Boston loses feeling for Drapers
Evans Randall’s £285m deal to sell Drapers Gardens, EC2, to Boston Properties has collapsed. The deal, which would have reflected a 5% yield, is the latest in a series of attempts by Boston to agree terms for prime City assets. Founder Mort Zuckerman walked away from a deal to acquire Goldman Sachs’ European headquarters at Peterborough Court, EC4, last summer. CBRE advised.
Sainsbury’s scales back
Supermarket chain Sainsbury’s is to cut back its store opening programme next year to around 1m sq ft of new space. Over the past two years the retailer has opened between 1.4m and 1.5m sq ft pa. It will focus on expanding in the North, the West, Wales, Scotland and Northern Ireland.
Council to decide on Centrale
Plans for the £50m redevelopment of Croydon’s Centrale shopping centre are set to be determined next week. Owner Hammerson plans to create 142,000 sq ft of new space at the circa 700,000 sq ft mall. Proposals include a restaurant quarter and cinema. Subject to consent, work will start on site next March, with completion in late 2014.
Boris boosts Blakeway resi role
Mayor of London Boris Johnson has promoted Richard Blakeway to deputy mayor for housing, land and property. Formerly the mayor’s housing adviser, Blakeway will now chair Homes for London and seek ways to bolster investment in residential properties and regeneration.
Think Money signs in Trafford
Financial services firm Think Money has agreed to anchor a 150,000 sq ft office campus at Trafford Park in Manchester. St Modwen will develop three buildings at the 10-acre site, totalling 125,000 sq ft, for the firm, which will take occupation in late 2013. Jones Lang LaSalle acted for Think Money.
