Glad tidings from Canada Water, E14. British Land’s 46-acre mega-development in Southwark lies a one-minute seagull’s glide west across the Thames from Canary Wharf. Plans for 3,500 new homes and 2.5m sq ft of commercial space are being moulded by Roger Madelin, who helped create King’s Cross and now works for BL.
A meeting has been held with a range of health professionals to get their input on the project. A waste of time, surely? It seems not. Canada Water’s housing looks set to contain everything along the age continuum from starter homes to family homes, to assisted-living homes, to care homes and nursing homes.
“It’s called building a community,” says Madelin. But what about the global community of off-plan speculators? Will they flood in or stick to Nine Elms, SW8?
Shoreditch syndrome, part I
Interesting thoughts from a non-BL source on Broadgate, EC2, where big increases in rentable space threaten to crowd the place.
The 710,000 sq ft “engine block” at 5 Broadgate has replaced 4 and 6 Broadgate, which held just 264 000 sq ft.
At 2/3 Finsbury Square the net space will quintuple, to 550 000 sq ft, set in four blocks, including a 32-storey tower. These two schemes alone add 900,000 sq ft to the 4.7m sq ft estate – space enough for 8,000 workers to join the current 30,000.
But at what rents? The City is seen as dull. Rents in Shoreditch are higher. But there is a cunning plan. “Today it’s more important what you have outside the offices than within,” says our source. “The strategy will be to attract a new wave of industries to Broadgate.”
But how? Cosy up to Shoreditch, that’s how. “The proposals are part of the transformation of Broadgate,” said the BL application. “They will provide a blend of public spaces, restaurants and shops linking the northern City to Shoreditch.”
More restaurants and shops? If ever a place was crying out for more cultural spaces…
Shoreditch syndrome, part II
To British Land for a very cultured press dinner. Telling fashion note: more ties were worn by journalists than hosts. Telling tasting note: the grub was scrummy, not stodgy.
Last year, BL’s HQ near Marble Arch was gutted and a stairwell punched between the two floors. Luminous sofas adorn break-out spaces around a ballroom-wide staircase. Art adorns the walls. No basketball hoops or pool tables. But all very… well, Shoreditch. Employees are encouraged to interact non-electronically.
It is all in aid of sparking those “tell you what, why don’t we…” ideas never ignited by e-mails. A BL spokesman, when asked if people were talking more, said: “We totted up e-mails from a few people who would be representative. We reckon the overall traffic has reduced by around 10%.”
A run-in with Philip Green
Revenge is sweet – and not fattening, said Alfred Hitchcock. The enemies of Sir Philip Green are relishing his appearance next month before MPs.
My taste of the Arcadia boss came in 2008 when he suggested “I knew the square root of f**k all”. I had rebuked the Arcadia boss in EG for demanding landlords rewrite leases to allow rents to be paid one month in advance, rather than three. “Why on earth [should landlords] subsidise the gaudy lifestyle of this particular billionaire?” I harrumphed in the leader column.
Today’s opinion of the man? I wouldn’t dare. Savills is now to value the property still held by bust BHS. My opinion? Not a job for the faint-hearted.
Springing over the pessimism
Earlier this week US bankers sounded caution to Bloomberg over commercial real estate lending in the US. “We want to be careful on CRE,” said Brian Moynihan, chief executive of Bank of America. In February, sales of offices, apartment blocks and hotels collapsed by 46% from the year before to $25.5bn (£17bn), according to Real Capital Analytics — the biggest drop since 2008. Does it feel the same way in the UK? Not really. Things feel steady, even with the Brexit vote looming. Maybe it’s because spring is finally in the air.
