The demand for office space in Central London has seen a leading developer let a record level of commercial space in the last 12 months.
According to developer Great Portland Estates, which has a property portfolio valued at £2 billion in the Capital, commercial rentals for the firm totaled over £29m during the last year – with foreign investors and office space demand from tech and media firms said to have boosted the market.
The demand for office space in London has dipped due to concerns over the Euro Zone according to a leading property developer.
According to a report from the news agency Reuters, Land Securities has revealed that many firms are putting-off the acquisition of commercial premises due to the uncertainty hanging over the fate of the troubled Euro.
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…)
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…)
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…)
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…)
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…)
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.
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.
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…)