rather than Canary Wharf. (more…)

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Canary Wharf Group submits to One Park Place

Filed under: News — Tags: Bernard McNamara, Canary Wharf Group, FSA, London office space, One Canada Square, One Park Place — Amy Edwards @ 10:30 am

The Canary Wharf Group have bought the long leasehold interests at One Park Place near Westferry Circus for £17.5 million, marking one of the largest acquisitions in Central London so far this year.

The group have been interested in the office space for years but finally acquired it from Park Place SARL this week. The commercial property previously belonged to Bernard McNamara who bought the site in 2007 for £55 million. Last week McNamara told the Irish media he was in debts of £1.3 billion after he was successfully sued following a fallout from a property deal. (more…)

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