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Developer rethinks £8bn Earls Court masterplan

Developer Capco has returned to the drawing board to recast its plans to develop thousands of homes at Earls Court in London.

Vast Earls Court scheme to be revised amid softening house prices in the capital

The firm confirmed this morning that it was working with Hammersmith and Fulham to raise the number of proposed homes for the site by 2,500 to 10,000.

The rethink comes amid local criticism that the affordable housing provision was insufficient on the vast 77-acre site.

Capco gained planning for 7,500 new homes across four new residential districts in West London nearly four years ago.

Proposals also include include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 5-acre public park.

This plan involved demolition of the West Kensington and Gibbs Green housing estates, which the council has now said it wants to take back into its control.

In a statement this morning, a spokesman for the developer said: “Capco notes the recent press speculation and confirms that it remains in discussions with the London Borough of Hammersmith & Fulham to bring forward an enhanced masterplan for the Earls Court Opportunity Area.

“An enhanced masterplan would seek to deliver an increased number of homes across all tenures throughout the wider Earls Court Opportunity Area, and could involve LBHF taking the lead on future plans for the West Kensington and Gibbs Green Estates.

“In the event that an enhanced masterplan does not progress or agreement is not reached, the Conditional Land Sale Agreement ( a binding agreement in relation to the Estates) will remain in place.”

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JLL predict slow house price growth- with near term falls

Key Highlights:

• More moderate UK house price growth for the next 5-10 years

• Brexit will remain a short-term drag on the UK housing market

• New Housing paradigm good for government, the economy, buyers, sellers and industry participants

• UK house price growth are set to ease

• UK transactions will improve at a moderate rate

• UK housing starts to remain buoyant

Price changes

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Richardsons buy Carillion’s Ask Real Estate for £14m

Carillion has sold its controlling interest in developer Ask Real Estate to West Midlands developers the Richardson family.

Ask’s £300m Manchester Goods Yard scheme

Their firm Dukehill, which has net assets of around £88m, will pay £13.8m for Carillion’s 67% stake in Ask Real Estate and a 50% interest in Ask Carillion Developments.

The Richardson family property business, founded by twins Roy and the late Don who came to prominence as the developers of the Merry Hill Shopping Centre, was already partnering Carillion on schemes in Durham and Worcester.

The development business is now run by by sons Lee, Carl and Martyn Richardson.

The latest deal brings disposals in the the last week to nearly £64m following the sales of prime healthcare FM assets to Serco.

Carillion is aiming to raise £300m from the sale of its assets as it battles to reduce its forecast £1bn debt mountain at the end of this year.

Keith Cochrane, Interim Chief Executive, said: “We are pleased to be able to announce further progress.

“Much remains to be done, and we are continuing to execute our plans to refocus the business, reduce cost and strengthen our balance sheet.’

Ask has several developments on the go including a £300m mixed-use tower block scheme in Manchester for a 1.74 acre site next to the Beetham Tower and Manchester Central convention centre.

The firm is also joint venture development partner with German property firm Patrizia for Gateshead Council’s planned £200m conference centre for a site next to the Sage Centre.

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£1bn London docklands scheme developer named

Developer London & Regional Properties has secured the development deal to regenerate Albert Island in London’s Royal Docks area.

Albert Islands Docklands
10 ha Albert Island site is largely owned by the Greater London Authority

The firm run by the Livingstone brothers will act as the Greater London Authority’s partner on the 10 ha site at the eastern end of the royal docks.

Details of its plans have yet to be revealed but the GLA masterplan for the site includes development of a commercial boatyard, redevelopment of the existing marina in the northern part of the site and housing around the southern part facing the Thames.

L&R Properties said: “We are very excited to have been chosen and are looking forward to working on this project with the local community, the GLA and the London Borough of Newham.

“There will be much more information available shortly”

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Google gets green light for £1bn King’s Cross HQ

Internet giant Google has been given the green light by planners to build its new £1bn headquarters at King’s Cross in London.

google-hq-news-architecture-offices-london-big-heatherwick-_dezeen_hero-b

Camden Council’s planning committee approved the deal last night.

Main contractor Lendlease will start on site next year on a contract believed to be worth around £350m.

The 11-storey building will be more than one million square feet of which Google will occupy 650,000 sq ft.

The Google HQ building, designed by Heatherwick Studios and BIG, in collaboration with BDP, will be home to 4,000 Googlers on completion.

Thomas Heatherwick said: “Strong support for an ambitious building in an important part of the city is more proof that London is not afraid of its future.

“We’re excited to start building.”

Neil Martin, Manging Director of Lendlease’s Construction business in Europe, said: “With our global construction experience, we are confident this will be as distinctive as everything else Google does.”

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Mount Anvil plans 1,000 flats in London Royal Docks

Developer and contractor Mount Anvil has struck a deal with the owners of the London ExCel exhibition centre to build 1,000 apartments at the Royal Docks site in East London.

ExCel
New apartments will be built on car parking space around ExCel

The State-owned Abu Dhabi National Exhibitions Company, which owns the land and exhibition space, has formed a joint venture partnership with Mount Anvil’s recently launched Royal Docks West development.

Royal Docks West was granted planning permission in February for 105 homes, including 26 affordable homes for local key workers,  amenity space for residents and commercial space.

Now Mount Anvil can expand its ambitions for the area and is working up plans for more housing.

western-gateway-2

Royal Docks West plan

Killian Hurley, chief executive at Mount Anvil said: “We are developing a compelling design, which we will continue to evolve in partnership with LIEC, London Borough of Newham and the GLA, and stakeholders in this area.”

Phil Dowson, chief financial officer at ExCeL said“We are thrilled to be working in partnership with Mount Anvil to deliver this exciting project, given the company’s strong track record for working collaboratively to create design-led schemes.”

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Grosvenor details £500m Bermondsey plan

Developer Grosvenor has updated plans to build 1,500 new rental homes in London’s Bermondsey district.

GBI - Bermondsey_1_low res

Under the £500m plan targeting mid-market housing Grosvenor will provide homes on a range of discounted market rents, reaching a wider spectrum of people.

The plan to develop a 12-acre former biscuit factory site has been designed by Kohn Pedersen Fox Associates and also includes a new 600-place secondary school at its heart, over 110,000 sq ft of new public spaces and almost 20,000 sq ft of new playspace.

Grosvenor Bermondsey

Grosvenor is testing its latest proposals after two years of local interaction and discussion.

Craig McWilliam, Chief Executive of Grosvenor Britain & Ireland, said: “London’s housing shortage is too often creating polarised outcomes, with homes for the few who can afford to buy them, and those allocated social rented accommodation.

“We are sharing our ambitions in Bermondsey to meet the needs of many on low and middle incomes who are locked out of London’s housing market.

“We want to help create one of London’s greatest neighbourhoods for people of mixed incomes, backgrounds and life stages. We want to manage these rental homes for the long term, responding to changing needs and extending Bermondsey’s rich history at the heart of a growing, global city.”

 

More information is available at: http://www.belonginbermondsey.com

 

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Lendlease lands role on £1.5bn luxury resi scheme

Lendlease has been appointed to provide design advice at the former St John’s Wood Barracks site in north west London.

st johns wood barracks

A statement from developer Craigewan said: “On behalf of its client, St. John’s Wood Square Limited, Craigewan can confirm the appointment of Lendlease to provide advice during the detailed design phase of the development prior to the appointment of a main contractor.”

The 2.2ha site was the former home of the Royal Horse Artillery and will be transformed into luxury homes across eight blocks.

Construction work is scheduled to last for five-and-a-half years.

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Telford Homes signs luxury Battersea build to rent deal

Telford Homes has signed a pre-construction development agreement with property investor Greystar to deliver 894 build to rent homes at Nine Elms in Battersea.

Jon Di-Stefano Telford Homes
Chief executive Jon Di-Stefano said the deal was an “exciting step” for Telford Homes

Greystar has acquired two plots of land from the Royal Mail for the scheme. 

The pre-construction deal will see Telford Homes assist Greystar in pursuing a detailed planning consent for the site before entering a full design and build contract to deliver the development for a fixed price.

The terms of the contract include regular payments during the course of construction and profit paid on practical completion so Telford will invest limited equity and no debt. 

Telford Homes said it “is not taking any sales or rental risk but the margin earned will account for full construction risk and therefore is in line with the group’s target margin for build to rent developments.

Jon Di-Stefano, Chief Executive of Telford Homes, said: “Telford Homes is becoming established as a significant developer of build to rent housing in London. 

“This increasing reputation is helping the Group to secure major opportunities such as this and we are looking forward to assisting Greystar and building a strong partnership with them.

“This development will represent a substantial increase in the Group’s build to rent portfolio alongside existing schemes with M&G Real Estate, L&Q and Folio London, part of Notting Hill Housing Group. 

“It is an exciting step for Telford Homes but it does not change our geographic focus when considering developments for open market sale. 

“The Board believes the Group’s skillset can be utilised to develop build to rent homes anywhere in London whilst still maintaining a strong pipeline of developments for individual buyers in non-prime London locations.”

Mark Allnutt, Managing Director Multifamily, Greystar added: “This will be without question central London’s most exciting rental community.

“There’s nothing comparable in the UK in terms of scale and resident amenity. 

“We believe that London is finally ready for a five-star rental experience and we’re proud to be bringing this to Nine Elms in partnership with Telford Homes, a housebuilder synonymous with quality.”

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Google submits plans for new King’s Cross HQ

Internet giant Google has submitted plans for its new headquarters building at King’s Cross in London.

Lendlease will be main contractor on the job which is expected to cost around £350m to deliver.

Plans went in to Camden Council for approval this week.

The planning application describes the scheme as a “7-11 storey building for use as offices with ancillary staff facilities including a cafe, gym, pool, Multi Use Games Area, events centre and landscaped roof garden.”

The Google HQ building, designed by Heatherwick Studios and BIG, in collaboration with BDP, will be home to 4,000 Googlers on completion.

Neil Martin, Manging Director of Lendlease’s Construction business in Europe, said: “With our global construction experience, we are confident this will be as distinctive as everything else Google does.”

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