GPE to start trio of projects despite London caution

Aaron Morby 4 years ago
Share

London developer Great Portland Estate is pressing ahead with three projects this year, each next to Crossrail stations.

Demolition work underway to extend Cityside House located between Aldgate and Whitechapel Crossrail station
Demolition work underway to extend Cityside House located between Aldgate and Whitechapel Crossrail station

But the London developer struck a cautious note about further development prospects amid uncertainty about Brexit and an ongoing stand off between vendor pricing for lower grade buildings and buyers.

GPE said lower quality, short-let buildings, often in need of redevelopment were not being adequately discounted by prospective vendors for the additional level of associated risk meaning prospects remained weak for new London redevelopment schemes.

The developer said it would now be concentrating on upgrading its existing stock while proceeding with a trio of well targeted new build sites.

These three projects will cost £240m and include Hanover Square above Bond Street Crossrail station, Oxford House at 76 Oxford Street and now Cityside House, located between Aldgate and Whitechapel Crossrail station.

At Cityside, J F Hunt has commenced demolition and GPE has committed to transform the existing building into 74,700 sq ft of Grade A office and retail space by the end of 2019.

At Oxford House, GPE has just committed to a 116,000 sq ft new build office and retail space, a 30% increase (27,000 sq ft) on the refurbished building.

Demolition of the existing building is expected to commence imminently with construction of the new building expected to start in March 2019 and completion is targeted for Q3 2021.

At Hanover Square, GPE has planning permission for a 221,300 sq ft mixed-use development comprising 167,200 sq ft of offices, 41,900 sq ft of retail and restaurant space and 12,200 sq ft of residential apartments.

It has started some works on parts of the site but is aiming to repurchase the land from Crossrail over the summer under the terms of existing agreements.

Beyond these three schemes, the developer said it had a medium-term pipeline of 13 uncommitted schemes totalling 1.3 million sq ft.

 These include New City Court, SE1 in the London Bridge Quarter, where it hopes to enlarge the existing 98,000 sq ft building, and Mount Royal at the western end of Oxford Street, where Make Architects is drawing up early plans to redevelop this two-acre site into a retail-led development scheme.

Latest news

McGee in £2.4m provision for bid-rigging probe

Demolition contractor says provision will cover the expected fine over cover pricing ring
3 hours ago

First designs for £275m HS2 Midlands nerve centre

Contractor due to be named in Autumn next year for Washwood Heath hub
5 hours ago

London Bankside Yards next project switches from resi to offices

Revised plan submitted for 18-storey office next to Blackfriars Bridge
3 hours ago

Plans in for Cambridge North major mixed-use scheme

Over 400 homes and nearly 600,000 sq ft of office and shops planned for railway sidings site
5 hours ago

Barratt falls foul of planners on £25m estate

Council acts after residents complain about construction deliveries
4 hours ago

VolkerHighways and WJ Group shot blast roads with steel

Latest retexturing technique provides benefits all round
4 hours ago

Ten demolition firms named in cartel probe

Biggest names in demolition face massive fines over "unacceptable" behaviour on 19 contracts worth over £150m
3 days ago

Imtech vows to avoid big resi jobs after return to profit

Engineering services arm puts trio of loss-making residential jobs behind it
3 days ago

Sisk replaces Morgan Sindall on £1bn Midlands Highways Alliance

Four firms secure places in Midlands framework renewal race
4 days ago

Winvic wins Bristol Redcliff Quarter 468 flats job

Grainger buys planned build to rent project and brings in Winvic to start this Autumn
3 days ago

Peel takes on Wirral Waters after Urban Splash modular collapse

Developer is reviewing whether to return to traditional build methods after modular specialist collapse
3 days ago

Kier launches £80m JV to build 2,000 homes by 2027

Property arm JV with Lloyds fund to develop housing on urban brownfield sites
5 days ago

Mace chief Reynolds replaces Mitchell at CLC

Mark Reynold takes over as co-chair of the Construction Leadership Council
4 days ago

Cost inflation forces bid rethink for £200m M5 junction 10

ECI simplified and amendments made to reflect rising construction costs
4 days ago

Wages among key trades keep pace with cost of living rise

Self employed plasterers, plumbers, roofers and scaffolders enjoy wage rises ahead of annual inflation rate
4 days ago

Midgard drives recovery at JRL Group

Revenue tops £600m again at diversified contractor
5 days ago

Green light for £100m Norwich A47 dualling

Galliford Try to start work in October on 2.6km dualling between Norwich and Acle Straight
4 days ago

Design change sees 70,000 cubic metres of concrete cut on HS2 stretch

Revamp of Staffordshire cutting will mean 6,700 fewer concrete mixer lorry loads
5 days ago

Subcontractors and suppliers wanted across the Midlands

Constructionline Meet the Buyer event in Derby: Register now
5 days ago

Contract race starts as cost of giant aqueduct job hits £1.75bn

United Utilities looking to shortlist three bidders for Haweswater Aqueduct Resilience Programme
5 days ago

M&S blasts Gove after Oxford St rebuild plan called in

Retailer "bewildered" after Housing Secretary steps-in over embedded carbon concerns
6 days ago

Springfield buys rival Scottish house builder for £46m

Mactaggart & Mickel Group takeover deal includes 17 sites with planning for 700 homes
5 days ago

Costain bets on hydrogen infrastructure

Consortium launches to develop hydrogen infrastructure for shipping and aviation in the Westcountry
5 days ago

Caddick starts on Star Wars bar office scheme

Host of employee-friendly features on new building at Crewe Business Park
5 days ago

Murphy to host virtual recruitment day

Specialist engineering and civils contractor opens doors online to potential new staff: Register now
6 days ago

Plans in for Isle of Dogs 52-storey resi tower

460 flats skyscraper to replace offices at 4 & 5 Harbour Exchange Square
6 days ago

Van Elle seals piling deal on Transpennine Route Upgrade

Firm appointed to the piling framework for the West of Leeds section
6 days ago

Demolition firm fined £5,000 after fatal platform fall

Contractor went into administration following death plunge at Scottish Power site
6 days ago

Modular specialist TopHat to open vast housing factory

Goldman Sachs-backed house builder to open Europe's largest modular factory in Corby
7 days ago

Asphalt giants make low carbon standard for road mixes

Tarmac and Aggregate Industries make warm mix asphalt new standard on highways jobs
7 days ago

Contractor services