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The current uncertainty around the London market has led to a noticeable decline in speculative development investments in recent months; however, two large new deals totalling £460 million have brought renewed energy to the capital.
Giant Australian pension fund AustralianSuper has teamed up with TH Real Estate to contribute £280 million of development finance to the £500 million development of One Crown Place. The 370,000 sq ft mixed-use scheme is being developed by MTD, and when finished will be comprised of 136,000 sq ft of office space, 7,000 sq ft of retail space, a 41-bed boutique hotel and 246 luxury residential units. The scheme is predicted to be completed in 2020.
The move marks AustralianSuper’s first real estate loan in the UK, and head of mid risk at the company, Jason Peasley, says: “The One Crown Place transaction strongly aligns with our real estate debt strategy to target high-quality opportunities secured against institutional assets in top-tier locations in European cities.”
Meanwhile, Starwood Capital is providing Aldgate Developments with a £180 million development loan to fund the 325,000 sq ft One Braham office tower in Aldgate. Aldgate Developments built neighbouring Aldgate Tower in 2014, which is now fully-let, and is now seeking to continue its success in the area.
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.