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Land Securities releases confident statement regarding recent office leasing rates

Filed under: News — Tags: commercial properties in London, Land Securities, London office space, offices in Victoria, Uk Office Space — Lee Kozlowski @ 9:24 am

Land Securities releases statement regarding success.

Property developer sees encouraging statistics for London office space properties.

Land Securities has announced through its quarter interim management statement that it is making steady progress and is expecting consistent leases across London in the foreseeable future. The property letting agent has a range of developments across the UK capital as well as an impressive property portfolio.

Most recently the company sold the commercial property at 110 Cannon Street, EC4. The deal was struck almost instantly following the start of construction thanks to the location and quality of the plans. The company also has a diverse range of developments underway in London including the demolition and construction taking place at 30 Old Bailey. (more…)

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British Land posts strong profit figures

Filed under: News — Tags: British Land, British Land profit figures, Land Securities, London commercial property, London office space — Amy Edwards @ 9:22 am

British Land has posted stronger than expected profit figures.

The UK’s second largest commercial property company posts profit figures of £256 million and confirms London office rents are on the rise.

The UK’s second largest commercial property company British Land has surprised industry analysts by posting stronger than expected underlying profit figures.

Figures out this week show that the firm’s pre-tax figures fell 24% in the year to 31st March to £830 million but their underlying profit figures rose 2.8% to £256 million. The firm said the figures show that despite the country’s sluggish economy, “consumers are still shopping and good businesses are looking to grow.” (more…)

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Two new office developments by Land Securities begin construction

Filed under: News — Tags: Canary Wharf Group Plc, Land Securities, London office space, office developments in London, office space in London's financial district, Walkie Talkie tower — Lee Kozlowski @ 12:54 pm

Land Securities begin work on two office developments.

The company have begun development on two high quality office developments.

Land Securities have begun construction on two office developments in central London.

One of these developments is the well known ‘Walkie Talkie’ tower in the financial district. The 690,000 square foot office project is set to be completed by 2014 and currently has no tenants signed up. (more…)

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Land Securities move forward with Victoria redevelopment scheme

Filed under: News — Tags: 123 Victoria Street, Land Securities, London office space, office space in Victoria London, retail and office space in London, Victoria redevelopment scheme — Lee Kozlowski @ 9:00 am

Land Securities plan to redevelop Victoria office space.

Office space in London to be refurbished by Land Securities.

The plans to redevelop the Victoria area in London have moved forward thanks to Land Securities beginning work on 123 Victoria Street.

The company got the go ahead from Westminster City Council who granted Land Securities planning consent recently. The project will see the 1970s office and retail property redeveloped at a cost of around £150 million. (more…)

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Songbird to sell its shares in ‘Walkie Talkie’ building

Filed under: News — Tags: Land Securities, London office space, Songbird, Walkie Talkie tower — Lee Kozlowski @ 9:21 am

Property company Songbird are considering selling 50 percent of their shares in the ‘Walkie Talkie’ development.

The ‘Walkie Talkie’ office development has been plagued by problems since it was approved in 2006.

Initially it had to be reduced in height due to heavy criticism about the impact on the skyline, in particular St Paul’s Cathedral. The design was reduced from 45 floors to 36.

The project was then shelved in 2008 due to the recession. However, a lack of available office space in London and high demand from companies set the project in motion again. (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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Catalyst European Property fund purchases London office space and shopping centre

Filed under: News — Tags: Catalyst European Property Fund, Jones Lang LaSalle, Land Securities, London commercial property market, London office space, Lunson Mitchenall, Stratford shopping centre — Amy Edwards @ 9:35 am

In a deal costing approximately £91.55 million, the Catalyst European Property Fund has purchased a number of London properties, including a Stratford shopping centre and a 113,000 sq ft office building.

With these purchases, the Catalyst European Property Fund aims to strengthen its portfolio of London commercial property, as well as exploring further opportunities for effective development in the area.

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Park House sold to Qatar company Barwa Real Estate for £250 million

Filed under: News — Tags: Gulf interest in UK property, Jadwa Investment, Land Securities, Office space opposite Selfridges, Park House sold for £250 million — Javaria @ 11:10 am

Park House has been sold by property company Land Securities for £250 million.

The Oxford Street office space building was purchased by Qatari developer Barwa Real Estate Co. (more…)

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Walkie Talkie tower back on track

Filed under: News — Tags: 40 fenchurch street, city, Land Securities, london, London office space, London offices, skyscrapers, UK commercial property, Walkie Talkie tower — Krista Harrison @ 9:00 am

Land Securities Group Plc has announced that they are restarting their development of a new skyscraper in London, known as the Walkie Talkie tower.

The shortage of office space in London has driven the decision by Land Securities, the largest real estate investment trust in the UK. They have been making enquiries to contractors for estimates to build the 155-metre tower, which will be at 20 Fenchurch Street in the the heart of City of London. (more…)

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Land Sec ready for major Central London developments

Filed under: News — Tags: Central London, Land Securities, London office space, recessions, West End — Amy Edwards @ 10:38 am

Land Securities have announced they are ready to invest in a set of major developments in Central London after securing a high number of lettings in the third quarter of 2009.

The planned developments will cost £655 million in total and are due to be completed by summer 2013. Capital expenditure for the project is estimated to be around £345 million. The project includes work on Park House on Oxford Street and two schemes in Victoria; Wellington House and Selborn House. The UK’s biggest commercial landlord was unwilling to say more about the future but did say that it was expecting good rental growth from the West End in the next 12 months.

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