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The sale is one of many to be conducted by Nelson Bake well on behalf of the London Borough of Hackney in its aim to rationalize their property portfolio, The sale of the property by tender has allowed a phased release of proceeds coupled with improvements and new education facilities to be provided for the local community.


A planning application has been submitted to convert fifteen arches to create 5,442 sq m (58,555 sq ft) of office space, 1,388 sq m (14,3935 sq ft) for leisure, and 176 sq m (1,894 sq ft) for a caf & or restaurant. Top Notch health club - an existing tenant in the current arch development plans to take on additional one and a half arches within the redevelopment to add a swimming pool to its premises.

These schemes are a significant boost for leisure and office provision in SE1", comments Stephen Barrie, Director of Spacia. The recent revision of PPG13 planning guidelines showed that it is ever more important that such developments are sited close to public transport links. Arch developments of this type automatically provide this benefit, and we will be looking at further new developments suitable for leisure use throughout the year. Prime rents in Victoria are falling, demand is weakening and supply levels increasing according to Cluttons' latest research report.

Nonetheless, Cluttons' Victoria Update reveals that the area still offers the greatest short to medium term growth potential of all the West End office markets. Top rental values fell slightly in the last three months from £619 per sq m (£57.50 per sq ft) to £581 per sq m (£54 per sq ft). In the same period, total available space increased by 34% to 37,592 sq m (404,640 sq ft), although the figure remains historically low. Significantly, there is a vacancy rate of just 2.4%. A marked fall in the amount of take-up was also identified, with just 19,885 sq m (214,042 sq ft) let since February 2001.

The research also highlights the very full development programme - 140,000 sq m (1,506,960 sq ft) of space with planning consent. However, Cluttons believes that over-supply is unlikely as most of the space is due to be completed gradually over the next 2 - 5 years. Commenting on the findings, research analyst Melanie Bayliff of Cluttons' Central London Business Team said: rime West End property is looking fully priced at present and Victoria is increasingly being chosen over traditional core.

The Update also focuses on Ken Livingstone's initial proposals for the Spatial Development Strategy (SDS). There are numerous conveyancing melbourne attorneys who offer their administrations for such employments. Cluttons sounds a note of caution however, as the SDS proposals may limit the extent of proposed redevelopment in and around Victoria railway station as the scheme lies in the backdrop zone of the Palace of Westminster.

Workshops on Friday and Saturday involved the general public, civic leaders, Merseytravel and the entire Grosvenor/Henderson design team, including American architect Cesar Pelli and colleagues. The western part of the PSDA stretches to Liverpool's historic Waterfront, proposed as a World Heritage Site. Grosvenor/Henderson's Rodney Holmes said: The area is of great local and national significance. The PSDA will regenerate the commercial heart of the City and this western part of the Area is where it meets the Waterfront.