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

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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.

British Land Secures Planning for Southwark Logistics Hub

October 25th, 2023|

British Land has planning for a 140,000 sq ft last mile logistics hub in Southwark, close to the junction of New Kent Road, Old Kent Road and Tower Bridge Road

WeWork exits Houndsditch

October 19th, 2023|

WeWork is closing down its 133 Houndsditch site and evicting its tenants. The firm is, supposedly, helping members move to nearby WeWork locations.

215,000 sq ft New City Offices

October 10th, 2023|

PineBridge Benson Elliot has secured planning for 215,000 sq ft sustainable offices in The City including 14,000 sq ft of food & beverage, and retail space.

Landsec commits to £200m green Southwark development

October 6th, 2023|

Landsec has backed prime London offices by committing to  its 380,000 sq ft Timber Square development in Southwark

WeWork Investment Arm Set to Exit London

October 5th, 2023|

WeWork's investment arm, WeWork Capital Advisors, has exchanged on 99 Queen Victoria leaving it owning just one office building in London

James Couse joins the team

October 2nd, 2023|

We have a new member of staff, James Couse. James brings to us his extensive agency expertise in the City and London niche markets and we are very happy he has joined

£149m lease exit – what are the real costs?

September 29th, 2023|

As Meta pay £149 million to British Land, to get out of their lease obligations at 1 Triton Square, what are the real costs involved and to whom?

Overheard in the
B W V

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

Up To The Mark??

A new City development of 215,000 sq ft offices with cultural, food & beverage and retail space sounds exciting but looking at it leaves one a little tepid.  The Mark, on 47-50 Mark Lane, has been designed by Danish Architect 3XN and don’t think it will float every boat.

Appreciating that sustainability is at the top of the agenda when its comes to design, The Mark still looks somewhat lacking in visual appeal for, what is, an important and prominent City of London location.

“Never Knowingly Undersold”

All gets a bit tricky with that mission statement going into the world of property as John Lewis are finding to their cost after launching into the property sector following the appointment of Dame Sharon White as chairman back in 2020.

Their build-to-rent scheme in Ealing is reportedly likely to result in losses of £57m and bids on the sale of the upper floors of its Oxford Street store, for redevelopment into offices, are now floundering, due to rising interest rates and the present economic microclimate.

Their venture into property, whilst Waitrose is underperforming, does to seem likely to be on track to generate two fifths of group profit via non-retail areas by 2030.  Maybe it would have been prudent to address the problems in the core business rather than introduce more through diversification.

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