EG’s most-read and must reads: 25-28 March

It’s a short week ahead of the Easter weekend, but team EG has been as busy as ever. Here’s a round-up of some of our most popular stories from the past week. First, to New Bond Street, where plans by Lazari Investments to redevelop the former Fenwick’s department store as an office-led scheme are set to get the go ahead. The Fenwick family sold the historic block to Lazari for £428m in December 2022. Planners at Westminster City Council have recommended the scheme for approval on 2 April.Fenwick’s office redevelopment set for nod In Farringdon, Ares Management has bought a 25 Charterhouse Square from Helical for £43.5m, a 6.5% discount to its 30 September 2023 book value. Wilson Lamont, partner and co-head of Ares European Real Estate, said: “With London at the forefront of [a pricing] correction, we are now seeing attractive value in Zone 1 locations where tenant demand remains robust, and supply of modern, sustainable space is limited.”Helical sells Farringdon office for £43.5m Life Science REIT’s portfolio valuation dropped by 7.1% in the year ended 31 December, as market movements in offices pulled values down. The company told EG that it is now considering joint ventures and other investment partnerships rather than trying to raise fresh equity. Office market woes pull Life Science REIT values downLife Science REIT eyes joint ventures in place of fresh equity Planning problems for Barratt London, which this week criticised Wandsworth Council’s rejection of its plan to redevelop part of Tooting’s former Springfield Hospital site. The housebuilder says the move will cause “unnecessary” delays to much-needed housing in the borough.Barratt slams Wandsworth over planning refusal And Aviva Investors is looking to offload the freehold to the 51,795 sq ft Aurora at 71-75 Uxbridge Road. The office block is being marketed by Hanover Green at £19.38m, reflecting a net initial yield of 10% and a capital value of £383 per sq ft.Aviva Investors puts west London office on the market Other stories you might have missed: Town Centre Securities boss stops to smell the rosesLondon office demand falls behind New YorkWestminster risks ‘catastrophic decline’ in office spaceBritish Land secures trio of Norton Folgate lettingsSwiss investor makes UK debut with Virgin Atlantic HQ buyRethinking real estate reuse for life sciencesNeumann makes $500m offer for WeWorkRetail centres and offices failing on service charge compliance standardsScottish housing bill puts £3bn of BTR investment at risk, says SPFHere are the most acquisitive flex office companies in London  For your listening pleasure, from EG’s Property Podcasts: Voice of the Region: Hampshire – Retail reinventedThe great workplace reset Image © Foster + Partners