After the huge triumph of the Gherkin one would think anything created by its designer would be successful. But thats not so for Architect Ken Shuttleworth whose 149-metre tower in Vauxhall has been rejected by Lambeth Council. Although the scheme was backed by the normally critical Boris Johnson, objectors complained that the tower would be too wide and too tall. The developer, Bondway Consortium, has now lodged an appeal with the government Planning Inspectorate.
March 2010 Archives
Amid a rise in investment sales in Canary Wharf, it has been reported that Hammerson plans to put its Harbour Exchange One and Two towers up for sale. Jones Lang LaSalle has been instructed to market the 485,000 sq ft linked buildings for £145m, reflecting a yield of 9%. EGi revealed that Hammerson is looking at a number of assets with a view to selling those believed to be non-core.
Recent investment activity in the Docklands has made us here on the London Offices team rather happy. Before last quarter we'd had nothing to report for a whole year! So as Q1 2010 report time draws near, we're just itching to write about all this activity!
To read more on Hammerson's plans, see here. Plus don't forget to sign up for our breakfast briefing on 21st April.
According to Citi Private Bank and Knight Frank's 2010 Wealth Report, New York has "trumped" London as the top location for affluent investors and residents. London's tax legislation and changes to the bonus culture have been blamed for it's second place ranking.
The report also found that more established markets are losing out to emerging ones. Despite London's 6.1% rise in property prices last year, Shanghai and Hong Kong saw rises of more than 40%. But it's not all doom and gloom; the results did show a return in market confidence as investors continue to seek property in the capital.
Lovers of all things sustainable will be pleased to hear that PricewaterhouseCoopers new office at More London has become the first major office nationwide to be awarded the 'Oustanding' BREEAM rating. Also awarded an EPC 'A' rating, the building will produce 25% of its energy on-site. More London's architects, Foster & Partners, had to meet strict criteria including the use of recycled materials such as cooking oil and aggregate.
PwC plans to occupy the building fully from 2011 and will enjoy a host of amenities, including restaurants, retail space and a roof terrace.
For more information, see here.
It's that time again... deals are now due for the Q1 2010 Market Analysis report. In order for your agency to receive the credit deserved for your disposals and acquisitions, please submit any deals completed in Q1 2010 ASAP to nina.radovic@estatesgazette.com
The report will be written in the first week of April and the Breakfast Briefing will be taking place on Wednesday 21st April. Stay tuned for more details.
As new tax laws come into affect next month it will be interesting to see if the hype of a mass exodus of investment bakers will unfold. With highly-paid bankers being forced to pay the highest tax and social costs, with a one-off bonus levy and 50 per cent income tax rate, companies will strongly be weighting up what is more important - satisfied skilled employees or a world class location.
Some employers are trying to find alternative rewards to big bonuses such as tax-free pensions through the Employer Financed Retirement Benefit Scheme (EFRBS) although others such as West End-based company, Shore Capital, are already upping sticks and plan to move to
In our quest to discover the latest office gossip, the London Offices team has been out site visiting in Hackney, home of the über-trendy.
Here we discovered that just like other areas of east
The council has invested some serious dosh in what have turned out to be rather attractive buildings.
Although the council seems to occupy the majority of buildings in the over 5,000 sq ft category, there's a booming trade in small, quirky spaces. Artists, designers and photographers have flocked to this area in recent years to make the most of Hackney's low rents and relative proximity to the more expensive Hoxton and Shoreditch. We found numerous buildings offering small units on short-term leases. London Fields Studios and Northside Studios are just two such examples.
Those of you who subscribe to EGi will find more information on the delights of E8 online as London Offices has expanded its monitored-area to bring you the latest on our ever-growing capital.
