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City of London news

House of Fraser to close City of London store

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DEPARTMENT store House of Fraser has announced it will close its King William Street branch at the north side of London Bridge.

The closure is one of 31 branches which the troubled-retailer has announced will be shutting down with even the Oxford Street branch not escaping the cull.

House of Fraser chief executive Alex Williamson admitted to the BBC that the proposed rescue package was “brutal” and “very dramatic for people” that work at the stores.

The imposing City of London House of Fraser building was previously known as the Guardian Insurance Building and sits at the junction of Cannon Street, King William Street and Gracechurch Street.

The Grade II-listed building was built in the early 1920s and converted into a department store early in the 2000s.

The full list of stores facing closure is:

  • Altrincham
  • Aylesbury
  • Birkenhead
  • Birmingham
  • Bournemouth
  • Camberley
  • Cardiff
  • Carlisle
  • Chichester
  • Cirencester
  • Cwmbran
  • Darlington
  • Doncaster
  • Edinburgh Frasers
  • Epsom
  • Grimsby
  • High Wycombe
  • Hull
  • Leamington Spa
  • Lincoln
  • London Oxford Street
  • London King William Street
  • Middlesbrough
  • Milton Keynes
  • Plymouth
  • Shrewsbury
  • Skipton
  • Swindon
  • Telford
  • Wolverhampton
  • Worcester

New water refill stations planned across the City

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THE CITY of London will get ten new water battle refill points over the next two years in a bid to drive down the use of plastic bottles.

The exact locations of the new refill points will be decided after a public consultation but the City of London Corporation wants to place them in parks, retail squares and near transport hubs.

Two of the new water refill points will be located in the recently-completed Aldgate Square development.

The initiative form part of a wider campaign to create a network of places to fill up your water bottle in pubs, restaurants, bars and cafes across the Square Mile.

People can already access water to fill up their bottles at fountains located in Carter Lane, Cheapside, Monument, Festival Gardens, Middlesex Street, and at the St Lawrence Jewry Memorial Fountain.

Jeremy Simons, Chairman of the City of London Corporation’s Environment Committee, said:

“The impact of plastic bottles on the environment is clear and it is time for us to play our part.

“These water bottle refill points are a step forward. Working with City firms we will create a true refill culture in the Square Mile and cut damaging plastic waste.”

 

River procession dropped from Lord Mayor’s Show

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A colourful parade on the river Thames which harked back to a bygone age has been dropped from this year’s Lord Mayor’s Show.

In recent years the Lord Mayor’s Day river flotilla has seen the new mayor start his big day with a trip down the Thames on board the Queen’s row barge Gloriana.

Gloriana was accompanied by the traditional cutters of the Traditional Thames Rowing Association (TTRA) in a revival of an ancient tradition.

But the TTRA and organisation that manages Gloriana have been told they they will not be required for this year’s Lord Mayor’s Show which takes place each November.

A City of London Corporation spokesperson told City Matters that “the flotilla was designed to run as a one off in 2011 but has continued into recent years. It has since been decided to expand the main Show, which brings together so many diverse groups and communities from London and the UK, including hundreds of young people who love taking part.”

Malcolm Knight, events organiser for QRB Gloriana told OnTheThames.net that “it was with great disappointment that I received the call from the Pageant Master [Dominic Reid] informing me that we would not be required in the future… May I thank all those who supported the event and I look forward to seeing you out on the River Thames in London again very soon.”

City launches Smart City Lighting Strategy

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Some of the City’s historic buildings are to be complemented by remotely operated lighting with different colours at different times of the day, the City of London Corporation has announced.

The plans form part of the new Smart City Lighting Strategy which will also improve energy use and help tackle light pollution.

Urban spaces will be “coated in various lighting types, levels and colours at different times during the night” in the scheme which will complement the roll out of energy-saving LED lights in the Square Mile.

The City Corporation is working with lighting designer Speirs and Major on the strategy which will be implemented in phases throughout the City.

Chris Hayward, Chairman of the City of London Corporation Planning and Transportation Committee commented: “The City Lighting Strategy will improve the quality of life for the Square Mile’s workers, residents and visitors, and tackle the problems of light pollution. We want our streets to be safer, more sustainable and more inviting. Poor street lighting is a constant issue for London and it is time to change that.

“It is vital that the City of London continues to invest in smart technology and infrastructure to maintain its position as a leading financial and business centre, as well as a leading cultural destination. Light will be used to celebrate and safeguard our streets while enhancing the experience for the Square Mile’s growing night time economy.”

Leading Japanese bank leases space in 100 Liverpool Street at Broadgate

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Broadgate landlord British Land has announced a twenty year lease with one of Japan’s leading banks.

Sumitomo Mitsui Banking Corporation Europe Limited has agreed to take 161,000 sq ft of office space over the first three floors of under-redevelopment 100 Liverpool Street.

The 520,000 sq ft redevelopment is due to complete in 2019 and will include 90,000 sq ft of retail, restaurants, cafés and bars.

Tim Roberts, Head of Offices, British Land commented: “SMBCE’s decision to invest in Broadgate for the long term is not only a strong endorsement of London as a global city which remains attractive to international organisations as a place to do business, but of the wider campus and 100 Liverpool Street.

“This building will be a new benchmark for London offices. With its innovative design, high quality office space and significant retail and food & beverage offer, as well as being the smartest, best connected building in London, 100 Liverpool Street will be instrumental in Broadgate’s evolution into a world class, seven day a week destination. The building is an excellent example of how we add value through investing in our existing buildings and the spaces between them.”

Stunning supermoon pictured above the City of London

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A BEAUTIFUL supermoon was pictured rising above the City of London earlier this week.

The awe-inspiring sight took place on Wednesday afternoon when the full moon ascended into view with many onlookers choosing vantage points which saw it appear above the Square Mile.

The second full moon in the month of January – making it a blood moon – was also what’s called a supermoon because it appears marginally larger due to it coinciding with its closest approach to our planet.

Taking on a yellow hue as it came into view, the moon was seen by those watching in the right spots to rise close to St Paul’s Cathedral before arcing over the familiar outline of the City of London’s skyscrapers such as Tower 42 and the Leadenhall Building.

These pictures can be republished elsewhere online for free if accompanied with a hyperlink to https://thecity.co.uk.

Orega to open new business centre in Gracechurch Street

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Serviced office space operator Orega has announced the opening of a new business centre in the City of London early next year.

The new offices will be at 70 Gracechurch Street, just a short walk from both Cannon Street and Fenchurch Street railway stations.

“Exceptionally modern offices, boardrooms and a feature lounge in the stunning atrium” are promised at the new business centre which will have space for 400 people.

Robin Pugh, Real Estate Director explains Orega’s expansion strategy:

“We are delighted to be able to work with XL Catlin to provide a high quality business centre at 70 Gracechurch Street. Our unique operating model provides an above market return for our partners and XL Catlin is fully behind our solutions for the provision of flexible workspace in the building to maximise the benefits of this opportunity.”

“The flexible workspace market is changing quickly with increasing demand from established businesses who see the offer as the preferred route for their space requirements.”

Orega has existing portfolio of businesses around the UK, including at Moorgate, Chancery Lane, High Holborn, Hammersmith and Canary Wharf in London.

Brand new Bloomberg offices unveiled in the City

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BLOOMBERG’s new European headquarters have been unveiled in the City of London, bringing 4,000 London staff under one roof for the same time.

The impressive new offices, designed by Lord Foster, have taken the best part of a decade to bring to fruition and are the first offices in the world to be wholly owned and created by Bloomberg.

Founder Mike Bloomberg attended the official unveiling this week along with Mayor of London Saqiq Khan.

Bloomberg’s 3.2 acre site is in Queen Victoria Street, just off Cannon Street, and features new public plazas including the Bloomberg Arcade which divides the development in two and is home to new restaurants with an international flavour.

9.5 million man hours has gone in to the development which has used 9,600 tonnes of Derbyshire sandstone.

Lord Foster, Founder and Executive Chairman, Foster + Partners said: “From day one, we talked with Mike Bloomberg about creating an elegant stone building that responds to its historic setting yet is clearly of its own time. We wanted the building to have integrity and continuity of expression both inside and out, creating an inspiring, innovative, dynamic and collaborative workplace for Bloomberg that embodies the core values of the company. Above all, we had a shared belief with Bloomberg that we should provide the highest standards of sustainability and wellbeing for its occupants, as well as create major new public spaces at ground level, making a significant contribution to the daily life of the City of London and its inhabitants.”

Replacing the former 1950s office building Bucklesbury House, the new Bloomberg offices have been built over an important Roman archaeological site – the ancient Temple of Mithras – which is being reconstructed and put on display in a new public space from next month.

SOLD! Walkie Talkie bought for record breaking price

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THE Walkie Talkie skyscraper in Fenchurch Street has been bought by a Hong Kong based company for a record breaking price.

£1.3 billion is the price that’s been agreed between joint developers Landsec and Canary Wharf Group and buyer LKK Health Products Group Limited – the largest amount ever paid for a single building in the United Kingdom.

Officially known as 20 Fenchurch Street, the landmark building with a distinctive top heavy profile was designed by Rafael Viñoly.

It was anything but a smooth beginning for the unmissable skyscraper – it made headlines around the world when sun-rays reflecting from the building melted part of a car at street level and in 2015 it was awarded the Carbuncle Cup which singles out ugly new buildings.

Robert Noel, Chief Executive of Landsec, said: “Our decision to sell 20 Fenchurch Street at an exceptional price and return cash to shareholders reflects our disciplined approach to the use of capital. The building has been an immensely successful project for Landsec and our partners.”

Leadenhall Building sold for £1.15 billion

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ONE of the City of London’s most iconic skyscrapers has been sold for £1.15 billion.

Developers British Land and Oxford Properties have agreed the sale of the Leadenhall Building to Hong Kong-based C C Land.

The Rogers Stirk Harbour + Partners-designed building in Leadenhall Street, which has a distinctive sloping appearance, was completed in 2014 and is the second tallest building in the Square Mile.

British Land’s Head of Offices and Residential, Tim Roberts, commented: “British Land and Oxford Properties took a bold step at the early stages of the UK’s economic recovery to develop The Leadenhall Building to generate a high quality, long term income stream. It’s a decision which has really paid off. Through a strong, collaborative partnership, we have delivered an iconic, award-winning building let to high calibre occupiers at record City rents. This sale shows continued investor appetite for best in class, well located property in London.”

Paul Brundage, Executive Vice President and Senior Managing Director – Europe, Oxford Properties, said: “Oxford Properties has enjoyed a highly successful partnership with British Land through our joint investment in the development, delivery and management of this iconic building. We have delivered on our strategy of ensuring that The Leadenhall Building meets its potential to become one of the most commercially successful investments in London. The Leadenhall Building has been a cornerstone of our London business and has propelled Oxford Properties to a leading position in European real estate development and investment.”

Contracts have been exchanged on the purchase of the 46-storey tower but the deal is subject to final approval by C C Land shareholders.