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There is to be a coming together of 5 major landowners to create a much needed redevelopment plan in White City, with an estimated end value of £3 billion. A similar collaboration in Nine Elms is evidence that if landlords and councils work together and trust the joint vision, it can bring wealth and positivity to the area.
Stanhope is developing The BBC Television Centre into 950 homes, a new Soho House Club and 500,000 sq. ft. of office space; the scheme will be worth nearly £1.5 billion. The forecourt will be remodelled and will contain a number of shops, restaurants, cafes, gyms and a cinema.
Having constructed the shopping centre Westfield, it has created 1,522 new homes, 618,400 sq. ft. of retail space and 81,700 sq. ft. of restaurants and cafes worth £1 billion. There are also plans to expand the existing shopping centre.
A new research and translation facility of 430,556 sq. ft. is in Imperial College London’s pipeline along with plans for 215,278 sq. ft. the new Michael Uren Biomedical Engineering Hub.
Berkeley Group’s St James is planning on constructing 1,465 homes and 40,000 sq. ft. of commercial space.
Transport for London is building a pedestrian deck over the Central Line to connect Wood Lane with White City Green and link the railway arches to the Westfield Shopping Centre. According to TFL’s director of commercial development, Graeme Craig their aim is “to make the best use of space we have as a gateway to these new schemes.”
The aim of the consortium is to contribute to the ‘economic buoyancy’ of Hammersmith & Fulham and West London, bring in jobs and make it a more desirable place to live. This regeneration will cause residential rental values to jump up, similarly office rents in White City are currently lagging behind the rest of London at the £30 psf mark but are expected to rise to the £50’s psf once the new developments are complete; rental increases are also expected in Hammersmith.
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.