London Development Sites
Property development opportunities in London
Essential news affecting the world of property
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.
MORE2 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.
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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.
MORE26 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.
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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.
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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.
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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.
MORE20 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.
MORE14 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.
MORE3 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.
MORE22 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.
MORE11 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.
MORE2 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.
MORE19 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.
MORE6 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.
MORE1 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.
MORE23 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.
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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.
MORE16 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.
MORE9 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.
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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.
MORE2 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%.
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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.
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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
MORE15 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%.
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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.
MORE3 November 2022
The Bank of England's Monetary Policy Committee voted 7-2 to increase interest rates by 0.75% to 3%. One member preferred to increase the rate by 0.5% and one by 0.25%.
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1 July 2022
The City of London Corporation have approved a 10 storey 12,102 sq ft office building at 3-4 Holborn Circus EC1. The building is designed by WilkinsonEyre architects for Evan Randall Investors and features retail at ground floor, a pocket park and a BREEAM pre-assessment rating of 'outstanding'.
MORE8 March 2022
The City of London Corporation has obtained an Article 4 Direction removing the development right to convert offices to residential in the 'Square Mile' from the 1st of August 2022.
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11 March 2022
Plans to transform London's oldest public park, Finsbury Circus Gardens, have been approved by the City of London Corporation. The scheme is designed by Architecture00 + Studio Weave and includes an 'urban forest' and a 100 capacity pavilion café built of low carbon concrete and Portland stone.
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29 July 2021
The City of London Corporation have received planning consent for a Maccreaner Lavington and Erect Architecture designed scheme of 91 affordable homes. The development includes apartments in three villas along York Way N7.
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6 May 2021
The City of London Corporation has released updated images of how the City will look in the mid 2020s. The images include projects approved in the past 12 months notably 50 Fenchurch Street, 55 Gracechurch Street, 60 Aldgate High Street, 70 Gracechurch Street and 2-3 Finsbury Avenue. Key proposals in the City Plan 2036 include more animated ground floor spaces with pedestrian spaces through tall buildings and urban greening. Photo Didier Madoc.
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24 February 2021
The City of London Corporation has approved an office led 38 storey development by British Land and GIC. The building, designed by architects 3NX, will provide more than 83,000 sq m of office space and over 700 sq m of retail space. A new north south pedestrian route will connect Finsbury Avenue Square to Sun Street. Photo 3XN
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