Market Update Q3 2015 , welcome to the third 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.
Q3 MARKET SUMMARY market-update-q3-2015
Market Update Q3 2015 office supply has tightened in the Royal Borough of Kensington & Chelsea despite the effects of the Chinese slowdown, as good demand from businesses has led to an office vacancy rate of just 1.72%. Supply in the London Borough of Hammersmith & Fulham has been boosted to 3.85% from a 1.5% low in Q1 as Stanhope prepare former BBC Buildings at White City Place for the market in 2016 and 2017. Chiswick office supply has also increased to 14.38% due to the speculative construction of the huge 334,000 sq ft Building 7 at Chiswick Park, although this supply will be catering for large companies only. Best office rents in Hammersmith, Kensington & Chelsea are £57.50 per sq ft, £52.50 in Shepherds Bush, £50 in Fulham and £48 in Chiswick.
Housing and Planning Minister Brandon Lewis has just announced that permitted development rights, which were due to expire next May, will now be made permanent. They will also be expanded to allow offices to be demolished, not just converted. Those who already have permission will have three years in which to complete the change of use. Those areas that are currently exempt from the office to residential permitted development rights such as RBK&C will have until May 2019 to make an Article 4 direction if they wish to continue refusing prior approval applications for the change of use. In Hammersmith, where there is no exemption, we estimate that Permitted Development in LBH&F will have converted 840,000 sq ft offices to residential from its inception over 2 years ago. This is the equivalent of just under 8% of the Borough’s entire office stock.
THAMES WHARF PLANNING market update q3 2015
Planning consent has been granted to London & Regional for the demolition of the existing buildings adjacent to the River Thames and a redevelopment comprising the construction of two residential buildings together with the retention and conversion of the buildings fronting Rainville Road. This will provide a total of 57 flats and 8,750 sq ft of offices as well as retaining the 5,850 sq ft restaurant, The River Café. The architects, Rogers Stirk & Partners have just relocated from the wharf to the Leadenhall Building in the City (known as the Cheesegrater). Formerly a Duckhams Oil Depot, Rogers have evoked the distinctive shape of the barrel vault roof in the design of both of the new apartment blocks. The original barrel vault roof was designed by Hammersmith based architects Lifschutz Davidson Sandilands in 1991.
NOTTING DALE SALE market update q3 2015