August 2012 Archives

Dick Whittington & the public toilet!

| No TrackBacks
The building on the site of the former residence of Dick Whittington has been converted into 8 luxury apartments in the City of London. The refurbishment at Whittington House, 19-20 College Hill, completed in August and the flats are now selling from £574,950.

More famously known as the inspiration for a pantomime character, Richard Whittington was less famously known as a medieval merchant, a politician, a sheriff and of course the Mayor of London on four occasions. A benefactor to many things associated with the City, not least the financing of a public toilet in the parish of St Martin Vintry that was cleansed by the River Thames at high tide.

Nice!

whittington house.jpg


Londoner's dilemma with application refusals

| No TrackBacks
An article in The Evening Standard has reported on the plight suffered by Londoners when it comes to councils refusing planning applications. With a record number of Londoners looking to upgrade their homes, it is claimed by a new report that they are being thwarted by slow council planners.

Figures reveal a postcode lottery when it comes to home improvements with some local authorities approving more than 90% of upgrade applications compared to others who refuse almost 40%.

Full story here      

Relaxation of S106 to kick-start development

| No TrackBacks
Question: Can you name the area in green?

ebbsfleet.bmp
Answer: Ebbsfleet Valley. 

Although not within London and therefore under our remit here at London Residential Research, it arguably does have significance to the our market as it takes just 19 minutes to commute in to St Pancras on the High Speed line.

Welcoming news came today as Grant Shapps struck a deal to relax part of the section 106 agreement so that development could hopefully kick start on the first 1,500 homes. In all 22,500 units are planned along with office, retail and the like. (full EGi story)

I have to say the amendment to the S106 makes a lot of sense. Developer Land Securities has already invested £100m preparing the site; a former quarry and being the largest REIT in the country would have surely started if the scheme was viable. A slight shortfall or delay in S106 income for the local government will surely be rewarded by an uplift in the local economy. Which begs the question; why has it taken so long?

ebbsfleetlarge.jpg
Here's what the scheme will look like when complete, admittedly a long way off. Picture from Land Securities.

Swish marketing for exclusive City scheme in Midtown

| No TrackBacks
It was only a few years ago that Gerald Ronson was claiming his Heron scheme on Moor Lane was the first major residential scheme in the City for last 30 years (284 private units). Since then we've also had Frobisher Crescent which has completed (69 units), Three Quays, now under construction (61 units) and most recently Berkeley's Roman House (90 units).

I demonstrated in a post only a couple of days ago that Berkeley was on to a winner at Roman House (blog post) with high unit values certain and low development and land costs (relative to the end value of the scheme). The City as we know is predominantly a commercial centre, with a residential population of well below 10,000 inhabitants but it seems the City is now more willing than it has been in the past to house residential developments. This rise is shown in the graph below, taken from this year's LRR Red Book. Another recent start for the City, although this time a much smaller scheme is 'The Breams', close to Chancery Lane and almost in Camden but not quite. This exclusive scheme of just six, one bed apartments and one, two bed top floor penthouse is situated within the legal quarter of Midtown. The development has a great website, currently marketing the units which you can check out here. There are many promotional videos too, including this one of the penthouse.



View the EGi record for 5 Breams Buildings here.

Berkeley take a punt and it comes off... big time

| No TrackBacks
Berkeley Group bosses recently announced they will get a bonus of £280 million if they deliver a £1.7bn cash return to shareholders over the next nine years. More on the EGi story here. Those who like me at first thought that was a rather astronomical figure, for the developers who I might add, build around 20% of all new build residential flats across the capital, should take this example into account.

Roman House, Wood Street. Just off London Wall near Moorgate. This was the site last Thursday, with refurbishment works now under way. 

SAM_4517.JPG
The price paid for the site is subject to differing accounts. The FT reported Berkeley paid close to £10m in 2010, however Land Reg states the residential developer paid just £4.5m (subject to certain leases). Whatever they paid it was low. On those values the price paid per sq ft equals between £53 and £119. 

Why so low? Well Berkeley bought the site as a speculative bet on the City of London planners allowing them to build a residential scheme, where previously they've been reluctant to allow too much to cause disruption to a thriving commercial centre. They also needed consent of the City Paraochial Foundation, who would have to agree to change the terms of the lease acquired by Berkeley to allow residential development. The building also had a problem with asbestos.

Gaining the planning permission for change of use to residential was pretty straight forward however. Submitted in July 2011 and granted in December 2011, Berkeley received planning consent for 90 entirely private flats. 

For comparison of expected apartment prices at pound per sq foot values lets look at 'The Heron', which is nearing completion and situated around 200 yards away to the north. The average price for an apartment across all tenures is £846,301, the maximum price paid is £4,300,000. That in pound per sq ft values equate to an average of £1,303 and a maximum of £1,921. Studios in the Roman House development start at £499,995 and will go up a lot more.

90 private units, no social. Under £10million paid for the site and less than £4million paid towards affordable housing via S106. To say Berkeley are on to a winner at this development would be an understatement...

View the EGi record for Roman House here

Red Book Update - Part 1.1

| No TrackBacks

In this Red Book update (subscribers only) we look at the planning and construction pipeline in the inner London boroughs at the half year point. What are the significant applications and permissions so far in 2012? Construction starts were disappointing last year but how are they now and what can we expect by the end of the year? And is there still an appetite for prime stock if so then where is it being built and who's doing the buying? We've been trawling through our database to find the answers, the interactive map below of H1 2012 schemes under construction may appear crowded but it represents only a fraction of the overall data used in this report.


Key:

10-20 - white marker

20-49 - yellow marker

50-99  - orange marker

100-149 - red marker

150+ - pink marker

Did you know? The City of London has no roads...

| No TrackBacks

Do you ever read a newspaper article or blog and immediately think something along the lines of "that's cool, but now I feel stupid?" Well that just happened to me. Thanks Londonist!

The brilliant Londonist website has a story up at the moment titled 'Why there's not a single road in the City of London'. First thoughts are "what are they talking about?" but as they explain this is an excellent bit of trivia. There are plenty of streets, squares and alleys, but traditionally not a single road. This is however only true on a technicality of wording, of course.

So if like me your job role entails, site visiting the City on numerous occasions during the year, commuting through it every day of the working week (above ground I might add) and looking at maps of the city on a weekly basis, this bit of 'trivia' is quite enlightening.

And when you think that as rightly Londonist state, the reason for this historic anomaly appears to be because the sense of the word 'road' was not coined until the late 16th Century, after nearly all the thoroughfares in the ancient City had already been named.

And now it seems so obvious too! Now I feel really stupid. I wasn't the only was I?

Londonist - 1. Me - Nil


city of london.jpg

Spot the road. 

Check out the Londonist story here.

Top that view

| No TrackBacks

The building below can easily be mistaken for a mere shopping centre within the Chinese city of Zhuzhou. However in a city dominated by residential tower blocks, where space may be limited, four residents have taken a more radical approach and built their homes on top of the city's most famous multi-storey building. The villas were only recently noticed by a observant Zhuzhou resident. Plenty of space in a densely populated city and an exclusive view guaranteed.  

 

chinese villa 1.jpgchinese villa 2.jpg

Images courtesy of Daily Mail 2012

Nine Elms

| No TrackBacks
The Nine Elms Vauxhall Partnership (which includes local boroughs Lambeth and Wandsworth, as well as TfL and the Mayor of London along with major developers Ballymore, St James, Royal Mail, Covent Garden Market et al) have produced a brand new website. 

The nineelmslondon.com site provides the latest information and insights on the area's extraordinary multi-billion pound regeneration programme where 195 hectares of Thames riverside is set to become a brand new residential and business quarter in the heart of the capital. 

The new website includes an interactive map (click here) highlighting the 26 interconnected development sites which are changing the face of this old industrial district and breathing new life in to the area.

nine elms1.bmp
As well as that many new CGI's of the developments are included, these three being some of the best. Click on the images to enlarge.

US embassy.bmp

nine elms.bmp

embassy gardens.bmp
The website also states an international design competition is going to be launched next month for the new bridge to cross in to Pimlico. Meanwhile EGi reports that two sites next to the Riverlight development (currently under construction) have been bought by Thames Water from Ballymore, for the Thames tideway tunnel. EGi subscribers can view the story here.

Let's hope the sale of the site to construct the Thames tunnel, a project which will take many years to complete, doesn't put of potential buyers and therefore impact construction starts of future phases.

Red Book Update - Part 1

| No TrackBacks

In this Red Book update (subscribers only) we look at the planning and construction pipeline in the inner London boroughs at the half year point. What are the significant applications and permissions so far in 2012? Construction starts were disappointing last year but how are they now and what can we expect by the end of the year? And is there still an appetite for prime stock if so then where is it being built and who's doing the buying? We've been trawling through our database to find the answers, the interactive map below of H1 2012 applications may appear crowded but it represents only a fraction of the overall data used in this report.



The applications have been grouped by size as follows <10, <50, <100, <300 and 300+ - the larger the dot the larger the development.


London 2012 Olympic fly-through

| No TrackBacks
I was lucky enough to get to the Olympic Park a few times over the past fortnight and I'd love to share some of the photos. However with the extremely tight stance that the Olympic organisers are taking on the re-distribution of media for commercial purposes I will refrain from doing so. 

Instead take a look at this amazing fly-through of London and key Olympic venues. This was put together by creative digital agency Crystal CG International along with the BBC to be licensed to international broadcasters as a way of taking their viewers from one event to another. See more of their work here.


Meanwhile, and in keeping with the Olympic trend (what else has happened in the last fortnight) I came across this on my site visits yesterday in Hackney, just off Broadway Market.

banksy ada street.jpg

Sir Bradley

| No TrackBacks

Wiggo at the time trials yeaterday:

 

Wiggo.jpg

 

 

Wiggo2.jpgPlus some support...

 

Wiggo Poster.jpg

 

...and advice

 

Wiggo Road sign.jpg

Plans were yesterday approved for the North Hub of the Olympic Park, following plans being submitted for the South Plaza last week (blogged here). The London Legacy Development Cooperation intends to create a community hub focussed around ecology. Designed by Tall Engineers and Max Fordham, the park will include a community building and play space area allowing children to engage in imaginative play within the flourishing green surroundings. They will be able to build dens, grow plants, climb trees, study insects and play on a series of platform walkways, slides and bridges connected to trees. The north park is scheduled to open next July. 

 

north park.jpg

Image courtesy of Architects Journal 2012 

Olympic brands

| 1 Comment | No TrackBacks
As we all know, there are strict rules surrounding the use of the Olympic brand outside the official circle of sponsors, merchandise and naming rights. However this is one that LOCOG, even if they tried, couldn't do anything about.

opening ceremony.jpgOpening Ceremony is a designer fashion retailer that's been trading for 10 years. It recently opened its first European store in Covent Garden, to coincide with the Olympic opening ceremony last week.

Great timing!
 



The London residential market is closely monitored by EGi’s team of dedicated experts, from the planning and construction pipeline to sales and pricing, we cover the whole of the capital, all 33 boroughs.

Don’t miss an opportunity, find pre-planning, stalled and oven ready sites.

FIND OUT MORE

Residential Update – August 2012

We take a look at the inner boroughs at the mid-year point from the applications and permissions in the planning pipeline, the starts and completions in the construction pipeline and ending with a flavour of the sales and pricing situation.

REQUEST RESIDENTIAL UPDATE

Red Book Executive Summary – May 2012

An in-depth review of the current state of the London residential development market across all 33 London boroughs from planning and construction pipeline to sales and pricing.

REQUEST EXECUTIVE SUMMARY

About this Archive

This page is an archive of entries from August 2012 listed from newest to oldest.

July 2012 is the previous archive.

September 2012 is the next archive.

Find recent content on the main index or look in the archives to find all content.