The City of London Corporation has approved the redevelopment of two office buildings between the future Museum of London and the Barbican to create a new hotel. The buildings at 1-8 Long Lane will be combined into a 9-storey, 128-room hotel, with 10% provision for disabled access, contributing to future visitor demands. Retail spaces, urban greening and public art installations will form part of the development.
MORENews
Essential news affecting the world of property
![Hines 18 Blackfriars Road London](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2024/05/Hines-18-Blackfriars-Road-London.jpg)
Hines and architects Foster + Partners to create a 1 million square feet mixed-use destination at Bankside, London
International developers Hines have secured approval from Southwark Council for a new office and residential development at 18 Blackfriars Road on a 2-acre site that has been undeveloped for 20 years. The buildings, designed by architects Foster + Partners, are intended to be fossil fuel-free, 100% electric and Net Zero carbon in use, with 95% of the heat requirement served by ground source heat pumps. (more…)
MORE![Park Royal Asda Barrat London](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2024/05/Park20Royal20-20CGI202wid1432fmtwebp-alphaqlt60cacheBust2024-05-14.webp)
Mixed-use redevelopment of the Asda site in Park Royal creating a new town centre
13 May 2024
The retailer Asda has partnered with developer Barratt London to redevelop the brownfield site which currently houses the Park Royal superstore, creating a new town centre at the heart of the Old Oak and Park Royal Development Corporation major regeneration area. Subject to planning, the project will feature a 60,000 sq ft Asda superstore and 1,500 new homes, of which 500 will be affordable. The scheme aims to provide space for new retail units, restaurants, health and wellness facilities, high-quality public realm space, and significant biodiversity gains.
MORE![1Mayfair,WavertonStreetfacade,ImageCreditCAUDWELL](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2024/04/1MayfairWavertonStreetfacadeImageCreditCAUDWELL.jpg)
Cauldwell’s 1 Mayfair 300,000 sq ft residential scheme
Developer Cauldwell's 300,000 sq ft, 8-storey luxury residential scheme, with facades onto South Audley Street, Hill Street and Waverton Street in Mayfair, W1, is due to be completed in Q4 of 2025. Construction of the £2bn GDV project, occupying half a city block, commenced in 2017. Designed by architects Robert A M Stern, the building comprises 24 residences, including lateral apartments, penthouses and townhouses, and offers services typically associated with 5* hotels such as a health spa and swimming pool. Image of Waverton Street facade by Cauldwell
MOREBank Rate maintained at 5.25%
9 May 2024
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 7-2 to maintain the Bank Rate at 5.25%. Two members preferred to reduce the bank rate by 0.25% to 5%. Twelve-month CPI inflation fell to 3.2% in March from 3.4% in February. Monetary Policy will remain restrictive for sufficiently long enough to allow inflation to return to the 2% target.
MORENationwide indicates a 0.4% monthly drop in UK house prices in April 2024
1 May 2024
According to Nationwide, UK house prices fell 0.4% in April 2024 after considering seasonal effects, slowing the annual rate of increase from 1.6% in March 2024 to 0.6% in April 2024. House prices are now 4% below the all-time highs of summer 2022.
MORESavills Q1 2024 research shows first signs of recovery for prime outer London homes
25 April 2024
According to research by Savills, prime residential property values in outer London increased by 0.8% in Q1 of 2024. The strongest performers were houses in Battersea, Clapham, Ealing, Fulham and Victoria Park. Prime central London property prices increased by 0.1%, the first increase since mid-2022. Sales volumes across all residential properties in London are 15% above pre-pandemic levels and 24% up on last year.
MOREOxford Street upgrade moves to the next phase
9 January 2024
The £90 million upgrade to Oxford Street, London W1 received support from 2/3 of residents, businesses and visitors who took part in a consultation. The scheme proposes a more attractive street with 40% more footway space, and improved seating, lighting, signage, trees and planting.
MORE![Hill House City of London Corp 2 copyrightWAX](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2024/04/HillHouse-City-of-London-Corp-2-copyrightWAX.jpg)
City of London Corporation approves office scheme at Little New Street EC4
9 April 2024
The City of London Corporation has approved the Hill House office scheme, which will deliver over 57,000 sq m of grade A office space to accommodate around 3,000 employees at 1 Little New Street EC4A. As part of the scheme, the Shoe Lane Library will be relocated from the basement to ground level. Additionally, the scheme involves planting 28 street trees, delivering a 500% biodiversity net gain for the area, and retaining over 90% of the existing structure. Image ©WAX.
MOREMayor of London’s vision to deliver 36,000 homes and 55,000 jobs at the Royal Docks
7 March 2024
Over £2bn of public and private sector investment is planned at Royal Docks delivering 36,000 homes and 55,000 jobs. This is part of a wider regeneration delivering 129,300 homes at development areas including London Riverside, Isle of Dogs, Thamesmead and Canada Water. The Royal Docks played an important role in the capital's economy from the mid-1800s until it declined in the 1960s and 1970s. It now forms one of the largest development regeneration areas in London.
MOREBank of England holds rates at 5.25%
1 February 2024
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 6-3 to keep the Bank Rate at 5.5%. Two members preferred to increase the rate by 0.25% and one preferred to reduce it by 0.25% to 5%. Twelve-month CPI inflation fell to 4% in December 2023 and is now expected to fall to the 2% target in the second quarter of 2024, but increase again in the third and fourth quarters.
MORE![City of London 65 Greham Street Aldermanbury](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2024/01/City-of-London-65-Greham-Street-Aldermanbury.jpg)
City of London approves major retrofit scheme at 65 Gresham Street EC2
A mixed-use retrofit scheme at Gresham Street EC2, which will retain approximately 70% of the building's existing structure, has been approved by the City of London Corporation. The project includes landscaped terraces and new retail spaces along Aldermanbury, within walking distance of Liverpool Street station, currently the busiest station in the UK. City of London Corporation
MORESavills research highlights challenges for developers
18 January 2024
Savills 'Market Pressures' report concludes that London developers face a challenging market with a 41% decline in new build sales below £1,000psf in the past year. Private starts on-site are now 60% below the 2015 peak. The end of Help to Buy and higher interest rates contribute to this decline. Current new home deliveries at 34,985 are just 41% of housing needs, pointing to a challenging future. Prospects for improvement hinge on a predicted interest rate drop in mid-2024. Savills
MOREBank of England holds the Bank Rate at 5.25% for the third consecutive time
14 December 2023.
The Bank of England's Monetary Policy Committee (MPC) voted 6-3 to maintain the Bank Rate at 5.25% for the third consecutive time. Three members voted to increase it by 0.25% to 5.5%. 12-month CPI inflation fell from 6.7% in September to 4.6% in October.
MORE![The Cascades at Earls Court - CGI. Image courtesy of ECDC](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/12/The-Cascades-at-Earls-Court-CGI.-Image-courtesy-of-ECDC.jpg)
Updated masterplan for Earls Court
15 November 2023.
The Earls Court Development Company's updated plans for the 40-acre former Earls Court Exhibition Centre include 4,000 new homes, 35% of which are affordable. The development will feature 300,000 sq ft of retail, dining, leisure and cultural spaces, along with 2.5 million sq ft of workspace. Gardens and open spaces account for 60% of the total area.
The new development aims to surpass the net-zero requirement, creating one of the UK's largest zero-carbon energy-sharing networks and setting a zero operational carbon target. Additionally, the plan involves planting a thousand trees will be planted and designing routes that prioritise walking and cycling, with connections to the surrounding three stations. CGI of The Cascades, a terraced landscape and water feature at Earls Court, by ECDC.
MORE![55-65 Old Broad Street planning November 2023 street](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/11/55-65-Old-Broad-Street-planning-November-2023-street.jpg)
Planning approval for 23 storey mixed-use building at Old Broad Street EC2 facilitates restoration of the Bishopsgate Bath House
21 November 2023.
The City of London Corporation has approved plans for a 23-storey mixed-use building at 55-65 Old Broad Street EC2, which will facilitate the restoration of the Grade II-listed Bishopsgate Bath House, opening it to the public. The existing structure of 65 Old Broad Street will be largely retained and refurbished, rather than redeveloped, substantially reducing the carbon footprint over the building's lifespan.
MOREBank of England maintains Bank rate at 5.25%
2 November 2023.
The Bank of England's Monetary Policy Committee (MPC) voted 6-3 to maintain rates at 5.25%. Three members voted to increase the Bank Rate by 0.25% to 5.5%. Twelve-month CPI inflation fell to 6.7% in September, well above the 2% target, but is expected to continue to fall sharply to 4.75% in 2023 Q4, 4.25% in 2024 Q1, and 3.75% in 2024 Q2, and to the 2% target by the end of 2025.
MORE![City of London skyline 2030](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/11/City-of-London-skyline-2030.jpg)
The City of London skyline by 2030
2 November 2023.
The City of London Corporation has release images of how the Square Mile's skyline will look by 2030. The images include major developments that have been approved or are resolved to be approved in the last year. Most of the tall buildings are located on the east side of the Square Mile.
A report by Arup and Knight Frank show the need for an extra 1.2m square feet of office space in the city by 2040. (more…)
MORESavills reports 39% decline in residential development land transactions in the UK in the third quarter of 2023
26 October 2023.
The Savills third-quarter 2023 report on residential land in the UK reveals a 39% decrease in transactions, fewer sites entering the market, and a 22% decrease in planning consents in England. The sites in highest demand are those ready for immediate construction.
Residential land values in Central London have fallen by 8% over the 12 months leading up to September 2023, and in Outer London, the decline is even steeper at 15.6% during the same period. (more…)
MORE![Mark Lane EC3 3XN City of London](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/10/Mark-Lane-EC3-3XN-City-of-London.jpg)
City of London Corporation grants planning for 215,000 sq ft of office space at Mark Lane EC3
The City of London Corporation has granted planning permission for a new development, 'The Mark', designed by Danish architects 3XN, for Hobart Partners and PineBridge Benson Elliot. The new building at 47 and 50 Mark Lane, London, EC3, will offer 215,000 sq ft of office space and 14,000 sq ft of cultural, food & beverage, and retail space. The building is designed to a high environmental standard to contribute to the City Corporation's aim of achieving a Net Zero Square Mile by 2040 and aims to be sympathetic to the Tower of London World Heritage Site nearby. (more…)
MORE![Ferry Island Phase 2 Heart Of Hale Credit Related Argent](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/10/Ferry-Island-Phase-2-Heart-Of-Hale-Credit-Related-Argent.jpg)
Final phase of Heart of Hale development in North East London
Related Argent has commenced the final phase of Heart of Hale, the £600m (GDV) North East London regeneration scheme at Tottenham Hale. The final phase comprises 1 and 2 Ferry Island and is designed by architects Alford Hall Monaghan Morris. In total, the scheme will deliver 1,032 market sale, affordable and Build-to-Rent homes, over 7 buildings. There will be a major new pedestrian civic space with retail and commercial spaces, including shops, cafes, leisure and offices, lining the main square.
MORE![Plot 12, Brent Cross Town visualisation](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/10/Plot-12-Brent-Cross-Town-visualisation.jpg)
Main structures of first two residential buildings at Brent Cross Town are now complete
25 September 2023
Brent Cross Town is one of the largest regeneration projects in Europe, with the 180-acre site expected to deliver 6,700 new homes, having a GDV of £8bn. The project is a joint venture between Related Argent and Barnet Council. The main structures of the first two residential buildings, Plot 12 and The Delamarre are now complete. A new station, Brent Cross West, will open at the end of the year and connect to Kings Cross with a journey time of 12 minutes. Seven parks will serve the area, the first of which, Claremont Park, opened in 2022.
MOREBank of England holds rates at 5.25%
20 September 2023
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 5 to 4 to maintain the Bank Rate at 5.25%. Four of the members voted to increase the rate to 5.5%. The 12 month CPI inflation was 6.7% in August down from 7.9% in June.
MORESavills report on £5 million-plus residential sales in London
14 September 2023
Savills research reports that 240 properties worth more than £5 million were sold in the first half of 2023. Although this is 21% lower than the first half of 2022, the sales are 45% above the first-half average between 2017 and 2019. Savills research also indicates that prices in prime central London remain 18% below their peak in 2014.
MOREBank Rate increased to 5.25% in August
3 August 2023
In the August meeting of the Bank of England's Monetary Policy Committee (MPC) the members voted by a majority of 6-3 to increase the Bank rate by 0.25% to 5.25%. Two members preferred to increase the rate by 0.5% to 5.5% and one preferred to leave the rate unchanged at 5%. Twelve month CPI fell from 8.7% in May to 7.9% in June.
MOREUK Bank Rate increased from 4.5% to 5%
22 June 2023
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase rates by 0.5 percentage points to 5%. Two members preferred to leave the rates unchanged at 4.5%. Inflation measured by Consumer Price Index (CPI) was 8.7% in May, unchanged from the April figure. The MPC will adjust rates to return inflation to the 2% target.
MOREBank of England increases interest rate to 4.5%
11 May 2023
The Bank of England's Monetary Policy Committee (MPC) voted by 7-2 to increase the Bank Rate by 0.25% to 4.5%. The two members that voted against the rate rises preferred to maintain the rate at 4.25%. The Consumer Prices Index (CPI) inflation was 8.7% in the 12 months to April 2023, which is down from 10.1% in March.
MORENationwide HPI points to a rise in house prices after seven consecutive falls
2 May 2023
The Nationwide House Price Index showed that annual house price growth was -2.7% in April, however the monthly figures showed a 0.5% increase. This is the first rise after seven consecutive declines.
MORESavills research show significantly reduced land transactions in London with downward pressure on values especially in Outer London
19 April 2023
Savills research points to a significant reduction in London land transactions over the last six months. Central London residential land values have declined 5.5% annually but have remained stable over the last quarter, however Outer London values have declined by 9.5% in the six months to March 2023 taking the annual decline to 16%.
The Outer London market has been disproportionately impacted by build cost inflation, slowing sales rates, the end of Help to Buy and rising mortgage rates. For the six months to March 2023 office land values have declined by 17.6% in Central London and 22.6% in Outer London.
MOREHalifax House Price Index for March 2023
6 April 2023
On an annual basis the Halifax House Price Index shows that house prices were 1.6% higher this March, however this is the weakest increase since October 2019. The typical house price is now £287,880, 2% below the peak last August. London prices are just 0.1% higher than a year ago at £537,250.
MORENationwide House Price Index points to 3.1% annual decline for the UK in March 2023
1 April 2023
The Nationwide House Price Index reports that house prices in the UK were down 3.1% this March compared to a year ago, and this is the largest annual decline since July 2009. Mortgage approvals were also weak at 43,500 cases in February, almost 40% below the same time last year.
MOREMonetary Policy Committee increases interest rate to 4.25%
23 March 2023
The Bank of England's Monetary Policy Committee voted 7-2 to increase the Bank Rate by 0.25% to 4.25%; two members preferred to keep the rate at 4%. The MPC will adjust the Bank Rate as necessary to return inflation to the medium term target of 2%. Inflation unexpectedly rose to 10.4% in February.
MORE![City of London Gracechurch Street EC3](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/04/City-of-London-Gracechurch-Street-EC3.jpg)
City of London Corporation approves plans for a 32 storey tower at Gracechurch Street EC3 with retail and a heritage garden
20 March 2023
On the site of the Forum and Basilica in the heart of Roman London, the City of London Corporation have approved plans for a 32 storey tower featuring ground floor retail, a fifth floor heritage garden and 27,000 sq m of office space. The development at 85 Gracechurch Street EC3 will also reopen a historic pedestrian route between Gracechurch St and Lime Street.
MORELocations surrounding regeneration zones in London benefit from an additional 2% pa increase in property values
16 March 2023
A CBRE report 'The effects of regeneration on local property values', analysed 11 regeneration zones in London and concluded that locations within a 10 minute walk benefitted from an average additional 2% increase per annum in residential property prices. The locations analysed were Canary Wharf, Colindale/Burn Oak, Elephant and Castle, Greenwich Peninsula, Kings Cross St Pancras, Nine Elms, Paddington, South Bank, Stratford, Wembley and Woodberry Down. Paddington benefitted the most with a 5.8% increase per annum. The research attributes this to many factors including improved transport links, enhancements to the area's heritage, retail and green space.
MORERICS survey reports falling house prices and increased rents in the UK
9 March 2023
The Royal Institute of Chartered Surveyors (RICS) Residential Market Survey in February 2023 reports falling house prices based on their House Price Balance. The House Price Balance is a figure based on the difference between RICS surveyors reporting an increase in house prices and the number of surveyors reporting a decline. Although negative, the figure has improved from -45% in January to -29% in February. With the rental market, the RICS report rent rises due to continued supply and demand imbalance.
MORE![City of London Skyline](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/03/City-of-London-Skyline.jpg)
Developers asked to consider alternatives to demolition in the City of London
7 March 2023
The City of London Corporation is the first planning authority in the country to ask developers to carry out carbon impact studies for buildings over 1,000 sq m before submitting an application. The aim is to encourage reuse of existing structures thereby reducing the Square Mile's carbon footprint.
MOREBank Rate increased to 4%
2 February 2023
The Bank of England's Monetary Policy Committee voted 7-2 to increase the Bank Rate to 4% from 3.5% with the aim to achieve the 2% inflation target while maintaining growth and employment. Two members preferred to keep the rate at 3.5%.
MORE![Fleet House New Bridge Street HOK 1950s Refrubishment](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/04/Fleet-House-New-Bridge-Street-HOK-1950s-Refrubishment.jpg)
Green refurbishment of 1950s office building in the City of London
31 January 2023
The remodelling of Fleet House in New Bridge Street EC4 will create and an additional 1,800 sq m of office space and a public rooftop garden. Almost three quarters of the existing structure will be retained, substantially reducing the carbon footprint compared to a new build. The project is designed by HOK for Atenor.
MORE![Pudding Mill Lane LDDC Queen Elizabeth Olympic Park Gort Scott Architects_](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/04/Pudding-Mill-Lane-LDDC-Queen-Elizabeth-Olympic-Park-Gort-Scott-Architects_.jpg)
LLDC seeks joint venture partner for a major development site on Queen Elizabeth Olympic Park
18 January 2023
The London Legacy Development Corporation (LDDC) is seeking a JV partner for the development of the 5.1 hectare site at Pudding Mill Lane. Outline planning permission allows for 948 homes (45% affordable) and a minimum of 30,000 sqm of employment, retail and community space, valuing the scheme at £675m GDV. Pudding Mill Lane DLR is situated at the heart of the development, with Stratford Station, the London Stadium, the London Aquatic Centre, ArcelorMittal Orbit and the UCL East campus being in close proximity. Image Gort Scott Architects. Queen Elizabeth Olympic Park
MOREBank Rate increased to 3.5%
15 December 2022
At the December meeting of the Bank of England's Monetary Policy Committee the members voted 6-3 to increase the Bank Rate by 0.5% to 3.5%. Two members preferred to keep rates at 3% and one member preferred to increase the rate to 3.75%.
MORE![Museum of London Smithfields (c) Secchi Smith](https://londondevelopmentsites.com/wordpress/wp-content/uploads/2023/04/Museum-of-London-Smithfields-c-Secchi-Smith.jpg)
Updated plans are approved for the new Museum of London at Smithfield
22 November 2022
The City of London Corporation have approved plans from the Museum of London to create a world class cultural destination within the historic buildings in West Smithfield. The museum will be rebranded The London Museum. Photo Secchi-Smith.
MORE