News

Richardsons buy Carillion’s Ask Real Estate for £14m

Carillion has sold its controlling interest in developer Ask Real Estate to West Midlands developers the Richardson family.

Ask’s £300m Manchester Goods Yard scheme

Their firm Dukehill, which has net assets of around £88m, will pay £13.8m for Carillion’s 67% stake in Ask Real Estate and a 50% interest in Ask Carillion Developments.

The Richardson family property business, founded by twins Roy and the late Don who came to prominence as the developers of the Merry Hill Shopping Centre, was already partnering Carillion on schemes in Durham and Worcester.

The development business is now run by by sons Lee, Carl and Martyn Richardson.

The latest deal brings disposals in the the last week to nearly £64m following the sales of prime healthcare FM assets to Serco.

Carillion is aiming to raise £300m from the sale of its assets as it battles to reduce its forecast £1bn debt mountain at the end of this year.

Keith Cochrane, Interim Chief Executive, said: “We are pleased to be able to announce further progress.

“Much remains to be done, and we are continuing to execute our plans to refocus the business, reduce cost and strengthen our balance sheet.’

Ask has several developments on the go including a £300m mixed-use tower block scheme in Manchester for a 1.74 acre site next to the Beetham Tower and Manchester Central convention centre.

The firm is also joint venture development partner with German property firm Patrizia for Gateshead Council’s planned £200m conference centre for a site next to the Sage Centre.

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£1bn London docklands scheme developer named

Developer London & Regional Properties has secured the development deal to regenerate Albert Island in London’s Royal Docks area.

Albert Islands Docklands
10 ha Albert Island site is largely owned by the Greater London Authority

The firm run by the Livingstone brothers will act as the Greater London Authority’s partner on the 10 ha site at the eastern end of the royal docks.

Details of its plans have yet to be revealed but the GLA masterplan for the site includes development of a commercial boatyard, redevelopment of the existing marina in the northern part of the site and housing around the southern part facing the Thames.

L&R Properties said: “We are very excited to have been chosen and are looking forward to working on this project with the local community, the GLA and the London Borough of Newham.

“There will be much more information available shortly”

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Google gets green light for £1bn King’s Cross HQ

Internet giant Google has been given the green light by planners to build its new £1bn headquarters at King’s Cross in London.

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Camden Council’s planning committee approved the deal last night.

Main contractor Lendlease will start on site next year on a contract believed to be worth around £350m.

The 11-storey building will be more than one million square feet of which Google will occupy 650,000 sq ft.

The Google HQ building, designed by Heatherwick Studios and BIG, in collaboration with BDP, will be home to 4,000 Googlers on completion.

Thomas Heatherwick said: “Strong support for an ambitious building in an important part of the city is more proof that London is not afraid of its future.

“We’re excited to start building.”

Neil Martin, Manging Director of Lendlease’s Construction business in Europe, said: “With our global construction experience, we are confident this will be as distinctive as everything else Google does.”

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Mount Anvil plans 1,000 flats in London Royal Docks

Developer and contractor Mount Anvil has struck a deal with the owners of the London ExCel exhibition centre to build 1,000 apartments at the Royal Docks site in East London.

ExCel
New apartments will be built on car parking space around ExCel

The State-owned Abu Dhabi National Exhibitions Company, which owns the land and exhibition space, has formed a joint venture partnership with Mount Anvil’s recently launched Royal Docks West development.

Royal Docks West was granted planning permission in February for 105 homes, including 26 affordable homes for local key workers,  amenity space for residents and commercial space.

Now Mount Anvil can expand its ambitions for the area and is working up plans for more housing.

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Royal Docks West plan

Killian Hurley, chief executive at Mount Anvil said: “We are developing a compelling design, which we will continue to evolve in partnership with LIEC, London Borough of Newham and the GLA, and stakeholders in this area.”

Phil Dowson, chief financial officer at ExCeL said“We are thrilled to be working in partnership with Mount Anvil to deliver this exciting project, given the company’s strong track record for working collaboratively to create design-led schemes.”

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Grosvenor details £500m Bermondsey plan

Developer Grosvenor has updated plans to build 1,500 new rental homes in London’s Bermondsey district.

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Under the £500m plan targeting mid-market housing Grosvenor will provide homes on a range of discounted market rents, reaching a wider spectrum of people.

The plan to develop a 12-acre former biscuit factory site has been designed by Kohn Pedersen Fox Associates and also includes a new 600-place secondary school at its heart, over 110,000 sq ft of new public spaces and almost 20,000 sq ft of new playspace.

Grosvenor Bermondsey

Grosvenor is testing its latest proposals after two years of local interaction and discussion.

Craig McWilliam, Chief Executive of Grosvenor Britain & Ireland, said: “London’s housing shortage is too often creating polarised outcomes, with homes for the few who can afford to buy them, and those allocated social rented accommodation.

“We are sharing our ambitions in Bermondsey to meet the needs of many on low and middle incomes who are locked out of London’s housing market.

“We want to help create one of London’s greatest neighbourhoods for people of mixed incomes, backgrounds and life stages. We want to manage these rental homes for the long term, responding to changing needs and extending Bermondsey’s rich history at the heart of a growing, global city.”

 

More information is available at: http://www.belonginbermondsey.com

 

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Lendlease lands role on £1.5bn luxury resi scheme

Lendlease has been appointed to provide design advice at the former St John’s Wood Barracks site in north west London.

st johns wood barracks

A statement from developer Craigewan said: “On behalf of its client, St. John’s Wood Square Limited, Craigewan can confirm the appointment of Lendlease to provide advice during the detailed design phase of the development prior to the appointment of a main contractor.”

The 2.2ha site was the former home of the Royal Horse Artillery and will be transformed into luxury homes across eight blocks.

Construction work is scheduled to last for five-and-a-half years.

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Telford Homes signs luxury Battersea build to rent deal

Telford Homes has signed a pre-construction development agreement with property investor Greystar to deliver 894 build to rent homes at Nine Elms in Battersea.

Jon Di-Stefano Telford Homes
Chief executive Jon Di-Stefano said the deal was an “exciting step” for Telford Homes

Greystar has acquired two plots of land from the Royal Mail for the scheme. 

The pre-construction deal will see Telford Homes assist Greystar in pursuing a detailed planning consent for the site before entering a full design and build contract to deliver the development for a fixed price.

The terms of the contract include regular payments during the course of construction and profit paid on practical completion so Telford will invest limited equity and no debt. 

Telford Homes said it “is not taking any sales or rental risk but the margin earned will account for full construction risk and therefore is in line with the group’s target margin for build to rent developments.

Jon Di-Stefano, Chief Executive of Telford Homes, said: “Telford Homes is becoming established as a significant developer of build to rent housing in London. 

“This increasing reputation is helping the Group to secure major opportunities such as this and we are looking forward to assisting Greystar and building a strong partnership with them.

“This development will represent a substantial increase in the Group’s build to rent portfolio alongside existing schemes with M&G Real Estate, L&Q and Folio London, part of Notting Hill Housing Group. 

“It is an exciting step for Telford Homes but it does not change our geographic focus when considering developments for open market sale. 

“The Board believes the Group’s skillset can be utilised to develop build to rent homes anywhere in London whilst still maintaining a strong pipeline of developments for individual buyers in non-prime London locations.”

Mark Allnutt, Managing Director Multifamily, Greystar added: “This will be without question central London’s most exciting rental community.

“There’s nothing comparable in the UK in terms of scale and resident amenity. 

“We believe that London is finally ready for a five-star rental experience and we’re proud to be bringing this to Nine Elms in partnership with Telford Homes, a housebuilder synonymous with quality.”

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Google submits plans for new King’s Cross HQ

Internet giant Google has submitted plans for its new headquarters building at King’s Cross in London.

Lendlease will be main contractor on the job which is expected to cost around £350m to deliver.

Plans went in to Camden Council for approval this week.

The planning application describes the scheme as a “7-11 storey building for use as offices with ancillary staff facilities including a cafe, gym, pool, Multi Use Games Area, events centre and landscaped roof garden.”

The Google HQ building, designed by Heatherwick Studios and BIG, in collaboration with BDP, will be home to 4,000 Googlers on completion.

Neil Martin, Manging Director of Lendlease’s Construction business in Europe, said: “With our global construction experience, we are confident this will be as distinctive as everything else Google does.”

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Linden Homes and Volkswagen launch £100m Battersea scheme

Linden Homes and Volkswagen are investing £100m in a major mixed-use scheme in Battersea.

The Podium_Volkswagen

Linden Homes is putting in £90m alongside £10m from Lookers Volkswagen Battersea to build new apartments at 98 York Road.

The Podium development will also contain a new Lookers showroom which will occupy the ground three floors of the 20-storey building.

Construction is scheduled to start towards the end of this year.

Claire Gibbins, Sales and Marketing Director at Linden Homes South East, said: “Battersea is undergoing a huge transformation and is going to be a great place to live.

“As well as new homes, the area is going to benefit from new parks, leisure and cultural spaces plus extensions to the transport network including the Northern Line extension, which is due to complete in 2020.”

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Revised £1bn ‘Harrods’ of Bayswater plan approved

Westminster council has approved rescaled plans to redevelop the Whiteleys shopping centre in west London.

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A joint venture between a Meyer Bergman-advised investment fund and Warrior Group aims to give the once grand Grade II-listed department store in Bayswater a new lease of life.

The Foster + Partners designed £1bn mixed-use scheme will see 500,000-plus sq ft of homes and shops built behind the existing 1911 facade.

Under the revised plans two controversial residential towers will be dropped a floor and the number of one and two bedroom flats increased from 44 to 78 while larger four bedroom homes will be reduced from 37 to seven.

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Exterior of the existing building will be retained 

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A new public courtyard will be at the heart of the new scheme

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A hotel is planned to boost footfall and bring the leisure and retail scheme to life

The scheme will open onto Queensway, which is also planned to undergo a £50m revamp.

Under the section 106 agreement the developer has agreed to fund £6m of public realm improvements and £6m for affordable housing.

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