Crown Place Financial which is a serviced office business run by Greycoat and its JV partners Bourne Financial has achieved 90% occupancy at its 30 Crown Place premises.

The operation occupies 30,000 sq ft and offers flexible offices targeted to financial start ups and trading companies.

On behalf of Topland Greycoat has submitted a planning application for a landmark 225,000 sq ft office scheme with retail at ground floor.

The scheme is designed by John Robertson Architects and will occupy a significant island site in this core City location.

Greycoat, acting as Development Manager for the Duchy of Lancaster are looking to complete the 36,000sq ft Strand office building this summer. Letting agents are CBRE & Farebrother.

The City Corporation has resolved to grant planning permission for this Eric Parry designed major office scheme. Greycoat & Core are working with landowners Generali to progress the 63,000 sq m project.

German closed-end fund manager Hannover Leasing has bought a 19-storey office in the City of London for £139m.

The company has bought 30 Crown Place, which totals 198,000 sq ft, from the Greycoat Central London Office Fund.
The price reflects a net initial yield of 5.1% but the rent is highly reversionary.

The annual rent roll is £7.16m a year, reflecting a rent on the office space of £37.30/sq ft. The next rent review is in 2015 and current prime City office rents are above £50/sq ft.

Completed in 2009, the property is 85% occupied by law firm Pinsent Masons and 15% by Crown Place Financial.
Pinsent Masons occupies the space on a 20-year lease ending in 2030. When Crown Financial’s lease expires in five years time Pinsent Masons will take over the rest of the building.

Hannover said the property would be added to one of its a closed-end real estate funds in the third quarter.
Hannover Leasing was advised by Franc Warwick. Greycoat Central London Office Development Fund was advised by CB Richard Ellis.

Peter Thornton’s Greycoat and Chris Strickland’s Core to develop Italian insurer’s Fenchurch Street tower

Two of London’s top developers have reunited to work on a £420m office tower in the Square Mile for Italy’s largest insurance company, Generali. Peter Thornton and Chris Strickland, who split amicably 11 years ago, signed heads of terms this week to act as the development manager for Generali’s site at Fenchurch Street in the City.

Greycoat Core, a joint venture company set up by Thornton’s Greycoat and Strickland’s Core, was chosen ahead of a stellar field of developers, thought to include Stanhope, Development Securities and Hammerson. The site at 116-120 Fenchurch Street and 10-14 Fenchurch Avenue was granted consent in September 2008 for around 400,000 sq ft of office-based space in a 15-storey tower.

Greycoat Core intends to submit a revised planning consent in the summer for slightly more space – around 420,000 sq ft – but will retain the architect, Eric Parry.

“It is a very large and complex scheme,” said Thornton. “It has a combination of normal development issues and some sub-issues, such as ownership and rights of light. It suited our combined skill set.”

Generali controls the site through a mix of freeholds and leaseholds in a vehicle called Saxon Land, which it formed with Australian fund manager Babcock & Brown a decade ago. When Babcock & Brown collapsed in March 2009, Generali bought its stake out and sought a development manager at the end of last year.

Thornton said the scheme would probably not start without a prelet in place. “Generali is really up for doing the scheme, but starting it speculatively would be a big call,” he said. Like many other larger developers, Thornton and Strickland believe the City office market will be starved of new space in the next three years.

Following completion of an extensive fit out contract, Cossette UK Ltd are now in occupation of the 3rd & 4th floor office accommodation at 101 New Cavendish Street.

The advertising consultants join University of Westminster in the 90,000 sq ft building which is now fully occupied.

The building allows the various trading subsidiaries of the Cossette Group to come together under one roof for the first time.

Pinsent Mason have completed their fit out programme at 30 Crown Place and will now commence occupation of this 190,000 sq ft City building.

Their extensive fit out includes client meeting & entertainment areas on the top three floors, an auditorium, full catering facilities and a library.

This new London HQ will bring together Pinsent Mason staff currently housed in three separate London locations.

The Duchy of Lancaster has appointed Greycoat as development manager for an office building in London’s Strand.

The appointment is for Wellington House, which is located to the south of Covent Garden, overlooking Aldwych.

The building’s office head lease expires early next year. It will then be subject to a major refurbishment to provide almost 40,000 sq ft of office and ancillary space, which is due for completion in the third quarter of 2012.

Greycoat chairman Peter Thornton said: “The impact of very low development starts in Midtown over the past 18 months means that Wellington House will come to the market when there is a considerable lack of development stock”.

Letting agents will be CB Richard Ellis and Farebrother.