Land Securities and British Land in Londons West End
Land Securities and British Land are to say that property values began to rise again in the third quarter, confirming that a recovery in the market is feeding through to the books of the large real estate investment trusts.
The tail end of the slump in the second quarter is expected to weigh on overall half-year results, however. Harm Meijer, analyst at JPMorgan, said that positive revaluations had started but added that more significant increases would have to wait until the next quarter.
The company’s statement is expected to focus on its development programme. Land Securities stated its intention to develop two schemes in London’s West End in its last set of results.
Properties Sold & Let in the West End
Properties Sold & Let by LDG in the West End
Properties Sold & Let in the West End
West End Estate Agency
LDG – The Bespoke West End Estate Agency
Established in 1987, Central London Estate Agents LDG have become a leading force in the West End property market.
Founder Laurence Glynne’s philosophy was “to create a unique specialist agency with its own personality and creative flair”.
Our commitment to the individual and their needs has brought us repeat client business allowing us not only to survive but to grow through the economic downturns.
We have the largest shop front in the area and employ a dedicated company to deal with our website ensuring a constantly high profile on the internet. In addition we advertise on all major property websites to ensure maximum coverage.
Widely respected as “The West End Specialists”, we have become a frequent commentator on the property market with articles and features in the national press and regular radio and TV interviews.
Big Firms Return To Central London
After a long downward spiral lasting the better part of a year, the London real estate market seems to be finally looking at a turnaround. A host of companies including Google and Royal Dutch Shell are reported to be scouting around for space in the City for their offices. This comes as welcome news for the London real estate market reeling under dropping rentals and rising vacancy levels.
According to real estate consultants Cushman & Wakefield, Royal Dutch Shell, the oil company, is looking at around 220,000 sq ft of office space while Google needs around 145,000 sq ft. Apart from these two, other interested buyers are also present in the market, such as insurer Aon Corp and Centaur Media, the publishing house.
There were a number of buyers in the beginning of 2009 who had held off making decisions due to the downward trend in the market. These same buyers now seem to be ready to commit, indicating a turnaround for offices to rent London likely in the coming months. According to industry figures, rental take-up for office space in the City has gone up by nearly 65% in the third quarter of the year, as compared to the previous quarter.
Property rates as well as occupancy levels during the second quarter were at their lowest in over ten years, and real estate management firms in the City like Hammerson, British Land and Land Securities were some of those most affected by the downturn. The new demand is likely to push up office space requirements by over 9 million sq ft, a rise of nearly 20% over the beginning of the year.
Living in Fitzrovia
Fitzrovia: The West End’s Rising Star
Charlotte and Goodge Streets are Fitzrovia’s better known social nerve centres, but the real gems can be found tucked away in the area’s backstreets and various mews.
Newman Passage is an innocuous little pedestrian thoroughfare which links Newman Street to Rathbone Street, while Great Titchfield, Foley and Langham Streets are also popular focal points for wining and dining.
Gastronomic rivalry is close at hand in nearby Market Place and Great Portland Street, which are both only a few minutes walk from the bustling artery of Oxford Street, making Fitzrovia the perfect West End location.
And with its famous landmark, the BT Tower, souring 580 feet above the streets, you will never have trouble finding your way home.
Gerald Ronson And Boris Johnson Launch ‘Peak’ Building
The Peak is a new headquarters office building of approximately 77,866 sq ft (7,234 sq m), together with 19,096 sq ft (1,774 sq m) of high quality retail on the ground and lower ground floors, which has been pre-let.
The building accentuates and maximises its peninsula location providing a distinctive and identifiable landmark.
The building will be completed in Autumn 2009, providing new standards of energy efficiency, sustainability and flexibility of use.
Boris Johnson said “The opening of The Peak today is a …powerful expression of the way London is powering out of the recession. It’s another great step forward for Victoria as a prime central London office market and a strong sign of confidence in the economic future for this area”
Great Portland Reports First Asset Rise Since 2007
Central London landlord Great Portland Estates PLC have reported their first rise in assets and portfolio value since 2007.
Despite the rise, the company, who have 83% of their properties in the West End, have said they don’t expect to see a sustained recovery in the commercial property market until the second half of 2010. The company also reported a net loss for the first six months of £29.8 million, after write-downs in property values and losses on the sale of assets.
Many believe this news could be the latest sign that the London property market is over the worst of the recession. The UK commercial property market has been hit hard by the recession and has seen rents and demand for office space plummet. As a result, Great Portland stopped developments last year and doesn’t plan to re-start these until next year.
It has around 2.6 million square feet of development in the pipeline ready for the market recovery. This week they announced they had agreed a “profit-share and debt-structuring agreement” with German lender Eurohypo AG to develop the two West-End properties they have just acquired.
Penthouse to Rent, Dean Street, Soho, London, W1D
Soho Penthouse to Rent
£1,800 pw (£7,800 pcm)
Furnished
Recently constructed, this brand new two bedroom two bathroom penthouse apartment in the heart of Soho offers complete West End perspectives with clear and far reaching views.
The main core of the accommodation is a spectator and spacious tripled aspect glass reception room. This “glass-box” offers an abundance of natural light and space with a stylish modern finish. Sliding glass doors provide access to a wrap around terrace, which can also be accessed from the master bedroom suite.
Centrally situated on the sought-after Dean Street all off the famous delights of the West End are on your door step. This is truly an astonishing one-off apartment and early viewing is recommended.
British Museum Book Shop Launch
Come along to the new British Museum Book Shop opening launch and receive 10% off purchases. Tonight 6-8pm.
Great Portland Enters West End Development Arrangement
Great Portland Estates, the London property investor, announced the acquisition of two West End developments and the formation of a profit share and debt structuring arrangement with Eurohypo to develop the properties. GPE has acquired the SPV entities which own Marcol House, 289-295 Regent Street and 23/24 Newman Street, W1 from Istithmar World PJSC for £10 million upfront and a share of potential future profits.
Marcol House is a Grade II listed, office and retail development site with planning consent for 111,548 square feet, located on the corner of Regent Street and Margaret Street, 150 metres to the north of Oxford Circus. Newman Street is an existing office building of 25,200 square feet with planning consent for conversion to 22 residential apartments (16 for private sale and 6 affordable units) and provides the residential planning requirements for the Marcol House site.
Marcol House is scheduled to complete by the summer 2012, with Newman Street 12 months earlier. Both buildings have existing tenants, providing an initial income of £405,750 per annum, some of whom will vacate prior to the start of the development.
