News and Views

The Weekly Wrap

9 Cloak Lane is AVAILABLE!

We are pleased to announce that we have a new instruction available, Pellipar House, 9 Cloak Lane, EC4.

The modern and highly specified building sits behind an attractive period facade.

For more information please visit our website www.newtonperkins.com or contact one of the agents at Newton Perkins:

Alistair Porter: 0207 456 0707

Ian Sonnenthal: 0207 456 0711

Electric Taxi chargers to be installed in the City of London

Chargers are due to be installed for zero-emission electrical taxis and small vehicles by the City of London Corporation.

It will be mainly dedicated to use for the new zero emission taxis which were released in the City since January 2018.

According to Transport for London, there is currently more than 1,400 licensed ZEC (zero-emission capable) taxis operating in London.

A further 10 chargers are set to be installed at Baynard House car park at Queen Victoria Street, which is going to be available for ZEC taxis and also small freight vehicles.

Partly funded by the TFL, the rapid charging points, are able to top up a cars battery withing 30 minutes.

Alastair Moss, Chair of the City of London Corporation’s Planning and Transportation Committee said: “As licensed ZEC taxis are being seen in increasing numbers across London, I look forward to increasing the total number of charging points in the Square Mile to meet demand.”

Source

22 Bishopsgate set to be topped out!

City of London’s tallest skyscraper standing at 278m tall, will become the tallest building in the City, 48m taller than the Heron Tower.

22 Bishopsgate, designed by PLP Architects will contain London’s highest occupiable floor space, with a public viewing gallery and a bar on the top floors. It will house 12,000 workers and feature the fastest lifts in Europe.

The 62-storey building will be the second tallest in Western Europe, with The Shard leading which measures 310m.

The tower will have a steel frame built around the central supporting concrete core.

According to the practice: ‘The floor slabs are composite with cellular steel beams, providing a diaphragm-action restraint to the perimeter columns. There are three column positions on either side of the core to act as outrigger lateral stability structures.

Source

City of London Corporation in ‘cash crunch’ due to upcoming projects

The City of London Corporation which runs London’s Square Mile, will be in debt for the first time in almost 3 decades as it faces cash crunch caused by expensive construction projects.

During the next three years, The Corporation could be borrowing more than £1bn through its local government arm and endowment fund in a sharp departure from its usual practice of financing capital spending from income and reserves.

The City’s Cash, £2.6bn endowment fund, has protected its local authority arm from the worst possible budget pressures suffered by many other councils.

The City Fund, has been debt fre Infrastructure projects such as the concert hall, a courthouse, the relocation of the Museum of London and the consolidation of the area’s wholesale food markets are expected to cost around £3.3bn. e since 1991 and is responsible for the corporation’s local authority and police functions.

Infrastructure projects such as the concert hall, a courthouse, the relocation of the Museum of London and the consolidation of the area’s wholesale food markets are expected to cost around £3.3bn.

Congratulations to Newton Perkins client AEW which, through its Europe City Retails Fund, has acquired the former Scottish Stock Exchange building in Glasgow for £33m.

The property comprises both retail/leisure and office space, totalling 57,190 sq ft, and is the fund’s first foray into the UK market.

The five-storey building is located in the heart of Glasgow’s retail district and is currently fully let to high profile tenants including The North Face, Urban Outfitters, Subway, Carlsberg UK and the Scottish Ministers (the Scottish arm of the NHS).

Spencer Corkin, director of investments said: “This is one of the best retail assets in Scotland, reflecting our highly selective acquisition strategy in the UK. Buchanan Street is second only to London’s West End in terms of footfall and retail spend, yet it provides a significant prime yield margin. The micro location’s fundamentals remain particularly attractive with almost zero availability and robust occupier demand driving strong rental growth in recent years.”

Christina Ofschonka, Fund Manager Europe City Retail, said: “Through this acquisition we have added another high quality asset to the Fund portfolio and we have a strong pipeline of further potential investments. Over the last 12 months we have expanded the breadth and depth of our investor base with new investors from Italy and the Netherlands, reflecting the strong appetite among institutions for this focused retail strategy.”

The vendor, Aberdeen Standard, is also a valued Newton Perkins client.

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