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Construction begins on new UBS base at 5 Broadgate

Filed under: News — Tags: 5 Broadgate, 5 Broadgate to be new hedquarters of UBS, Broadgate development, London office space, UBS to lease office space at 5 Broadgate — Amy Edwards @ 9:40 am

Construction work has begun on a new office space scheme at 5 Broadgate.

Chancellor of the Exchequer George Osborne was there to break new ground at the site of UBS’ new headquarters.

Construction work has begun on a new office space scheme at 5 Broadgate which will become the new headquarters of Swiss bank UBS.

Chancellor of the Exchequer George Osborne joined owners Blackstone and British Land to break new ground at the site as the start of a three year construction phase begun. During this phase, 5 Broadgate is expected to create more than 5000 construction jobs and once completed will provide 700,000 sq ft of office space across 12 floors. (more…)

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Google to relocate Victoria HQ to King’s Cross

Filed under: News — Tags: Google London office space, Google to relocate to King's Cross, King's Cross office space, King's Cross redevelopment, London office space, Victoria office space — Amy Edwards @ 9:07 am

Google have announced they will relocate to new office space in King’s Cross when their current lease expires in 2016.

The search engine giant is preparing a planning application to build a 725,000 sq ft site behind King’s Cross Station.

Search engine firm Google has stunned the London office space market by announcing it will relocate from its current London base in Victoria to King’s Cross in 2016.

The tech firm, which is based at 123 Buckingham Palace Road for the next four years, is in the process of preparing a planning application to build a new development behind King’s Cross Station. Google have confirmed that in the last few weeks they’ve also appointed architect Allford Hall Monaghan to design the 725,000 sq ft scheme and signed an exclusivity deal with developer Argent. (more…)

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Victoria’s The Peak secures two new tenants

Filed under: News — Tags: London office space, Reed Executive leases office space in The Peak, SW1 office space, The Gatsby Foundation leases office space in The Peak, The Peak secures two new tenants, Victoria office space — Amy Edwards @ 10:29 am

Two new tenants have signed up for space in The Peak development in Victoria, SW1.

The lettings by Reed Executive and David Sainsbury’s Gatsby Foundation mean the development is now 80% occupied.

AXA Real Estate Investment Managers, The Co-Operative and Heron International are celebrating after securing two tenants for their office space development in Victoria, SW1.

Recruitment firm Reed Executive and David Sainsbury’s charity The Gatsby Foundation have both agreed to lease space in The Peak. The lettings mean the companies will join existing tenants such as G4S and Wates in the property which is now about 80% occupied. (more…)

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Barclays to offer 1000 apprenticeships at London offices

Filed under: News — Tags: Barclays Apprenticeship Programme, Barclays to offer apprenticeship positions in London, Employer ownership of skills pilot, London apprentices, London office space — Amy Edwards @ 9:42 am

Barclays has opened its new apprenticeship scheme at its offices in London.

The £20 million scheme will offer 1000 apprenticeships to young people with no prior skills or qualifications.

Barclays has announced it is to offer 1000 apprenticeships to young people with no prior skills or qualifications at its London offices.

The £20 million Barclays Apprenticeship Programme opened yesterday and has been designed to offer young people an opportunity to carve out a career in banking. Although Barclays says the scheme is 100% independent, the announcement comes just days after the Prime Minister David Cameron announced an employer ownership of skills pilot which encourages businesses to take on apprentices and offers £250 million in public investment for skills training. (more…)

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Hammerson to sell off office portfolio

Filed under: News — Tags: 99 Bishopsgate up for sale, Hammerson office portfolio, Hammerson to sell London offices, Hammerson to sell office portfolio, London office space — Amy Edwards @ 9:13 am

Hammerson has announced it is to sell off its entire office space portfolio.

The firm will put more than £500 million worth of property onto the market to concentrate on its retail sites.

The developer Hammerson has shocked the commercial property industry by announcing it is to pull out of the office space market altogether to concentrate on its retail space.

The Bullring-owner will now sell off its entire London-based office portfolio, which is thought to be worth around £500 million, over the next three years. Hammerson’s office portfolio consists of four buildings in the City and two in the West End and is thought to amount to 10% of their £5.7 billion portfolio. (more…)

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Could the Eurozone crisis stall the London office space market?

Filed under: News — Tags: EC Harris, London office space, The Cheesegrater, The Eurozone crisis could stall London office development, Walkie Talkie tower — Amy Edwards @ 9:24 am

Fears are growing that proposed London office developments could be put on hold as a result of economic uncertainty in the Eurozone.

Experts warn the Eurozone crisis could affect tenant demand and access to funding.

The progress of planned London office space could be halted as concerns over the Eurozone crisis continue to mount – that’s the message from a number of industry insiders this week.

Richard Taylor from EC Harris believes economic uncertainty in the Eurozone means some developers could struggle to secure pre-let tenants and external funding for their proposed projects. It’s feared these factors could in turn lead some developers to abandon their proposed London office space schemes altogether. (more…)

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CCPIB teams up with Land Securities to develop Victoria Circle

Filed under: News — Tags: Land Sec teams up with CCPIB for Victoria Circle development, Land Securities Victoria redevelopment, London office space, office space in Victoria, SW1 office space, Victoria Circle Development — Amy Edwards @ 9:38 am

Land Securities and the Canadian Pension Plan Investment Board have formed a joint venture to develop office space in London.

The partnership will work on the development of Victoria Circle in SW1.

Land Securities has announced it has teamed up with the Canadian Pension Plan Investment Board to develop its Victoria Circle site in London.

According to reports, the development in SW1 was sold to the joint venture for £163 million earlier this week. The partnership will now co-fund the development of the PLP Architecture-designed site which will include retail, residential and office space in the heart of the capital. (more…)

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Canary Wharf Group starts construction on new Canary Wharf office space

Filed under: News — Tags: 25 churchill place, Canary Wharf Group begin construction on 25 Churchill Place, Canary Wharf office space, European Medicines Agency lease office space at 25 Churchill Place, London office space — Amy Edwards @ 9:52 am

Construction has begun on new office space in Canary Wharf.

Canary Wharf Group is overseeing construction of the 20 storey building at 25 Churchill Place.

Canary Wharf Group has started construction on a new 20 storey office space development in Canary Wharf.

Work has already begun on the 50,000 sq ft development at 25 Churchill Place which, once completed, will become the new headquarters of the European Medicines Agency in 2015. Two cranes have already been erected at the site, with the slip formed concrete core expected to make its debut on the Docklands skyline within the next couple of months. (more…)

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West End hotel to offer high-spec office space

Filed under: News — Tags: London office space, O2 London office space, Office space in Prince Regent Hotel development, Prince Regent Hotel development to offer London office space, West End office space — Amy Edwards @ 9:41 am

A West End hotel has been given a multi-million pound revamp to offer 200,000 sq ft of high-spec office space.

Office space in the Prince Regent Hotel development has already been snapped up by Telefonica and investment bank Gore.

A historic hotel in the West End will soon be offering businesses in the capital the chance to rent seven floors of high-spec office space following a multi-million pound refurbishment.

Due to open later this year, the Prince Regent Hotel development will offer two 1930s art deco restaurants, retail space and more than 200,000 sq ft of prime office space in one of the capital’s most prestigious locations. More than £300 million has been spent by the crown estate to lovingly restore the Regent Palace Hotel, located just off Picadilly Circus, to its former glory. (more…)

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London landlords to turn vacant office space into apartments

Filed under: News — Tags: business rates for empty office space, London apartments, London landlords to turn vacant office space into apartments, London office space, London office space to be turned into apartments — Amy Edwards @ 9:55 am

A number of landlords are turning empty London office space into apartments.

Desperate to avoid paying business rates on vacant space, many landlords are choosing to convert their commercial property into living space in the financial district.

In the latest sign that the UK office space market is still struggling to recover from the economic downturn, a number of London landlords have taken the decision to turn their vacant office space into apartments in a bid to avoid paying business rates.

Under laws brought in by the government in April 2008, if a commercial property remains vacant for more than three months the landlord is required to pay business rates equal to those usually owed by the tenant. Analysts are now warning that many landlords are considering leasing their office space for free in a bid to avoid paying the expensive rates altogether.
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