The City of London Corporation has approved plans for 1 Undershaft, a 74-storey (309.6m) office tower, set to be the tallest building in the City, located between the Gherkin and Leadenhall Building. Developed by Aroland Holdings Ltd and designed by Eric Parry Architects, the project will provide 154,156 sqm of Grade A office space, a 1,000 sqm public viewing gallery and education space in partnership with the Museum of London, and a 2,500 sqm elevated podium garden with cultural and retail amenities. [Read more…] about City of London Corporation approves Square Mile’s tallest tower
News 2024
City of London approves a co-living retrofit scheme at Beech Street EC2
The City of London Corporation’s Planning Applications Sub-Committee has approved a co-living development at 45 Beech Street, also known as Murray House, delivering 174 private rental units with communal amenities and landscaping.
The building will be partially demolished and extended, featuring sustainable elements such as natural ventilation and a potential district heating network link. An off-site affordable housing contribution of over £8.5m has also been agreed.
New development to create 300 Co-living units at Brent Cross Town
Related Argent has announced a £100m (GDV) co-living development at Brent Cross Town in partnership with Halcyon Development Partners and DTZ Investors’ Folk Co-living brand. This will be the first co-living project in the London Borough of Barnet. Located near the new high street, Merchant Street, and the main public space, Neighbourhood Square, the development is a 3-minute walk from Brent Cross West mainline station. [Read more…] about New development to create 300 Co-living units at Brent Cross Town
Knight Frank data shows a 50% fall in offers on London new homes in the run-up to the General Election 2024
Data by Knight Frank shows that following an improvement in the Spring of 2024, offers made on new homes in London fell by 50% in June and July 2024. Recent data indicates an improvement over the last few weeks.
According to Knight Frank, the best-selling schemes in London include One Park Drive (completed in 2022) and 10 Park Drive (completed in 2020) in Canary Wharf, where only 56 out of 830 private units are available. [Read more…] about Knight Frank data shows a 50% fall in offers on London new homes in the run-up to the General Election 2024
Halifax House Price Index shows an annual increase of UK house prices by 2.3% in July 2024
In July 2024, the Halifax House Price Index showed that UK house prices increased by 0.8%, on a monthly basis, resulting in an annual growth of 2.3%, the highest since the start of the year. The average house price is now £291,268, up by over £2,200 from the previous month. London property averaged £536,052, up 1.2% compared to last year.
Bank of England cut base rate from 5.25% to 5%
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 5 to 4 to reduce the Bank Rate from 5.25% to 5%. Four members preferred to keep the rate at 5.25%. Inflation was at 2% in May and June 2024 and is expected to rise to 2.75% in the second half of the year and then return to the 2% target again.
City Corporation approves new hotel between the Museum of London and the Barbican
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.
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. [Read more…] about Hines and architects Foster + Partners to create a 1 million square feet mixed-use destination at Bankside, London
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
Nationwide indicates a 0.4% monthly drop in UK house prices in April 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.
Oxford Street upgrade moves to the next phase
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.
City of London Corporation approves office scheme at Little New Street EC4
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.
Mayor of London’s vision to deliver 36,000 homes and 55,000 jobs at the Royal Docks
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.
