Welcome to the fourth update of 2015, giving you an up-to-date view of the office, investment & development market in the west of the West End and providing an insight into prevailing trends in this sector. Includes annual review of West of West End, click below to read FM Market Update Q4 2015
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Q4 MARKET SUMMARY
Headline office rents reached £55 per sq ft in Hammersmith with the letting of 8,500 sq ft at Helical Bar’s One King Street at the end of 2015. Victoria Beckham is close to taking 39,000 sq ft at White City Place where the quoting rent is £47.50 per sq ft. Best rents in Fulham continue to rise to £50 and £52.50 in Chiswick Park where Danone have taken appoximatley 40,000 sq ft. There were no substantial lettings in Kensington or Notting Hill as supply remains very limited in a market with just 1.7% vacancy in Royal Borough of Kensington & Chelsea. Morgan Stanley took advantage of this lack of supply in Q4 by purchasing a 42.5% equity stake in Frogmore’s Notting Hill Gate Estate that is due to be redeveloped. Rockspring have exchanged contract on the 110,000 sq ft Metro Building in central Hammersmith next to the flyover, from M&G Real Estate for £62m (£560 per sq ft) represents 5.9% yield.
PADDINGTON PLACE TOWER – Plans for West London’s tallest building submitted
Developer of the Shard, Irvine Sellar, has submitted plans for what would be the tallest tower in the west of London at 833 ft and 31 floors. Designed by Shard architect Renzo Piano it has already been dubbed the Paddington Pole. Located on London Street adjacent to the pedestrian ramp into Paddington Station from Praed Street, the developer says the connectivity to the Circle/District and Bakerloo Line platforms will be enhanced. Within the proposed new mixed residential, office and retail scheme there will be over 100,000 sq ft of office space and 50,000 sq ft of retail and leisure space.
VICTORIA BECKHAM – the first new tenant at White City Place
Victoria Beckham’s fashion business is expanding from its small office in Ransome’s Dock near Albert Bridge, Battersea and… DOWNLOAD TO READ IN FULL
