Lovely design echoes picture here of the Shard from @adders on Twitter.
Makes you realise just how well Sellar Group's building sits within the London skyline.
Picture courtesy of Adam Tinworth. www.onemanandhisblog.com
Recently in Development Category
He shoots, he scores. At least that's what developer/investors Wrenbridge are hoping for, after it announced that it is poised to bring forward plans for its Cambridge sporting village.Never one to just sit back and do nothing, the Cambridge-based developer is lining up the goals posts and is in the final weeks of deciding if it will just push ahead with the £15m joint venture with Grosvenor and submit a planning application for its sporting village this year, rather than wait until next as it had planned.
The project would build a new stadium which will house Cambridge United FC as well as 600 houses - which will give them the money bit. Wrenbridge bought CUFC's existing site the Abbey Stadium with Grosvenor back in 2010 and has been piecing together plans for a new stadium ever since.
At the back of its mind might be the Cambridge's local plan which goes to consultation next month. Waiting could mean ugly scenes over rolling back the green belt - which covers all of Wrenbridge's site. The rolling back of the green belt is hugely controversial, but necessary step, if the city is to meet its growth targets. Consultation is likely to be a slow process.
Chris White, director at Wrenbridge, said to EG last week: "If we go down the immediate application route then there could be play in the stadium in 2016/2017. If we go down the local plan route then it will be two years later and we'd twin track the application with the local plan."
Even without the possible controversy of piggy backing the local plan the stadium has not been without its opponents. Wrenbridge says there is a "crying need for a new stadium". But transportation to the ground and car parking are still worrying residents.
Wrenbridge, for its money, says the guided bus goes straight to the stadium's door and other car parks, such as the ones at Addenbrookes Hospital could be drafted in to cover weekend matches. Says White: "If they drew Manchester United then we could look at using Duxford's car park."
Lettings are rolling in with Anglian Ruskin University having signed a memorandum of understanding to relocate its sports facility to the grounds and Core Cambridge, a sports conditioning facility for elite atheletes and those with injuries, will also be embedding into stadium.
But whether Wrenbridge will bring in another club to the stadium is still up in the air. It has - and is - in talks with Cambridge City FC to bring the club to the stadium but CCFC made news late last week when it announced it had bought a 35 acre site at Sawston, 10 of which is for a new stadium. Many in the industry think this may be cage rattling to squeeze Wrenbridge at the negotiating table.
The developer has also been in talks with Cambridge County Cricket Club about a presence at the stadium. White said: "We don't need all three clubs, two would help but all three clubs? the pitch couldn't take it and there isn't enough scheduling time to fit all the games in."
The Lib Dems have lost both Swansea and Cardiff councils. The huge political and reputational hit aside what does it mean for Cardiff's delayed Local Development Plan and will Labour have a more development friendly attitude to the Lib Dems/ Plaid Cymru "concrete jungle" concerns.
Gareth Hooper, planning director at DPP in Cardiff hopes it might herald a better era. Below are his thoughts:
"Labour's manifesto pledges - with regards to increasing affordable housing numbers and maintaining the Libdems/Plaid Cymru building targets - are encouraging for the development sector. The only concern with regards to the impact of their victory will be with regards to keeping up recent momentum. Finally progress was beginning to be made in having the LDP ratified in order to kick start development and boost the city's economy and it's critical that this continues to ensure a successful future for Cardiff. The recent history of development in Cardiff has not been hugely pretty, with the sector stymied by delays, uncertainty and frustration. The hope would be that Labour is able to maximise the current wave of popular opinion and take decisive action to ensure investment is encouraged, and remains in Cardiff."
We will be looking in detail at Cardiff's delayed LDP and the road forward in this Saturday's magazine.
Stoford is backing Wales and the South West for growth. That's quite a statement from the West Midlands based developer who up until a year or so ago were basically unknown in either region.
Stoford director Dominic Stokes said today that despite being a relative newcomer to the scene it hoped mega deals done to date would put it in a good place to build on their reputation. 'The Midlands is very quiet, it's good to see in Wales and the South West there are a number of occupiers and that's where we see our growth," he said.
Developers Stoford debuted in Wales when it became the surprise winner of the fight for Admiral Insurance. The deal to build the insurers new 215,000 sq ft HQ was the biggest of the year in Cardiff in 2010 and had been expected to be landed by Wales stalwarts MEPC/Rightacres at Callaghan Square. However, Stoford's having done a deal with Land Sec held the key city centre site - adjoining the St David's shopping centre - on the David Street car park. The deal was a relief, says Stokes, 'the region was foreign to us and it was challenging,' he said not least from the expenditure it involved.
In Avonmouth the developers are just putting the finishing touches to the Co-ops 435,000 sq ft mega distribution centre. It's regional profile has blossomed and this year it won EG's property ompany of the year not just in its home region of the West Midlands but was voted by local property professionals as property company of the year in Wales and the South West. Stokes picked up this latter award at the RICS Wales awards ceremony at the Parc hotel today.
However, Stokes said spec development was a definite 'no'. "We generally don't buy up land and hold it but prefer to work with occupiers and identify sites for them." This will be its strategy going forward in Wales. 'We hopefully off these deals and the award built up a rapport with local agents...and we've now got a project to show people.'
Listen to Stokes talk about this and more by clicking on the podcast below.
A full report on the Wales market will be published in this Saturday's EG
Stoford director Dominic Stokes said today that despite being a relative newcomer to the scene it hoped mega deals done to date would put it in a good place to build on their reputation. 'The Midlands is very quiet, it's good to see in Wales and the South West there are a number of occupiers and that's where we see our growth," he said.
Developers Stoford debuted in Wales when it became the surprise winner of the fight for Admiral Insurance. The deal to build the insurers new 215,000 sq ft HQ was the biggest of the year in Cardiff in 2010 and had been expected to be landed by Wales stalwarts MEPC/Rightacres at Callaghan Square. However, Stoford's having done a deal with Land Sec held the key city centre site - adjoining the St David's shopping centre - on the David Street car park. The deal was a relief, says Stokes, 'the region was foreign to us and it was challenging,' he said not least from the expenditure it involved.
In Avonmouth the developers are just putting the finishing touches to the Co-ops 435,000 sq ft mega distribution centre. It's regional profile has blossomed and this year it won EG's property ompany of the year not just in its home region of the West Midlands but was voted by local property professionals as property company of the year in Wales and the South West. Stokes picked up this latter award at the RICS Wales awards ceremony at the Parc hotel today.
However, Stokes said spec development was a definite 'no'. "We generally don't buy up land and hold it but prefer to work with occupiers and identify sites for them." This will be its strategy going forward in Wales. 'We hopefully off these deals and the award built up a rapport with local agents...and we've now got a project to show people.'
Listen to Stokes talk about this and more by clicking on the podcast below.
A full report on the Wales market will be published in this Saturday's EG
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Another skyscraper is going up in London. Six months after saying they'd commit to the Walkie Talkie the first steels are actually going in at 20 Fenchurch Street (to give it it's grown up name). Another 4,499 steels will follow.
At the start of the month developers Land Securities and Canary Wharf Group said they were close to signing up the first tenant (£) in the 675,000 sq ft tower with insurer Markel thought to be close to taking 80,000 sq ft. There's been no official confirmation, now that would be something to celebrate.
Bridgewater House was a huge gamble. Developers HDG Mansur took the decision to spec build the 110,000 sq ft office building to shell and core back in March 2010 - a decision it had prevaricated about for quite a while. Now, with the chips down everyone is keenly watching the building to see if that gamble will pay off.
The building completed to shell and core in May last year and BDO took space in the building at the end of 2011 but, at just shy of 9,000 sq ft, it was hardly the vote of confidence the market needed to justify the grand gesture HDG made. Now, Michael Baker, senior managing director and head of development in UK and Europe, says another deal is in the offing, and it is in discussions for a much larger signing of between 30-35,000 sq ft. In the current market that would be a Big Deal.
So who might it be? Local agents seem to know little about this deal. Many think it might dovetail nicely with a 30,000 sq ft requirement Cushman & Wakefield is handling. The London-based agent has kept the name behind that requirement very close to it's chest but it is hardly imminent said one Bristol agent as it has only just asked for proposals.
Others circling the market are Canada Life looking for up to 40,0000 sq ft to exploit a lease expiry and BPP with a 40,000 sq ft requirement which most agents think would sit nicely at Bridgewater House. Babcock and Brown had been looking for 20,000 sq ft but is now thought to be under offer at Aztec West out of town. Balfour Beatty is the only other name on agents lips but the 20,000 sq ft requirement is said to be under review.
A signing at Bridgewater House would be much more than just a boost for the take up numbers. Many Bristol agents think that with enquiries improving, getting a chunk of this building away will make other developers think very seriously about delivering stock into the starving Grade A market. Getting funding however, is quite another issue.
We'll be analysing this as well as the wider Bristol, Bath and Swindon market in detail in magazine on 28th April.
Related stories:
The NPPF came into force at 12:30 today. And like it or loathe it, the policy delivers in clear black and white the government's planning policy. But Wales has none of that clarity - something it sorely needs. Here Gareth Hooper, Planning Director, DPP comments on the implications of the NPPF for Wales:
"At a top level, what the NPPF delivers in England (and what is missing in Wales) is a clear, legislated link between planning and economic development. The clarity that has been provided across the border as to the definition of the presumption in favour of sustainable development - that there is a requirement for all applications to be considered in the context of the proposed development's impact on the economy - is also sorely lacking in Wales. Accordingly, in the absence of any detailed guidance from the Welsh Assembly Government, applications are currently being rejected in Wales using the principle of localism, with little or no consideration as to the positive or otherwise impact they might have on the economy.
This is an issue that needs to be addressed. Investment in Enterprise Zones, a defined presumption in favour of sustainable development and now the further clarity and confidence lent to the property sector via the NPPF is more than enough incentive to drive development and investment away from Wales. Yes, last week's Budget did provide some enhanced capital allowances for Welsh enterprise zones (starting with Deeside) but the limitation placed on these via European competition rules means their impact arguably won't be as significant as it could be. And the budget's announcement of 40 per cent-plus cuts in capital grants between 2010 and 2015 was further bad news for Wales - meaning those developments that were ready to go ahead in all but action will now have to wait.
Whatever the detailed reaction of the industry to today's NPPF, it certainly represents proactivity from the UK government and assurance for the development sector. Over to the Welsh Assembly Government to deliver positive action to protect the future of our own economy."
Wowsers! These guys have nerves of steel. I'm hoping the press tour doesn't take in this view.
Full story is on the Evening Standard today. http://www.thisislondon.co.uk/news/london/shard-workers-defy-vertigo-to-bolt-together-spire-at-985-feet-7583316.html
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Development is around the corner in Leeds. The council's much awaited ( very much anticipated if that's not an understatement) at Sovereign street having landed KPMG will come forward. There's a feeling that other occupiers will see what's happening, realise if they are going to move then now might be the time to do it and McAleer and Rushe's city square will land one of those. That was the feeling at EG's Focus reception in the Yorkshire capital this lunchtime - pictures will be on the blog on Monday.
Alex Munro at Knight Frank in Leeds reckons that two or three major deals will happen this and there are good requirements in the 30,000 sq ft which will get into schemes by piggy backing off these.
The market is unlikely to set any records for take up but headline rents should remain steady at around the £25 -26 per sq ft level.
To hear what Munro has to say in full click on the recording above.
Office building site tours are like hen's teeth at this point in the economic cycle, owing almost entirely to the lack of development. So when the opportunity arose to have a look around Edinburgh city council's bold 200,000 sq ft speculative office development called Atria for myself it was hard to resist.
Wellies, high-viz and hard hat all on, the schemes agents Hugh Rutherford of Montagu Evans and Ben Reed of Jones Lang LaSalle took me and EG's online editor Nathan Cross up to the top floor where the concrete floor has just started being poured. Even against the overcast sky, the panoramic views of the city and its famous castle were breathtaking.
We couldn't resist using the castle as a back drop to talk to Hugh about the rationale behind the council's decision to speculatively build and how letting the space is going ahead of it's Q1 2013 completion.
You can watch the interview next week on EGi but in the meantime here are some pictures I snapped.
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