[jef]

Heron probably won't be going up in 2006.

I agree: Norton Rose will not be moving out to More London before 2007.

I think Minerva is unlikely

I agree: Major pre-let or prelets are required + joint venture. It may take some time. Aon, KPMG, BT, State Street, Standard Chartered are some tenants with massive office requirements. Fingers crossed.

Ontario Tower definitely will

I agree. The building is almost completely sell off. Regarding 1 Millharbour, I would say a start is likely in late 2006.

201 probably will if it gets approved.

By the way, are you working with DP9, the agent in charge of this scheme, for you to be so well informed? British Land already has pp for the low-rise development they proposed some years ago and they are keen to develop the revised one if approved without prelets as Gothic said. As far as I know, BL does not have any other substantial schemes to develop in the short-term (122 Leadenhall won't start before 2009) and they have a very low vacancy rates.

 

[jef]

It is the foreign investment in the UK - in particular Asia - that drives up London towering ambitions:

From Colliers International, Hong Kong

"International property consultant, Colliers International, will be exhibiting Ontario Tower on Friday 19th, Saturday 20th and Sunday 21th November, in the 2/F Gloucester Room, Mandarin Oriental Hotel from 11.00am to 7.00pm. Ontario Tower is situated on New Providence Wharf in the Canary Wharf area in East London.

Mr Ginn Lai, Regional Director of Colliers’ International Properties Division says, “Prices for an apartment in Ontario Tower start from £199,000, which is reasonable considering the project will be in the heart of the central business district of Canary Wharf. UK developers see about 20 to 30 per cent of sales come from Asia, mainly from Hong Kong, Singapore and Indonesia, with many taking the opportunity to borrow pound sterling mortgages to mitigate the currency risk.”

Colliers says that central London prices will rise 6 to 10 per cent annually over the next few years on the back of limited supply.

“Ontario Tower is a 29-storey tower providing studio, 1 and 2-bedroom apartments ranging from 350 to 963 sq ft overlooking the Thames with spectacular views across London. The specification includes floor to ceiling glass, curtain walling, full air conditioning and heating, state-of-the-art kitchens and bathrooms, two health spas, lifestyle support service and facilities from the adjoining luxury hotel…we see this as an excellent investment…” commented Mr. Lai.

Ontario Tower is only 10 minutes walk away from Canary Wharf, a 20 million sq ft development of office and retail space. It is highly accessible by public transportation. South Quay Docklands Light Railway (DLR) Station and Canary Wharf with Jubilee Line Underground Station are both within walking distance. Westminster and The West End can be reached within 15 minutes via underground and excellent bus and taxi services are also available close by.

“The close proximity to Canary Wharf is very advantageous. Over 65,000 people work there with many renowned multinationals establishing headquarter offices there including banks and law firms…” concluded Mr. Lai."