LONDON | Project Compilation Thread

[jef]

The developer of the Shard of Glass and the New London Bridge House - CLS Holdings plc - valued at around £130 million - has sold its entire interest in these projects to Zijaj Limited (?) at a price of £30 million.

This represents a massive loss of ... £100 million. What a fiasco.

[wjfox2004]

I strongly believe the Pinnacle will be built.

[jef]

Originally Posted by wjfox2004

I strongly believe the Pinnacle will be built.

After all this is also my thinking. There is no way the Pinnacle will not be built imo. But I am more sceptical about the timeline. It is a long-term project and I do no bother that much whether it is completed by 2011-2012 or 2015.

[Grumpy]

Thank you jef for keeping this London update alive

[Newcastle Kid]

Originally Posted by jef

The developer of the Shard of Glass and the New London Bridge House - CLS Holdings plc - valued at around £130 million - has sold its entire interest in these projects to Zijaj Limited (?) at a price of £30 million.

This represents a massive loss of ... £100 million. What a fiasco.

Apparently confirmation regarding Halabi is imminenet too, and soon Zijaj will be the major party. This should secure funding and the tower's future.

[jef]

Re. Bishopsgate Tower - The Pinnacle - the contract has apparently been signed with Soletanche for piling and foundation with completion due in Q2 2009, if there are no further delays. But the contract for building the tower itself has not yet been concluded with Multiplex.

[jef]

Ballymore has communicated the following indicative construction programme of the Quebec Building / Doklands:

January 2008: Excavation, basement and substructure construction
October 2008 - Dec 2009: Superstructure construction.
The development is expected to be compekted in Q4 2010 to account for internal fit-out and landscaping.

[wjfox2004]

http://www.building.co.uk/story.asp?...de=3104061&c=0

It is understood that Mace is on the verge of two other significant contract appointments in the capital. Sources close to the Shard, at London Bridge, said that the £350m Sellar Properties development was “on the brink of securing funding” this week. He said Mace would be appointed to build it on a fixed-price contract “imminently”.

[jef]

high res of KPMG new HQ in CW

[jef]

Taken by ianafh:

[jef]

Canary Wharf is seen as the frontrunner for the deal to accommodate the News International new London Headquarters. Canary Wharf would be cheaper and the developer will be keen to secure such a high profile occupier after failing to lure JPMorgan from the City last year (FT). Songbird and Ballymore are in negociations to buy the Fortress Wapping headquarters site in London for a huge commercial and residential redevelopment.

[wjfox2004]

At last, the confirmation we've been waiting for...

--

http://www.propertyweek.com/story.as...de=3104277&c=1

Qatari consortium set up
to develop ‘The Shard’

09:05 | 22.01.08

Irvine Sellar’s Sellar Property Group today announced it had set up a new consortium to carry out its £2bn Shard skyscraper development at London Bridge Station.

By Deirdre Hipwell

As revealed by Property Week (news 21.12.07) the consortium will comprise four Qatari banks - Qatari Islamic Investment bank QInvest, Qatar National Bank, Qatari Islamic Bank and Barwa – and Sellar Property Group. Each party has bought 20% of the issued share capital of the company.

Sellar said the consortium, fronted by QInvest, was set up after a years’ negotiation with the Qatari investors which have bought both CLS Holdings and Simon Halabi’s Family Trust’s interests in the proposed 2m sq ft mixed-use London Bridge Quarter.

QInvest’s chief executive officer Professor Abdul Latif Almeer said: ‘Our investment in this £2bn development not only reflects our admiration for what has already been achieved in getting the scheme to its present level, but also underpins our confidence in the London commercial real estate market.’

Qatar Islamic Bank chief executive officer Salah Jaidah said: ‘Our investment in London Bridge Quarter represents a positive conclusion of nine months of negotiations, during which time QInvest and QIB took the lead and initiated the idea of creating the consortium of Qatari banks.

'It is also the first time that a consortium of Qatari banks has been formed to invest in an international project of this kind and we are proud to be part of it.’

Sellar Property Group, led by Irvine and his son James Sellar, will continue as developers of the Renzo Piano-designed Shard and will also develop the entire integrated scheme that includes the neighbouring New London Bridge, which will be renamed London Bridge Place.

The estimated build costs for the project are £1.4bn and the Qatari-based investors will provide a majority of the initial construction finance. James Sellar said the consortium planned to ‘fast track the construction of the Quarter enabling us to complete construction by the end 2011’.

[DIABOLICALIBERTY]

Will great news I think London & Regional may be starting construction quite soon on their 'Granite wharf' development down in East Greenwich ...its quite a large development and comprises 700 flats..hopefully as they are quite classy developers it will be tastefully done ..the gentrification of south east london continues apace ..its a shame really to see the another old wharf consigned to history..but this developemnt will clear up a lot of junk thats currently there and open up the riverside.

[wjfox2004]

I thought Granite Wharf had been cancelled.

[Chelsea Spy]

Thanks for these interesting up-dates. I was in the City the other day and was astonished by all the construction. Heron and Leadenhall Towers are on their way... lots of activity in Canary Wharf also with the ground being prepared for the Riverside South towers and lots of other cranes elsewhere.

Personally, I'm not entirely convinced everything will be built... I suspect the Pinnacle may fail to materialise, but either way, London is set to have some of the world's most beautiful and impressive skyscrapers by the 2012 Olympics.

[jef]

some news:
- pre-planning consultation has been submitted for a mixed use development of 50 storeys (on 30 Marsh Wall) and 40 storeys (on 40 Marsh Wall). These sites are adjacent to The Landmark towers in Canary Wharf.
- planning application for the Quebec Building (Docklands) will be approved at next Strategic Development Committee.
- request for a scoping opinion related to the construction of a 44 storey building to provide 122,000 sqm at 1 Park Place, Canary Wharf.

[jef]

[jef]

Market reports: Canary Wharf Group's 25 Churchill Place / BP4 is top of the list for accomodating News Corp new 400,000 sq ft European HQ in London. Other sites shortlisted include Delancey's York House and P&O developments at Waterloo, and Ballymore's Arrowhead in Canary Wharf.

[jef]

PW: The UK’s largest reinsurance broker, Benfield, is to take 130,000 sq ft of offices at 55 Bishopsgate. Benfield launched a search last summer for a new 150,000 sq ft City headquarters. It considered Leadenhall Building, St Botolphs House and Stanhope and 70 Mark Lane.
...
...
Also expected this quarter is the much-anticipated completion of JP Morgan and Hammerson’s deal to redevelop St Alphage House on London Wall into a 1m sq ft head office for the US investment bank.

Law firm Addleshaw Goddard is also expected to take 200,000 sq ft Milton Gate on Moor Lane at £53.50/sq ft on a 15-year lease.

CW: 300,000 sq ft are under offer. Citigroup release 150,000 sqft on the market.

JLL does not expect any other large deals to be completed this quarter.

CW: On Thursday 7th February 2008 topping out Ceremony at 15 Canada Square. The final beam will be erected on the 400,000 square feet tower.

The ceremony will be attended by 200 guests including executive management from KPMG and CWG, the construction team, as well as representatives of consultants and contractors. The last beam will be hoisted into place at the top of the 16 storey building after being signed by key people involved in the project.

I will be there . I will post the pics.

[AJphx]

Originally Posted by jef

Market reports: Canary Wharf Group's 25 Churchill Place / BP4 is top of the list for accomodating News Corp new 400,000 sq ft European HQ in London.

Is that one of those new midrise buildings near Barclays?

Also expected this quarter is the much-anticipated completion of JP Morgan and Hammerson’s deal to redevelop St Alphage House on London Wall into a 1m sq ft head office for the US investment bank.

is this project to renovate St Alphage House or demolish the tower and build something new there?