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.

Xinyuan Real Estate Co., Ltd. Announces Equity Investment in The Madison, London

Xinyuan Real Estate Co., Ltd (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and also in other countries, today announced that it has acquired, from ED Jersey Limited, a 100% owned subsidiary of ED Group Holding Limited (“ED Group”), a 50% equity stake in Madison Developments Limited (“MDL”), the developer of The Madison, London E14, via Xinyuan’s 100% subsidiary Xinyuan International (HK) Property Investment Co Ltd for a total consideration of GBP £29.11 million.

The Madison Project site extends to 0.38 hectares (approximately 0.94 acres) and is located adjacent to Canary Wharf, one of Europe’s largest commercial centres. The planning permission was granted in March 2015 for the site to develop a ground plus 53 story building, comprised of 423 residential apartments, including 319 private apartments and 104 affordable apartments, approximately 425 sq. meters of office space and extensive, new landscaped public gardens. Construction is currently underway and completion is expected in 2020. To date, approximately 40% of the private apartments have been pre-sold and 100% of the affordable apartments have been pre-sold. The Madison project is being managed by LBS Properties.

Mr. Yong Zhang, Xinyuan’s Chairman, commented, “We are pleased to make this equity investment in Madison Developments Limited. This is our first step in the UK real estate market and an important milestone for Xinyuan’s international expansion strategy. While China remains our core market, we would like to take advantage of our experience in overseas investment and join hands with competitive local partners, and are confident that our investment in Madison Developments will generate favourable returns for our shareholders.”

Mr Gordon Crawford, Chairman of ED Group, commented, “We are pleased to welcome Xinyuan Real Estate as our partner in this exciting development project. The Madison is set to be a landmark building in the Canary Wharf market, a location we believe will benefit over the coming years from substantial investment, including the arrival of Crossrail later this year. We look forward to working with Xinyuan on their debut investment in the UK to establish a successful, long term partnership.”

Planning permission and development funding secured on LBS’ Hackney Road project

LBS Properties has been working with leading architects Hawkins Brown on securing planning consent for the redevelopment of the disused Mecca Bingo Hall on Hackney Road. In late 2017, the London Borough of Hackney granted planning consent for redevelopment to provide 83 apartments, flexible B1 workspace and a landscaped gardens on the 5th floor podium.

Situated just 300 metres from Hoxton Overground Station and a short walk from Columbia Road Flower Market, Haggerston Park and Broadway Market, the site 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.

LBS Properties has also secured a £47 million senior development debt facility from real estate investment managers, Quadrant Real Estate Advisors. Nick Crawford, Managing Director of LBS Properties, comments: “We are delighted to be working with Quadrant to deliver this high-quality, mixed-use development in one of London’s most sought after areas. The striking architecture, bespoke interior design and extensive landscaped roof gardens will combine to create a market-leading development, set on the doorstep of all the amenities of Shoreditch and Hoxton.”

Kurt Wright, CEO of Quadrant Real Estate Advisors LLC, comments: “Quadrant is pleased to facilitate funding of the Hoxton Development. LBS Properties is a highly skilled developer and we are proud to be part of this project.”

The development is due to complete in 2020.