News2023-11-23T13:57:12+00:00

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Asda’s New Town Centre in Park Royal

May 15th, 2024|

Asda has today unveiled plans for a transformational Mixed-Use Redevelopment of its ten-acre Park Royal site in North West London.

Has WeWork Finally Shut the Door on Neumann?

May 9th, 2024|

As WeWork receives court approval to a $450 rescue plan from its senior creditors, has Adam Neumann finally been shut out in his bid to buy back the company?
The proposed deal will be voted on by creditors on May 30th.

Life Sciences Demand for Space Cannot Fill Every Void

May 9th, 2024|

As London’s office market continues to go through uncertain times the demand for lab space by the life sciences sector seems to be the answer everybody is relying on at present.

Canary Wharf Offices Lose Nearly £1bn in Value

April 25th, 2024|

More than £900mn has been wiped off the value of Canary Wharf Group’s office buildings, as the financial district landlord secured backing from lenders for a £553mn debt deal. The developer and manager of the London docklands estate reported a 14.7 per cent annual fall in the value of its property holdings to £6.8bn in 2023. Independent valuers heavily marked down its office buildings, which make up a majority of the portfolio, to £4.3bn. This has been offset by rising retail values and steady residential assets.

Adam Neumann Makes Conditional Offer to Buy WeWork

April 3rd, 2024|

Adam Neumann has submitted a conditional bid of circa £500 million for WeWork, the bankrupt co-working company he fronted until 2019.

Moody’s Quit Canary Wharf

March 19th, 2024|

How significant are the recent financial services departures from Canary Wharf or is the area just, reinventing itself and moving with the times

18 Blackfriars Road £1 Billion Development Plans Revised

March 5th, 2024|

Hines have lodged revised plans for their office & residential redevelopment of 18 Blackfriars Road, after discussions with Historic England & Southwark Council

BT Tower to Become a Hotel

February 21st, 2024|

The Post Office Tower, as it was originally known, is set to become a hotel as owners BT Group sell to US group MCR Hotels for £275m.
The BT Tower was London’ tallest building for sixteen years after its opening in 1965 with its microwave aerials playing an essential role in telecommunications.  Telecoms has undergone its own revolution and the Tower’s role has diminished but it still remains a significant London landmark.

WeBroke!

January 9th, 2024|

WeWork has warned of “significant doubt on the company’s ability to continue as a going concern”, after a £123m loss and revealing it owes its parent co £731m.

Gove Pauses Khan’s Planning Rejection

November 30th, 2023|

Housing secretary, Michael Gove, has ordered a six week pause to determine whether he should have the final say on proposals for the MSG Sphere in Stratford

Inflection Point?

November 14th, 2023|

British Land’s decision to rebuff Meta’s alternative tenant, for space at Triton Square they never occupied a “sign of confidence in the London office market”?

Newly Refurbished Offices in Southwark to let

October 31st, 2023|

We are pleased to be instructed on Bridgegate House, 124-126 Borough High Street, Southwark SE1.

Overheard in the
B W V

Seriously, You cannot be Serious?

A couple of “amusing” cold emails came across Mr F’s desk recently and were sent to the BWV for comments.

First off from someone at brandifymybusiness.com we have:

Here’s a little fun: Why did the real estate agent always carry a pencil? In case they came across a sketchy area! Sorry to jump in with a joke. There’s a bigger picture I’ll be painting in my next message

Not funny, not grammatically close to correct, and not even a company (the domain is parked by our friends at GoDaddy)

Next we have from Studio 185 a bit of visual content…

…your non apology is not accepted!

If you feel the need to unleash the Easter Punny put a bit of thought into it – dont just give it to the WEX junior

Darcy, mate.  Show them how its done!

Sell Homes of “Putin’s Cronies”

The phrase ‘more easy said than done’ surely applies here?

All sounds great in theory – sell over a billion quids worth of Russian owned assets and provide new housing for displaced Ukrainians.

According to new analysis by City Hall, if the £1.1bn of property identified by Transparency International in 2022 as being bought by Russians accused of corruption or with links to the Kremlin could be sold, it would provide sufficient funding for over 4,000 low-cost homes – lifted from the Beeb
Quite a big ‘if’ and ‘but’ in there?
So any legs or attention grabbing headline?  Would dearly love to voice educated opinion but a quick google of related media articles the breadth of coverage would suggest the latter

That’s another fine MEES you’ve got me into

As April 2027 and 2030 deadlines loom how realistic is meeting EPC C and B ratings for run-of-the-mill London offices?

The definition of run-of-the-mill London Offices is more than a tad vague so we grabbed an example off Langham Estates stock in Margaret Street.

The fourth floor at number 19 is on the market and currently has an EPC rating of D.  By 1st April 2027 this will need to be improved to C, and B by 2030.  The floor in this building must be typical of a fair amount of secondary office space in London.

One would assume the Langham have already done the simple stuff like energy efficient lighting, heating controls and the likes so begs the question what would need to be done to get that certificate to C and B

WeWork, Wont, Worked, What?

As WeWork try to renegotiate nearly all its leases, the comment “many landlords are expected to listen” seems somewhat trite as will many landlords really have an option? “It’s better to engage smartly with WeWork and see what’s available than not talking at all,” said Isaac Marcushamer, an attorney at Miami-based law firm DGIM. (well, he would say that wouldn’t he?)

Should they decide not to listen, however, heaven forbid they respond, “We Won’t” as WeWork has, allegedly, just sent a cease-and-desist letter to rival Codi in response to the startup’s recent marketing campaign it dubs “WeWont”

WeWork still has wide name recognition from its fast growth, post founding in 2010. It later had to scrap its first attempt at an initial public offering before ousting its co-founder and CEO, Adam Neumann, and embarking on cost cuts. That turnabout was so dramatic it was the topic of an AppleTV mini-series, “WeCrashed

Work, Wont, Crashed or Whatever, the lasting impression of a WeWork facility is that of a sixth form common room, with much more talking than working seeming to be about.  Staff poaching has been cited as an issue by tenant’s as breakout space serves as a dealing pit.  Maybe it is in a tenant’s interest for landlords not to listen, WW to walk away from their lease and the end tenant gain the option to move elsewhere

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