Bank Fashion failure hits intu
Intu is facing rent liabilities of up to £11.5m after Bank Fashion called in administrators. The shopping centre owner has been left with the largest liability of Bank’s landlords, ahead of British Land, Land Securities, Hammerson and Norges Bank which make up the top five. In total, the landlords’ exposure to Bank runs to nearly £63m with a combined unexpired lease term of 334 years.
NW8 barracks plan approved
Westminster city council has approved Malaysian billionaire Ananda Krishnan’s plans for the £1.5bn redevelopment of St John’s Wood Barracks. The Squire and Partners-designed scheme will see the barracks at Ordnance Hill, NW8, replaced with 163 luxury flats.
BBC Worldwide HQ for sale
The new headquarters of BBC Worldwide at White City, W12, is to be sold by the Stanhope-led consortium redeveloping Television Centre, W12. Stage Six – a 94,000 sq ft office building for which BBC Worldwide has signed a 25-year lease – will be brought to market by Lambert Smith Hampton and DTZ, seeking offers in the region of £55m.
South Bank slowdown forecast
Take-up on London’s South Bank will fall this year after 2014 saw 1.6m sq ft of space leased. According to Union Street Partners, there is just 726,000 sq ft available in the submarket with two buildings capable of accommodating requirements over 50,000 sq ft; the Shard and the South Bank Tower, both SE1.
Pang joins JLL’s UK China desk
JLL has appointed Eric Pang to lead its UK markets group China desk as it attempts to build its market share advising Chinese investors, tenants and developers in the UK. Pang joins from JLL’s China office and has 18 years’ experience working with Chinese investors and developers.
