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Canary Wharf secures presale of 15 Canada Square

13K views 34 replies 19 participants last post by  Xander 
#1 · (Edited)
Largest London office "letting" of the year in the yet-to-be-built 400,000 sqft 15-storeys building at 15 Canada Square (between HSBC and Barclays).

There is now only one building left for presale/preletting before Canary Wharf moves forward with its next construction phase at Riverside South: the small 250,000 sqft 10 Churchill Place (foundations and substructure u/c) adjacent to 20 Churchill Place (State Street HQ u/c).

Songbird Estates' Canary Wharf sign £260m deal with KPMG for office building
http://www.freemansnews.com/mainstory.asp?4015870
Article 4015870
AFX - 06 November 2006

LONDON (AFX) -Songbird Estates subsidiary Canary Wharf Group,
earlier reported to be in talks with KPMG, has sold a 999-year lease interest in
a yet-to-be built 15-storey office building on 15 Canada Square to KPMG for £260m.
Canary Wharf will complete the construction of the building, located next to the HSBC
and Barclays Bank in the Canary Wharf district, by April 2009.

It also added that it has extended the lease on 1 Canada Square
with KPMG to coincide with completion of the new building as also provided
the latter with an additional space of 28,000 square feet.

 
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#2 · (Edited)
Good news- Hopefully RS is that much closer.


Bit more on the story from propertyweek


Canary Wharf Group has pre-sold 15 Canada Square to accountant KPMG for its new UK headquarters.


06.11.2006

By Daniel Thomas

Canary Wharf confirmed this morning that KPMG had acquired the 999 year leasehold interest in 15 Canada Square for £260m.

CWG will complete construction of the Kohn Pedersen Fox-designed building by April 2009. The fifteen storey building is located in the heart of the Canary Wharf district, adjacent to the headquarters of HSBC and Barclays Bank.

KPMG will consolidate staff from a number of London offices into the building, although it will retain an existing office at Salisbury Square, off Fleet Street in London.

George Iacobescu, chief executive officer at Canary Wharf, said: ‘We are delighted to have KPMG, one of the world’s pre-eminent professional services firms, significantly expand its presence at Canary Wharf.’

John Griffith-Jones, UK chairman and senior partner at KPMG, said: ‘This is an important step on the road to creating an office environment in London for our people and our clients which is an expression of our core values and embraces the changing ways we will work together in the years ahead.’

Canary Wharf was advised by Knight Frank and CB Richard Ellis. KPMG was advised by KPMG Corporate Finance and Jones Lang LaSalle.
 
#5 ·
I know KPMG has appointed a firm to make his new CW HQ the most energy-efficient "green" new building that will the standard for all new developments.
That's caught my attention! I would expect a considerable re-design of any of the projects we've seen so far. For example on that picture above looks like a bulk standard air conditioned glass box. To be 'the most energy efficient' surely just to start with they would have to look at designs that negate the need for air con most of the year. Here's hoping.
 
#7 ·
With increasing competition for cheap high end office space before the next market cylcle I don't think it will be pretty hard to let the other unoccupied buildings, if any, or any future developments.
Go to see 15CS is now done. I would have been happy with however, 25 storeys.
 
#8 ·
Excerpt from Canary Wharf press release:

"15 Canada Square was designed by the international architectural firm KPF
and will be a 15 storey building clad in high-efficiency, solar-control glass
and architectural metal. The building will feature a full height atrium space
in response to KPMG's desire to create an environment supportive of their
collaborative, networking, transparent and open quality of service.
The building design also responds to KPMG's commitment to sustainability
in their innovative approach to integrating sustainability considerations
into the project."
 
#9 ·
Tbh I prefered the original design, I thought it looked pretty classy for a groundscraper, esp with the roof fins and the side 'indent' section.

New design is okay, but its still a glassy box, at least the design before was more interesting - actually the rendering posted in Churchill Place thread looked stunning, esp with the detail on the building.
 
#11 ·
I thought this parcel of land was 'on ice' for when crossrail is bulit - they need it for their cranes/diggers etc. I'd heard there was a compulsory purchase order and nothing could be built there until crossrail completion. I read that on this site somewhere a few months ago...

I also heard a while ago that Canary Wharf group were revising this up to 22 storeys, but I reckon that would unbalance the square - the height should match the BP building on the other side!
 
#12 ·
Yes I also heard a long time ago that one of these buildings had been increased to 20 floors.
 
#17 ·
The compulsory purchase of North Quay to be used as working site for Crossrail was proposed in the draft version of the Bill.

Plans have since been revised: Crossrail has accepted the use of barges and the isle of dogs station has been redesigned to be compatible with Canary Wharf future developments.

Canary Wharf has recently start the erection of an electricity sub-station contained in two buildings (part 3 to part 5-storeys building approximately) on North Quay. The primary objective of the station is to provide approx. 57.6MW to the office development at North Quay. However, it is also intended that the station will reinforce the existing distribution network at Canary Wharf, future office developments at Heron Quay West, and the future Crossrail Station.
 
#19 ·
I believe their next phases of development are:
- 10 Churchill Place (only for lower than 300,000 sq ft office requirement)
- Riverside South
either after preletting 10 CP
or to satisfy larger than 300,000 sq ft office requirement
or speculatively (tower 1) as vacancy rate in the estate is around 5%.
 
#21 ·
Enron were meant to be based where kpmg are going to be.. but i think they ran out of pocket money! lol

Its going to be manic on the tubes to canary wharf in the mornings as its only one line to there from london bridge and the tube comes every 2-3 minutes. they need to look in to bringing better transport links to the place.. there must be over 40000 workers/city ppl there now.
 
#26 ·
Bank of America has committed itself to another large office at Canary Wharf.

Bank of America has placed 70,000 sq ft of offices under offer at 5 Canada Square on a sublet from Credit Suisse. Leases are due to expire in 2012 when the bank has a break at its other Canary Wharf offices (300,000 sq ft also under a sublet from Credit Suisse). The bank is expected to embark on a hunt for a single office building once the leases expire in 2012.

PS: suggestion: a specific CW thread could be useful to compile all infos in the area (Ontario, Pan-Peninsula, 5 Churchill Place, 20 Churcill Place, 5 Canada Square, Arrowhead Quay, Crossharbour)?? Your thoughts? Will?
 
#28 ·
Can't we keep the various projects as seperate threads?

Amittedly lumping the Churchill Place projects together is fine but a thread containing that many schemes will lose focus and the unintiated stumbling across a thread like that may well be confused.

At least the with the one building, one thread system a development can be followed from conception to completion without diversion into other things.

And Ontario and Pan Penninsular have proved to be big enough to stand on their own.
 
#31 · (Edited)
KPMG takes half of the site at 15 Canada Square, adjacent to HSBC.

The other half is marketed as "30 The North colonnade" and
is adjacent to Barclays.

It thus remains two sites for preletting around Churchill Place: 10 Churchill Place and
30 The North Colonnade (400,000 sqft).

As reported ages ago in the forum, the two building between HSBC and Barclays will be taller, with 15 office floors+ground floors +plants, i.e. approx. 20 storeys instead of the initially 12 storeys buildings.
 
#32 · (Edited)
As reported ages ago in the forum, the two building between HSBC and Barclays will be taller, with 15 office floors+ground floors +plants, i.e. approx. 20 storeys instead of the initially 12 storeys buildings.
Yes! I remember that it had an increase to 20 in height...so did somebody else on this thread I think....yes: Pagwilliams and me messages 11 and 12
 
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