Noho Square temporarily on ice

In the heart of Fitzrovia, the much anticipated development Noho Square, the site of the old Middlesex Hospital is in danger of being put on ice due a legal dispute between Candy and Candy, the high end developer, and their business partner, the Icelandic bank Kaupthing, who’s British division has been put into administration by the Government.
Nick Candy, one half of the famous brother developers, has been quoted as saying that Noho Square was now behind schedule. As a result new plans for fewer homes and more commercial space may now be put to Westminster council. 'We will definitely need to look at the viability of the present scheme,' said Mr Candy. 'We will look to reweight the plans towards commercial or hotels or some other use such as a private hospital.'
Whatever the outcome LDG wish Candy and Candy all the best. Our hearts have been in Fitzrovia for over 20 years and we see this site, which is one of the biggest in the West End, as being a massive catalyst for what is already one of London’s great areas.

Artwork by Banksy in central London will be removed

Westminster City Council has ordered a 23ft-high (7m) mural, entitled One Nation Under CCTV, to be removed from a building on Newman Street. The artist's sketches have sold for thousands of pounds at auctions but deputy leader of the council Robert Davis said keeping the mural would mean "condoning" graffiti.

The mural has the words "One Nation Under CCTV" stencilled above two painted people. One appears to be a child in a red hooded top apparently painting the words, while a police officer holding a camera and a brown dog look on. The mural is painted on the wall of a building shared by Royal Mail and another business.

Spurs Fan Chops His Price As Arsenal Fan Estate Agent Aims To Sell Before Spurs Win a Game

LDG West End Estate Agents have a client who is not only down in the dumps about selling his London flat, but is upset at the performance of his football team, Tottenham Hotspur. Following a recent conversion with Laurence Glynne of LDG, a lifelong Arsenal fan, a bet was made...” Could LDG sell James penthouse flat before Tottenham actually win a game!”
Not one to beaten James immediately decided to cut the asking price of his flat by £40,000. LDG are now asking £465,000 for this large one-bedroom penthouse apartment with a terrace overlooking Great Titchfield Street and far reaching views south towards Oxford Street.
So with everything to play for who is going win this bet : The Arsenal Estate Agent or the Spurs Seller. We will let you know the full time score, although with such an attractive asking price all sensible bets should be on the flat selling first.

Rathbone Lofts, Fitzrovia - Available Nov 13th

LDG are excited to introduce to the market, Fitzrovia's 1st and only Genuine Loft apartments. Rathbone lofts sit on a quiet street only moments from the vibrant Charlotte Street with easy access to Soho and Covent Garden.

Originally a 1920's office block that has now been substantially remodeled to offer 8 unique residential units finished and furnished to the highest standard with high ceilings, handmade kitchens, classic bathrooms with the spectacular Penthouse benefitting from three private terraces with roof top views.

View Rathbone Street loft apartments and penthouses

Available Mid November. Long Let

Will Philip Green make Noho Square the centre of his empire?

According to a recent report in the Estates Gazette Philip Green is in talks with the Candy Brothers to do a pre-let deal on the office space at their forthcoming development at Noho Square, formerly the Middlesex Hospital, Fitzrovia.
With 260,000 sq ft of office space available for rent there would be enough room to house both BHS and the Arcadia Group. LDG are local estate agents who have their offices on the corner of the 3 acre site. Partner, Ben Everest, is excited by the proposal and see’s that landing a such a major pre-let as being a pivotal point in the history of the site, hopefully heralding the start of construction. Noho Square is going to be a major new development for Fitzrovia, an area which despite the economic downturn is still appealing to professional and creative’s alike. Whilst the number of properties that LDG has sold is levelling off the demand for rental property just north of Oxford Street is growing every month. The Noho Square scheme also includes 273 flats, for which LDG are s anticipating strong demand.

Curb bus congestion in West End, plead Oxford St retailers

BUSINESS leaders in the West End are demanding a swift end to rising congestion caused by buses.

Firms including Austin Reed, Debenhams, Habitat, Hamleys, Selfridges and Marks and Spencer are calling on the Mayor to cut the "large number" of buses they say are bringing parts of the area to a standstill.

The letter is signed by 30 senior figures including Charlie Mayfield, chairman of the John Lewis Partnership, Hugh Seaborn, chairman of Westminster Property Owners Association, and Richard Pulford, chief executive of the Society of London Theatre.

It says: "In recent years a range of surveys and studies has shown that improving the pedestrian environment is a top priority for visitors. This can only be achieved by reducing the large number of buses in the area."

The letter also signed by the divisional director of Boots and the property director of Great Portland Estates cites an Evening Standard poll showing more than 70 per cent of respondents wanted fewer buses in Oxford Street.

It points to an analysis by business group London First which showed there was a "practical way to help achieve this objective in the short term by making alterations to bus routes in Oxford Street and Regent Street."

Baroness Valentine, chief executive of London First, said: "The West End should be a welcoming environment for visitors, not an open-air bus depot. By reducing the number on Oxford Street we can free up subsidy for less well-served areas at the same time as improving the pedestrian experience."

A London First report this month said 24 bus routes were sending 330 vehicles an hour along Oxford Street and 220 an hour along Regent Street. It described jams made up almost entirely of buses.

London First found that terminating six routes in the Marble Arch and Tottenham Court Road areas would cut bus traffic in Oxford and Regent Streets by 20 per cent. They claimed only five per cent of passengers would have to switch routes and Transport for London would save about £3 million. A TfL spokesman said: "The Mayor has made clear his commitment to making Oxford Street as attractive and easy to access as possible. We will be looking at how to make improvements to the flow of buses."

So where do the buyers come from?

LDG release buyer profile figures.
With all of this talk of credit crunch and limited finance vendors are rightly concerned that is there a shortage of quality buyers . They are also concerned that this lack of finance will prevent their wishes turning into reality.
Based on the analysis of all completed deals up to the end of the third quarter 08 it would seem that things are not all doom and gloom, and that certainly in the West End solid and reliable buyers can be found. Well certainly at LDG.
So far this year 59% of all purchases have been completed with the use of finance, with the remaining 41% of purchasing using pure cash funding. Whilst cash buyers have always been present in the West End this certainly indicates that lending money on West End property is something banks are more than happy to do.
However, the other crucial question is where these buyers come from? Well almost in line with the levels of borrowing, 66% of all buyers are UK based. A further 19% of purchasers are of EU origin, with 15% of buyers coming from outside of the EU.
All of this adds up to the fact that property in central London still attracts serious unencumbered buyers and lenders who recognise the long term viability of prime addresses in one of the leading world cities.