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This Week's 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

Derwent London has signed 10 leases since the start of 2023 for a combined rent of £14.7M. This includes the first pre-let at 25 Baker Street in the West End and the third major occupier for The Featherstone Building, EC1.

Derwent has completed its first pre-let at 25 Baker Street to Pimco.

At 25 Baker Street global investment management company Pimco has pre-let 106K SF on levels five to nine out of a total development size of 298K SF. The rent of £11M equates to an average £103 per SF, the company said. The lease is for a 15-year term without breaks.

The project is due to complete in H1 2025 and has a target of BREEAM Outstanding. 

Pimco has an option to expand to include the 24.7K SF level four, which can be exercised up to 12 months prior to practical completion. The commercial element of 25 Baker Street is now 56% pre-let/sold, excluding the pre-completion expansion option. 

The courtyard retail and Gloucester Place offices have been pre-sold to the freeholder, The Portman Estate. At the Featherstone Building EC1 Buro Happold, the global engineering consultancy, has leased 31K SF on levels five to eight at The Featherstone Building EC1.


Kadans Science Partner has submitted its planning application for a new purpose-built laboratory and office building at Merlin Place, Cambridge.

This new-build development has been designed by Kadans’ in-house team alongside specialist professionals and the scheme will deliver lab infrastructure and “empower an ecosystem for further innovation”, the company said.

This development furthers the implementation of Kadans’ long-term model to bolster its presence and facilities within the Cambridge cluster, it added.


British Land has launched its first homes, a collection of 186 studio and one-, two- and three-bedroom net-zero apartments, at The Founding, Canada Water.

The launch of the 35-storey residential building — designed by architects Allies and Morrison — is located at a former shipping and timber site and was a working dock during the 18th and 19th centuries.


Pocket Living has secured a new senior debt package with Lloyds Bank, which is capable of being scaled up to £100M and will “drive the continued delivery of affordable homes specifically for London’s first-time buyers”, the company said.

This is Pocket’s third facility with Lloyds Bank, which collectively has funded more than 1,000 homes to date and will remain as the developer’s principle senior lender.

Lloyds Bank’s initial commitment to the debt facility of £24.2M will fund Pocket’s development at Sheepcote Road in Harrow. The 100% affordable scheme is expected to complete in August 2024 and will deliver 149 one-bedroom homes that will be available at a 20% discount to market value to local first-time buyers living and working in Harrow.


Pi Labs has started its Growth Programme for 2023 by backing five early stage startups that have developed technological solutions that are expected to “positively impact the way businesses and societies interact with the built world”.

In addition to an initial cash injection, and possible follow-on funding, Pi Labs will act as a long-term partner with the founders on their journey to scale and become global companies. This latest round brings the venture capitalist’s global portfolio to 79 investments since inception in 2015.

The growth programme takes place between February and May, where Pi Labs will facilitate introductions to prospective investors and clients, as well as offer mentoring and training to help founders grow their business. 


Pan-European investor and asset manager M7 Real Estate has announced that Richard Croft has decided to step down from his role as executive chairman. 

David Ebbrell, CEO and one of the founders of the business with Croft, will take over full responsibility for the management of the company, supported by the remaining six members of the M7 leadership team, which includes five co-founders.

Croft’s departure comes after M7 was acquired by Oxford Properties in January 2021. Since the acquisition, M7’s assets under management have grown from around €4B to approximately €7B, with an increased focus on targeting institutional capital. 

Croft will stay in his role as executive chairman for three months, after which he will stay on as a senior adviser to the company and remain on the general partner boards of all the M7 discretionary funds.


Urban regeneration and property investment specialist United Properties London and Gold Wynn Group has acquired The Northern and Shell Tower in the Isle of Dogs.  

The deal was made possible through a £21.5M six-month senior facility provided by the structured finance division of Topland Group, one of the UK’s largest privately owned investment groups.  

The Canary Wharf-neighbouring office building was recently given planning permission to be transformed into a 209-unit residential development with a GDV of £85M. The facility provided by Topland will enable the borrower to mobilise quickly and commence early work on-site, with completion set for Q3 2024.   

United Properties London and Gold Wynn Group have purchased the 61K SF asset as part of plans to expand its build-to-rent portfolio to 1,000 units by 2024.  


Chanel has sold 27 Old Bond Street, which consists of an office block occupied by the luxury fashion house and an Alexander McQueen retail showroom, for £140M.

A private U.S. investor advised by Michael Elliott has bought the 21K SF block. The showroom is let to Alexander McQueen for another 9.5 years, while the upper floors are offices let to Chanel.

House of Chanel bought the building from Avestus Capital Partners for £50M in 2010.


Investor Abrdn is in discussions to sell Berkshire House, an office block in High Holborn that had been prepared for a £200M redevelopment, to luxury developers Clivedale London and Jesta Properties.

The 56K SF office building at 168-173 High Holborn consists of 11 floors and it was refurbished in 2010. A price of around £50M is believed to have been agreed.

Abrdn had previously worked with local authority Camden on plans for a major extension to the offices to provide around 90K SF, but the new owners are understood to be looking at a potential hotel at the location.

Related Topics: Derwent London, British Land, Pi Labs