LBS Properties appointed as Development Manager for £17m JV King’s Cross development

A new joint venture between investors Prime Pacific and ED Group has outlined plans to inject up to £240m into London’s residential market, kicking off with the purchase of a £17m scheme in King’s Cross.

The 22-storey development, known as Brill Place, has planning consent for 54 flats and commercial space.

Construction of the mix of one, two and three bedroom apartments is due to begin in the first half of 2020.

The JV between the investors has been set up as the Paladin LBS UK Residential Fund, with a total target of investment of $200m-300m (£160m-241m).

The venture aims to acquire residential development sites with planning consent in London’s zone 1 and inner zone 2 locations, pursuing a build-for-sale strategy.

The joint venture has appointed LBS Properties to oversee its developments and implement its investment strategy.

Prime Pacific chief executive Khoon Ng said: “With the number of new starts at the lowest level since 2012, the inelastic housing demand and the weakening pound, the next 12 months will be a good time to capitalise on this investment hotspot in the UK.”

Chairman of ED Group Gordon Crawford added: “Prime Pacific, along with its affiliated companies, has unrivalled expertise in financing and delivering residential-led development in Asia.

“We believe the combination of this expertise with ED Group and LBS Properties’ exemplary track record in London, will position the partnership excellently to deliver on its ambitions in the coming years.

LBS Properties reach new heights with topping out of The Madison

On Wednesday 26 June, award-winning London developer and asset manager LBS Properties and main contactor Balfour Beatty celebrated the topping out of The Madison, marking the completion of the 53rd story of this landmark E14 residential tower, adjacent to Canary Wharf. LBS Properties is the development manager for the project, on behalf of clients ED Group and Xinyuan Real Estate.

The ceremony was attended by the project team and key stakeholders, who enjoyed panoramic views from the top of the 187-metre tower, which is designed by the award-winning Make Architects. The Madison includes a collection of 319 high specification studio, one, two and three bedroom apartments and penthouses, plus 104 affordable homes, an expansive collection of residents’ amenities, as well as commercial space and new public park at ground floor level.

The slender form of the glass tower enables 70% of the overall site to be dedicated to new public realm, including over half an acre of thriving biodiverse public gardens with extensive planting and seating areas, situated on the quieter side of the docks that will offer a peaceful escape.

Nick Crawford, Managing Director of LBS Properties, said: “This is a landmark moment for The Madison, which is transforming this opportunity area within the docklands and will provide benefits not only for residents but the public thanks to the expansive new gardens. Through the combination of unique design, specification and outstanding location, we have enjoyed strong sales success to date including significant off plan sales, despite a challenging backdrop. Overall estimated completion is due in Q3 2020 and we look forward to welcoming the first residents.”

Residents at The Madison will benefit from a beautifully appointed private lounge, gym, screening room and top of the range business facilities, collectively known as the Highline Club on the 16th floor. All of these first-class facilities will front on to three external terraces with 180 degree outstanding views of Canary Wharf, the City of London and beyond. There will also be a five-star-style spa area with 12m pool, sauna and steam room.

The luxurious interior design at The Madison can be found in all areas of the building – from the impressive double-height entrance to the detailing of the kitchens in the apartments themselves. The thoughtful layout of each home maximises floor space to create generous, light-filled rooms with expansive views over London, with many apartments also benefiting from balconies, winter gardens and external terraces

Positioned close to Canary Wharf, The Madison enjoys a convenient and enviable location with excellent transport connections, including South Quay DLR station a short walk away. These connections are set to improve further with the new Crossrail Station at Canary Wharf, which will provide a direct link to the City, West End and Heathrow Airport, while next year the new South Dock Bridge will make the walk to Canary Wharf even shorter. The surrounding area is also undergoing widespread transformation with the provision of new homes, shops, bars, cafes and restaurants, including Wood Wharf.

LBS PROPERTIES TOPS OUT AT POPULAR HKR HOXTON SCHEME

Award-winning London developer and asset manager, LBS Properties, has topped out at its HKR Hoxton development, a striking new collection of 69 private – and 14 affordable homes – in this highly sought after area of east London.

Designed by the award-winning Hawkins\Brown architects, the new development is being delivered by contractor Tolent and sits at 211-227 Hackney Road, replacing a disused bingo hall with an architecturally striking stepped 10 storey building that includes a grid of weathering steel frames which will continually evolve in appearance. Demolition of the existing building commenced in early 2018, with overall completion expected in early 2020.

In addition to the studio, one, two and three bedroom apartments, there will be 10,000 sq ft. of flexible workspace at ground level, as well as 4,000 sq ft. of landscaped gardens on the fifth floor podium level, benefiting from attractive views towards the City of London. Other amenities at the development include a 12-hour concierge, gym and a private screening room.

Situated just 300 metres from Hoxton Overground Station and a short walk from Columbia Road Flower Market, Haggerston Park and Broadway Market, the development enjoys a sought after position between Shoreditch, Hackney and London Fields. There are a wealth of popular bars, restaurants and amenities in the immediate area, along with the key employment and transport hub of Old Street Roundabout to south.

Nick Crawford, Managing Director of LBS Properties, comments: “This is an architecturally striking mixed-use development in one of east London’s most sought after areas, which continues to grow in popularity. The bold exterior will make this a marker building for the local area, with residents able to enjoy high specification homes and a range of on-site amenities, all while being moments from the hotspots of Shoreditch and Hoxton.”

LBS PROPERTIES LAUNCHES CHAPTER HOUSE EC1 OFFICE WITH 80% PRE-LET

Award-winning London developer and asset manager LBS Properties has launched Chapter House, a former Victorian school building that has been sympathetically redeveloped and extended, providing over 34,000 sq. ft of new office space over five floors. Chapter House enjoys a prime City fringe location, moments from the iconic Old Street roundabout.

The development enjoys varied floorplates, 4-5m ceiling heights, retained period features and external terraces. LBS Properties has confirmed two pre-lets, together comprising 80% of the project – Ebiquity, a data-led marketing and media consultancy and TotallyMoney, a credit report company, taking 18,000 sq. ft and 7,500 sq ft. respectively on 10 year leases.

Chapter House is one of two adjacent buildings being developed by LBS Properties, collectively known as Chapter and Verse, designed by the renowned Buckley Grey Yeoman architects. The adjoining ‘Verse’ building offers a contrasting new-build office, with smaller floorplates and floor to ceiling glazing. It is expected to launch in September 2020.

Nick Crawford, managing director of LBS Properties, comments: “Through a high quality refurbishment, Chapter House has been transformed to provide outstanding office accommodation with character, in a highly sought after City fringe location. This has been reflected through the early signing of two key tenants prior to officially launching – and we expect the remaining portion of the building to attract high levels of attention.

“Old Street retains a status as a popular hub for the technology, media and telecom sectors, with the ongoing improvements to the roundabout itself set to further bolster this.”

Christian Polman, Chief Strategy Officer at Ebiquity comments “Chapter House, Ebiquity’s new headquarters, will provide our company with a high quality work space suited to our growing and evolving workforce. The site in Old Street reflects our culture of connectivity with clients, partnership with clients and other dynamic firms, and aligns Ebiquity with a highly dynamic and multi-cultural part of London. We look forward to hosting client, partners, and other guests for events, workshops and other high collaboration meetings in our new office space.”

Alastair Douglas, CEO of credit experts TotallyMoney, adds: “At TotallyMoney, we’re focused on not just being a great place to work, but being the number one company to work for. Having been based in Old Street for the past five years, staying in the centre of London’s tech hub at Silicon Roundabout was extremely important when it came to finding new premises.

“Moving into this exciting space at Chapter House has allowed us to design a workplace uniquely suited to us: a calm environment that balances a great event space with working areas for our cross-functional squads — ideal as the team grows and we continue to develop our award-winning free credit report.

“Our mission is to improve the UK’s credit score and help people step up to a better financial future. Having just acquired our two millionth free credit report customer, the office move signifies an exciting new chapter in the TotallyMoney story.”

Chapter House is situated less than 150 metres from the Old Street roundabout in the heart of the area’s thriving tech cluster. In addition to Old Street station just moments away, the building is in close proximity to Moorgate and Liverpool Street stations, with the new Elizabeth Line services due to further improve connectivity soon.

LBS Properties is also re-developing Defoe Court on the opposite side of the roundabout – a 50,000 sq. ft multi-let office building, expected to launch in late 2020.

LBS Properties swoops on second Old Street office for redevelopment

Award-winning London developer and asset manager LBS Properties has secured the 43,000 sq ft freehold Defoe Court building at 44 Featherstone Street, EC1, for circa £32m from Paris-headquartered Amundi Asset Management. The deal reflects an initial yield of around 4.5% and forms part of a wider ‘Amundi Collection’ portfolio disposal.

LBS Properties has simultaneously close funding for the project with a £29m loan from GreenOak Real Estate, with plans to fully refurbish and potentially extend the building. This marks the second lending deal undertaken with GreenOak by LBS.

Situated just 150 metres from the iconic Old Street roundabout in the heart of the area’s thriving tech cluster, the building is currently let to five tenants and comprises 43,146 sq ft of accommodation, arranged over lower ground, ground and five upper floors. In addition to Old Street station just moments away, the building is in close proximity to Moorgate and Liverpool Street stations, with the new Elizabeth Line services due to open imminently.

Defoe Court marks LBS Properties’ second office project in the area. Working with renowned Buckley Grey Yeoman architects, it is currently developing Chapter and Verse on the other side of the roundabout – the refurbishment of an iconic Victorian school house and creation of an adjacent new build office, providing a total of 50,000 sq ft of prime office space.

Nick Crawford, managing director of LBS Properties, comments: “The acquisition of Defoe Court reflects our confidence in the Old Street area as a prime City Fringe office location, complementing our current Chapter and Verse development. We are delighted to have simultaneously closed the senior loan with GreenOak, which will allow us to deliver another high quality scheme in an area that continues to enjoy strong tenant demand and rising rental values, largely driven by the tech and media industries.”

“This will be bolstered by the significant redevelopment plans for the roundabout itself, which is due to become more pedestrian and cycle friendly with significant new public realm.”

Martin Sheridan, Principal, UK Debt at GreenOak comments:

“GreenOak is pleased to support LBS in the acquisition and repositioning of Defoe Court. This transaction reflects the core principle of our lending activities, which is to enable our sponsors to implement their business plan. We look forward to continuing to support LBS.”

LBS secures green light on £230m Canary Wharf resi-led scheme

LBS Properties has secured planning permission at appeal for a 48-storey mixed-use development adjacent to Canary Wharf at Cubitt Property’s 225 Marsh Wall.

Planning consent for the £230m scheme was granted by Tower Hamlets planners at appeal following a public inquiry. LBS marginally reduced the number of units and increased the affordable housing provision. The development at 225 Marsh Wall on the Isle of Dogs will see the existing office building demolished and replaced with a 49-storey block. It will contain 332 new homes, 71 of which will be affordable. The design from Make Architects also includes 10,000 sq ft of mixed-use commercial space. In addition to the mixed-use tower, the approved scheme will have landscaped public realm at ground level linked to the extensive landscaped gardens at The Madison.

Nick Crawford, managing director at LBS Properties, said: “We are delighted to have received planning permission for this significant development, that will provide high-quality new homes, commercial space, and extensive public realm, contributing to the evolution of the South Quay area as an attractive place to live and work. It will combine with The Madison, due to complete in 2020, to provide a new public square for Marsh Wall East, and over 750 new homes in two slender towers”.

Forsters and Russell Harris QC acted for Cubitt Property and LBS Properties.