Commercial Property Developments in London and Surrounds
SBH Page & Read reported in their recent Locater newsletter that there is a shortage of good quality industrial property in London as it is lost to residential redevelopment, such as the industrial area of Hackney Wick.
However there are still a number of commercial property redevelopments taking shape. Here’s a brief roundup of some of those:
The Brentford Project: This waterfront regeneration scheme is just 15 minutes from Heathrow airport. Although it does include a large amount of residential property there will be 50 retail spaces, a cultural hub and heritage buildings becoming office and workshop space for small businesses.
Westminster city council has approved a proposal to transform 27 Eccleston Place, Belgravia a former industrial building into 30,000 sq.ft of flexible offices, retail and restaurant space. Construction is expected to start in mid-2020.
The Farringdon district has been seeing a lot of development as Farringdon station is forecast to become one of the UK’s busiest stations following the opening of Crossrail and the new Elizabeth line which will run between Reading and Shenfield through central London. It will be the only station to on this line to connect with both the tube and Thameslink. Currently the opening of Crossrail is set between October 2020 and March 2021.
The Ray Building which has been redeveloped by Viridis Real Estates Services who were represented by Cushman & Wakefield and Knight Frank and prelet by LinkedIn at the end of 2018 has been nominated for Building Magazines Project of the Year with the award ceremony due to take place on 5th November 2019.
The Farmiloe Building , a grade 2 listed building which once was used as a location for such films as Batman Begins and Inception before being converted into mixed use commercial space, will now be taken by Live Nation, the US concert search engine firm with property agents Glinsman Weller, JLL and BNP Paribas Real Estate, advising on the deal.
The Museum of London is also moving to the area. Planning application should be submitted by the end of the year with a planned opening date of 2024 in the old West Smithfield market building.
Located between Farringdon and St Paul’s stations is another new development by Ashby Capital LLP, The Baupost Group LLC and Helical PLC: One Bartholomew Close a new 221,000 sq.ft. Grade A office building. The building forms part of the Barts Square mixed use development. This development covers 2.3 acres and includes residential apartments and retail space.
And once the working week is done there’s going to be the chance to visit a new London theme park. The 500 acre site will be built at the Swanscombe Peninsula between Dartford and Gravesend and is expected to open in 2024 with Paramount and ITV on board. In addition to the park itself the development will see the construction of hotels and land partnered with owners such as the BBC.