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 mark.faithfull@bisnow.com.
Global fintech company Revolut has finalised the move to relocate its global headquarters to YY London, taking 113K SF at the newly refurbished 415K SF Canary Wharf office building.
Revolut is set to move into the ninth through 12th floors at YY London, formerly known as 30 South Colonnade and first completed in 1991. It was previously home to Thomson Reuters and is an all-electric BREEAM Outstanding building aiming for net-zero operation, according to real estate asset management and development company Quadrant. Oaktree owns the building.
Revolut previously occupied an office in Westferry Circus. The company's office footprint in London will increase by more than 40% with the new deal.
“Revolut continues to grow from strength to strength across the UK,” Revolut UK CEO Francesca Carlesi said in a statement. “We now have over nine million customers, an astonishing milestone for a company less than a decade old. This new head office strengthens our commitment to the UK, our home country, whilst also establishing the foundation to support future growth.
“For our teams at Revolut, this will be much more than an office. It will be a space to co-create, innovate and work productively in, but also a new creative environment to attract new talent across engineering and banking fields.”
DEALS
Build-to-rent operator Get Living has sold its Glasgow development site to Galliard Apsley Partnership, a joint venture between Galliard Homes and Apsley House Capital that was formed to pursue residential-led developments in Birmingham, Bristol and now Glasgow.
The scheme has existing consent to build 821 rental homes and 681 purpose-built student accommodation units on the 7.5-acre site behind High Street rail station, which was the original location of Glasgow University.
The proceeds of the sale will strengthen Get Living’s balance sheet and allow for effective recycling of capital within the portfolio, the company said.
Get Living has a committed development portfolio in Lewisham, Leatherhead and Birmingham, all due to launch within the next 12 months, and at Elephant and Castle, London, due to launch in 2026.
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Henry Boot’s land promotion and planning business, Hallam Land Management, has unconditionally exchanged on the sale of a freehold site with planning permission for 75 homes in Ambrosden, Oxfordshire, to housebuilder Mulberry Homes.
Hallam acquired the site in 2014 before promoting the land through the planning process, with a planning application submitted in July 2022. Hallam then secured outline planning consent in December for a total of 75 homes and a 12-acre community woodland.
The sale is anticipated to complete in the second half of 2024, with the transaction resulting in an ungeared internal rate of return of 19% per annum. In addition, Hallam retains freehold ownership of an adjacent site totalling 20.6 acres for future promotion through the planning process.
PLANNING
The City of London Corporation’s Planning and Transportation Committee has approved proposals to change the use of the subterranean wartime shelter tunnels under High Holborn into a visitor and cultural attraction.
Under the proposals, buildings at 38-41 Furnival Street will be combined into a single structure, with the ground floor used as the main entrance to a permanent heritage-themed experience and a temporary cultural space for various exhibitions.
With the site spreading across the shared boundary with the London Borough of Camden, the plans will also require the approval of the local authority before the redevelopment can commence.
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Castleforge and Gamuda have been given the go-ahead to redevelop Deutsche Bank’s City headquarters after the scheme at 75 London Wall was granted a Section 106 agreement.
The scheme was approved in March by the City of London under a delegated powers agreement, with the Section 106 agreement one of the last planning hurdles to be cleared.
The value of the London Wall deal, including purchase and development costs, is estimated at around £1B and includes a retrofit-first approach for work on the 320K SF building, which will also include roof terraces and improved public realm. It is expected to complete by 2027.
The project team includes project manager Opera, architect Orms and quantity surveyor Gardiner & Theobald.
FLEXIBLE OFFICES
The Boutique Workplace Company has signed a management agreement for 16-18 Middlesex Street, Aldgate, in what will be the firm’s fourth opening in 2024. It reached 40 locations in May.
The flexible workspace provider has signed the agreement with Unite Students and will offer affordable workspace in Unite Students' 24-storey development, which has 920 purpose-built homes for students.
Boutique’s office will be completely separate, with a dedicated entrance, offering 10K SF across the ground through third floors, with the opening planned for this autumn.
PEOPLE
Battersea Power Station Development Company, the Malaysian-owned operator and developer of London’s Battersea Power Station, has appointed Donagh O’Sullivan as CEO.
O’Sullivan starts on 18 June and will lead the continued development of the former industrial brownfield site and will also oversee the operation of the riverside neighbourhood, which is already home to more than 140 shops, bars and restaurants, 2,500 residences and office space.
He was the CEO of Galliard Homes from July 2017 until March 2022, having initially joined the business in 2001 as a contract manager.
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Aware Super has appointed Mathieu Elshout to lead its European property strategy and team.
Based in the London office, he will start his new role on 1 July, and his appointment completes Australia’s largest superannuation fund’s initial 15-person private markets team, with plans to expand this to 30 investment staff, the company said.
Elshout joins Aware Super from Patrizia, where he was senior managing director and head of sustainability and impact investing. He also spent 12 years at PGGM Investments as EMEA real estate senior director.
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CBRE has promoted Lee Bruce to head of UK valuation and advisory services.
In his new position, Bruce will drive improvement in efficiency and innovation in CBRE’s valuation business and position it for the next phase of growth, the company said in a statement.
He will also work to create more integrated solutions for clients, including capital advisers, as the team looks to grow its valuation services to lenders.
