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With the market tightening this summer in terms of the provision of office space it is good news to hear that developers are putting their hands in their pockets and coming up with schemes to provide a much needed residential, retail and office space in London.
Saying this, one example is of the developer St Modwen, who intend to submit a planning application for its redevelopment scheme of New Covent Garden Market before the end of this year. New Covent Garden Market is set in the boundary of Wandsworth and St Modwen hope to gain consent by 2014.
St Modwen has been in talks with Wandsworth council over the height of the towers they intend to build. They are aware that towers of up to 60 have received planning consent and are therefore aiming for their own towers to be closer to that number. The developer has planned to provide 2,800 sq ft of homes, and 115,000 sq. ft. of office and retail space. With this development in the making, St Modwen saw its net asset value per share rise by 5% to 263p in the 6 months before the end of May.
With the lack of office supply in the centre of London and limited opportunity to develop, it is no surprise to see the fringes coming up with developments to provide the city with much needed commercial space.
The TMT (Technology, media and telecoms) sector has been driving the market so far – many of which have been start-up and growing companies. They have needed cheap space and there was therefore an exodus to the eastern and northern fringes. As the market continues to be rather tight, I see this happening throughout all fringes of central London and I can imagine by the time St Modwen’s scheme is ready, this area will be desirable for many.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.