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Old February 2nd, 2012, 09:11 PM   #1861
agliati2005
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Its really sad to see that it is on hold
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Old February 3rd, 2012, 01:45 PM   #1862
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It's a difficult environment for new commercial leasing right now:


London's Landlords Facing Zero Rents Turn Offices Into Condos

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More people will be making their homes among the banks and insurance companies of central London as a shrinking financial industry and the prospect of leasing out buildings for free prompts landlords to convert offices into luxury apartments.

Developers including Axa Real Estate Investment Managers Ltd., Berkeley Group Holdings Plc (BKG) and Heron International Inc. also plan to build homes in the heart of Britain’s financial services industry, known as the Square Mile, after purchasing obsolete commercial buildings in the area.

“The fringes of the City are struggling in terms of letting secondhand buildings,” said Anthony Duggan, head of real estate research at Deloitte LLP. “There will be a number of developments looking at alternative uses.”

London has seen demand for offices slump after banks cut more jobs in the U.K. than in any other country last year. Rents in the City of London will fall 4 percent this year, compared with earlier predictions of a 6.1 percent increase, JPMorgan Chase & Co. said in a Jan. 11 note. Values will drop 7.3 percent in 2012, the bank said.

Axa is seeking older offices or partly developed “brownfield” sites on the fringes of the financial district to turn into housing. Berkeley plans to renovate a derelict office property near Moorgate into 90 residences. Heron is building a 36-story residential tower near the Barbican, and Hammerson plans to develop 253 apartments near Liverpool Street station.

Finance Jobs Lost

Employment in the Square Mile dropped 8.5 percent last year and it will remain below 1998 levels until 2014, according to the Centre for Economics & Business Research Ltd. The cutbacks and the amount of aging space give City tenants greater bargaining power on rents with owners of older, empty office blocks.

About 54 percent of office space in the City of London and on its fringes is more than 15 years old, meaning it can no longer be marketed as “prime,” according to research from DTZ Holdings Plc (DDTZ).

Some landlords may choose to lease space for nothing to avoid a charge on empty buildings, Michael Marx, Chief Executive Officer of Development Securities Plc, said in an interview. “I’m feeling more and more robust about that forecast as time goes past,” he said.

Since April 2008, the U.K. government has required office property owners to pay business taxes, equal to those usually owed by tenants, on buildings that remain vacant for more than three months.
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Old February 3rd, 2012, 01:46 PM   #1863
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More people will be making their homes among the banks and insurance companies of central London
sounds great to me
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Old February 3rd, 2012, 05:20 PM   #1864
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After this horrible economic crisis that is affecting worldwide I'm sure that London is going to be built this and other skyscrapers taller and nicer.
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Old February 4th, 2012, 10:08 PM   #1865
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That's what I said, they should build it as a luxury apartment complex. Why not? Silly investors
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Old February 4th, 2012, 10:11 PM   #1866
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that would be better and the building will not be empty after 5 pm

Last edited by SO143; February 4th, 2012 at 10:23 PM.
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Old February 5th, 2012, 04:23 AM   #1867
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Its just a waiting game.
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Old April 4th, 2012, 10:54 AM   #1868
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image hosted on flickr

DSCN0115 by _SO143_, on Flickr

image hosted on flickr

DSCN0119 by _SO143_, on Flickr

image hosted on flickr

DSCN0120 by _SO143_, on Flickr

image hosted on flickr

DSCN0121 by _SO143_, on Flickr

image hosted on flickr

DSCN0122 by _SO143_, on Flickr
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Old April 4th, 2012, 03:15 PM   #1869
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Ugh, so annoying, its the best building designed for the City
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Old April 4th, 2012, 03:35 PM   #1870
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Has there seriously been no recent news on this?
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Old April 4th, 2012, 06:54 PM   #1871
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image hosted on flickr

The Pinnacle (under construction) by Mexichino, on Flickr

Would have posted ages ago, but thread in UK forum was closed. Second image from 26 February.
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Old April 5th, 2012, 02:56 AM   #1872
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It seems the core has been cleaned, looks really bright with no stains?

I want them to keep the uk thread open, I see no problem with it being open, it's not hurting anyone?
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Old April 5th, 2012, 03:46 AM   #1873
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Definitively the best skyscraper design in London. Personally, I prefer the Bishopsgate Tower much better than the Shard.
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Old April 5th, 2012, 03:49 AM   #1874
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Quote:
Originally Posted by AlexsAmazingIpad View Post
It seems the core has been cleaned, looks really bright with no stains?

I want them to keep the uk thread open, I see no problem with it being open, it's not hurting anyone?
+1
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Old April 5th, 2012, 04:02 AM   #1875
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All in good time people. Tenants and finances will be secured and this will resume. We just have to wait in the meantime.
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Old April 5th, 2012, 04:21 AM   #1876
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Originally Posted by MattToronto View Post
All in good time people. Tenants and finances will be secured and this will resume. We just have to wait in the meantime.
It is quite possible that the project will be sold to new investors, just like it happened at the beginning. Initially, the project was the property of the German fund management company DIFA, which if I am not mistaken had obtained the building permit and later on sold it to Arab Investments Limited.
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Old April 6th, 2012, 02:24 AM   #1877
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Quote:
Originally Posted by Ulpia-Serdica View Post
It is quite possible that the project will be sold to new investors, just like it happened at the beginning. Initially, the project was the property of the German fund management company DIFA, which if I am not mistaken had obtained the building permit and later on sold it to Arab Investments Limited.
Is this building just going to be rediculously expensive to build? Whenever someone realises they can't pay they give to someone who thinks they can, who two months later realises 'oh wait, we built 3 floors and have 6 pence left. lets give it to someone else' this must be built, its the best building and I agree it's better than the shard
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Old April 10th, 2012, 02:05 PM   #1878
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It's not that expensive... no more so than the Shard anyway.
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Old April 10th, 2012, 02:28 PM   #1879
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The more time goes by the more I'm skeptical about this beauty getting built one day...
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Last edited by Jex7844; April 10th, 2012 at 03:03 PM.
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Old April 10th, 2012, 02:32 PM   #1880
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Quote:
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It's not that expensive... no more so than the Shard anyway.
construction cost may not be as expensive as the shard but the value of land in the city financial district is more expensive than anywhere in the uk.
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