Axa IM Alts And Hertshten Seal City Planning Approvals: The London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
AXA IM Alts has secured planning permission for its proposals to build a new office development at 63 St Mary Axe. The 46-storey building designed by Fletcher Priest Architects include a public park and public realm amenities.
These include the creation of Camomile Park, which will feature a currently buried section of London’s ancient Roman wall.
The 635K SF office scheme at 63 St Mary Axe will be a fossil fuel-free, all-electric building targeting BREEAM Outstanding, NABERS five-star and net-zero carbon in operation.
DEVELOPMENT
The City of London Corp. has approved Hertshten Properties’ updated proposals to redevelop 85 Gracechurch Street and deliver a 377K SF office building, including terraces on most floors, a business lounge, meeting rooms and a dedicated auditorium and event space with views of the City.
The scheme will also uncover and showcase the remains of London’s 2,000-year-old first Roman Forum Basilica, which was once the civic heart of Roman Londinium, through a public exhibition and cultural space.
The approved development, designed by architect Woods Bagot, will also include a ground-floor public hall opening directly into Leadenhall Market, and the scheme is targeting BREEAM Outstanding, EPC rating A, and a minimum five-star NABERS UK rating.
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Henry Boot’s property investment and development arm HBD has secured outline planning consent for phase one of Golden Valley, Cheltenham. The 200-hectare regeneration project will eventually provide around 2,500 new homes and around 1.3M SF of commercial space with the National Cyber Innovation Centre at its heart.
The outline planning consent allows for a development comprising around 1M SF of prime commercial space, including IDEA, the new 160K SF National Cyber Innovation Centre, as well as 576 residential units. HBD expects to begin construction later this year.
The £1B 1 Golden Valley innovation and technology project is located adjacent to GCHQ, and HBD was appointed as development partner by Cheltenham Borough Council in 2022 before submitting an outline planning application in October 2023.
A separate outline planning application for an additional 443 homes is also due for determination in the coming weeks.
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The Unex Group and Greencore Homes have agreed a joint venture to develop up to 123 new homes at Fitzroy Paddocks in Newmarket. The 9-acre site is located to the east of the town centre and will be the first new-build development of scale in Newmarket for many years, the partners said.
The joint venture will develop a mixed-use scheme in accordance with the existing outline planning consent comprising up to 123 homes, a convenience store and stable facilities.
Adjacent to the new homes, Unex will undertake the refurbishment of historic buildings, including the Queensbury Lodge, Cottage and Stables, and the former White Lion public house.
DEALS
Hines has acquired Solasta Riverside, a 324-unit, 20-storey build-to-rent scheme in Glasgow for its Hines European Property Partners, the firm’s open-ended core-plus European strategy from Legal & General.
The scheme was completed in 2022 and comprises a mix of studio, one-, two- and three-bed apartments totalling about 211K SF alongside circa 3.8K SF of ground-floor commercial space. Located within the £500M Clyde Place regeneration project, Solasta is close to Glasgow Central railway station and the city centre and adjacent to Barclays’ new 500K SF office scheme.
Hines was advised by CBRE and Pinsent Masons during the transaction, while Knight Frank and Addleshaw Goddard advised the vendor L&G.
FINANCING
Tokoro Capital has secured a £27.4M loan from real estate lender Leumi UK to bolster its cluster-led student housing platform, which focuses on serving domestic students in Russell Group cities at a more affordable price point.
There is scope to increase the facility to £50M in the future, and the financing will recapitalise Tokoro’s existing portfolio located in Leeds, Durham, Manchester and Newcastle and support future acquisitions. Tokoro’s student platform is managed by Homie, a specialist student housing operator created and funded by Tokoro.
The loan marks the first transaction between Leumi UK and Tokoro Capital and represents Tokoro’s third successful debt raise this year. In March, the company secured financing from Citi for its £100M urban logistics strategy. In June, Tokoro refinanced the £130M Empress and Ada buildings in Mayfair with Aareal Bank.
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Specialist pension insurer Rothesay has completed a £400M, eight-year investment facility in the purpose-built student accommodation, refinancing a public securitisation for the Unite UK Student Accommodation Fund.
Its assets are operated and managed by the Unite Group, and the investment is secured against Unite’s portfolio of 23 PBSA assets located across 15 cities in the UK.
PEOPLE
The King’s Cross Group's majority investor, Australian Super, has appointed two new non-executive directors to the company's board as the phased transition of management responsibilities for the estate begins.
Julie Hirigoyen is currently a NED on the boards of Willmott Dixon and Thriving Investment and a senior adviser to Systemiq and CBRE. She was previously CEO of the UK Green Building Council and will chair the King’s Cross Group’s environmental and sustainability committee.
Caroline Wehrle is a governance, risk and compliance specialist who spent 16 years at Diageo, becoming global head of risk and compliance.
Paul Clark, who recently retired from his executive role at Australian Super, will continue as a non-executive director.
