Pre-Easter round-up: London Gate, Broadgate and Trinity Leeds
A round-up of news for you before the Easter break. Development Securities announced to the London Stock Exchange this morning that it has bought the London Gate business park in Hayes, together with property developer Cathedral Group. The 18-acre site includes the buildings forming the EMI/His Master’s Voice headquarters and is to undergo a £250m redevelopment “that pays homage to its important history”, the group said.
Development Securities said the site had “enormous potential for growth”. Richard Upton, chief executive of Cathedral Group, said: “This site is part of the magic of the UK’s industrial and architectural history but it has been hidden and forgotten for decades. It’s time for a new approach to the bland and tired business parks west of London. We’re going to uncover and celebrate the unique heritage of this place and offer something different to the innovative international companies whose investment is critical to London’s economy.” The site was bought from JER Partners, Blackstone and Resolution for cash with equity investment from Development Securities and Cathedral Group.
Meanwhile, in the City of London the plans by British Land and Blackstone to revamp the UBS headquarters at Broadgate this week gained planning permission. “5 Broadgate will provide a total net office floor space of approximately 700,000 sq ft (66,890 sq m), and will include four trading floors capable of accommodating approximately 750 traders per floor,” British Land said.
The decision by the City of London Planning Committee, which British Land said “acknowledged the importance of the current and future needs of key occupiers for attractive, flexible and sustainable floor space,” could, however, be stalled, The Times has reported, as English Heritage is carrying out a consultation on whether the complex should be listed. The paper says British Land has already sought a certificate of immunity from the plans but must now wait until the consultation is complete and English Heritage has made its recommendation. The plans have divided architectural opinion, it notes – in order to create the new building at 5 Broadgate, numbers 4 and 6 – designed by Peter Foggo of Arup Associates in 1991 – would have to be demolished.
Finally, some good news for the retail sector today, as Land Securities announces that Primark has signed up to take a 90,000 sq ft store at its Trinity Leeds shopping centre. This is the largest space at the mall taken by a single fashion brand. Land Securities described the move as “another strong vote of confidence for the 1m sq ft shopping and leisure destination in the heart of the city centre as well as for Leeds.”
The move means the centre is now 58% pre-let and in solicitors’ hands, which Land Securities says “defies the existing challenging market”. After September this year there will be no new shopping centre openings in the UK until Trinity Leeds opens in 2013, the group notes. It says this is already benefiting its schemes in Leeds and Glasgow, with strong retailer demand for the right space in the right location.
