Westminster Council has passed plans to create a ‘garden bridge’ over the River Thames, which will stretch from Temple to South Bank. Lambeth Council had already approved the scheme last month, and the permission from Westminster gives the go-ahead for the ‘unique’ feature, with just official consent from the London Mayor required. 

Mayfair, the most prestigious and arguably the most well-known part of London, thanks to the children’s board game Monopoly, is also one of the most expensive areas in the world for business to acquire office space in.  So what does it cost to have a slice of Mayfair? This can range dramatically depending of quality and locations. Is it in true Mayfair? Has it been refurbished so the building is as high class as the suburb it is in? These are all factors when it comes to the cost.

News in Europe isn’t all bad. Reports show that the Paris office market is bouncing back, with investment increasing nearly 40% year on year.   The analysis, carried out by Knight Frank, establishes that in the first three quarters of this year, transaction volumes rose to £8.62 billion with deal volumes totalling nearly £12 billion. These figures represent the highest since the last peak, before the recession, in 2007. 

New York-based investment group Madison International Realty has entered into a deal to acquire 50% of the Houndsditch Estate in the Square Mile of the City of London. The remaining 50% is to be retained by TIAA Henderson Real Estate (TH Real Estate), from whom the 50% stake was bought. TH Real Estate had purchased the estate in two parts, in 2006 and 2009. 

Aldgate Tower, the 317,000 sq. ft. office development due for completion next week was dealt a huge boost with news it is close to securing 130,000 sq. ft. of lettings. With Shoreditch and Whitechapel close by, companies are becoming more and more attracted to the option of leasing space at a good rate that is in close proximity to tech-savvy start-ups. The attraction of Cross Rail is another pulling factor for companies looking to secure space in areas with good transportation links. BskyB (30,000 sq. ft.) Uber, the new taxi firm (40,000 sq.

The central London office market, specifically the West End is the most expensive in the world, with Hong Kong a close second. The low supply and high demand of office space in London has pushed rents up, and tenants out, of central London.

There are many factors at play in Midtown’s rising popularity. One of them is the range of properties and the corresponding range of businesses they are able to serve.  Examples include High Holborn House and Caroline House adjacent to it. Both have been acquired by the Blackstone Group, with the former offering space to multiple small occupiers and the latter aimed at attracting one occupier to the newly refurbished 14,000 square feet. 

Business rates are a tax on commercial property and are used to fund local services. It is based on the annual rental value of a specified date, this is known as the rateable value. It is then calculated by multiplying the ‘rateable value’ by the ‘rates multiplier’ which is set by the government. 

Recent research as to the demographic of the area of London now dubbed Midtown shows that it is experiencing a significant influx from companies that previously occupied the West End and the City.  Analysis of take-up figures shows that as much as 50% of Midtown space is being snapped up by companies new to the area – with only 43% of take-up allocated to current occupiers. 

Islington is London’s latest location for investment. This time it is Derwent London who have moved quickly to acquire the freehold of Angel Square for a little over £75m. With current interest in the area, Derwent London own the Angel building – opposite their new purchase, the latest acquisition by one of London’s most prominent property companies highlights the ever increasing attraction to areas outside of the city centre.