News

Taylor Wimpey Central London has appointed Bouygues to build its £55m Paddington Exchange scheme in central London.

Work will start this month to transform a former car park into four residential blocks from eight storeys to 14 storeys high.

Four new commercial units will also be included as part of the development, which is expected to take around two years to deliver and will be handed over in three phases.

Ingrid Skinner, Managing Director of Taylor Wimpey Central London, said: “This marks an exciting step forward for our Paddington Exchange development.

“It is one of the largest and most innovative projects in our portfolio and we are very much looking forward to getting construction underway.

“The appointment of Bouygues UK reflects our commitment to forging industry-leading partnerships to create genuinely high quality and sustainable new communities across Central London.”

Bouygues UK’s Regional Director for Housing in London, John Campion, said: “This latest contract underlines our credentials and solid reputation for working with leading property developers in London.”

Source: Construction Enquirer

West Grove will bring to the Elephant 593 stunning new homes, set around two landscaped courtyards. One, a lush woodland grove and the other, a light, bright English orchard.

The homes will be positioned above new high street stores on Walworth Road, and independent, artisan shops on the new central shopping street.

West Grove comprises 593 homes set around two new garden squares, and includes the tallest building in Elephant Park at 31 storeys. The homes will be positioned above new high street stores on Walworth Road, and above independent shops on the new central shopping street. Homes are expected to go on sale early next year, with construction expected to start later in 2015.

All homes will benefit from their own private terrace or balcony, with shared amenity space including a play space and grow gardens. Designed to exceed Level 4 of the Code for Sustainable Homes, the homes will showcase the latest sustainable building practices and innovations, including water saving features and will be approximately 30% more energy efficient than current regulations require. They will also feature a strong focus on urban nature with green roofs and green walls as part of a biodiverse landscape.

The new retail offering will create a vibrant new shopping environment, including up to 13 independent shops in West Grove, a new supermarket, up to nine high street shops along the Walworth Road and a restaurant on Walworth Square. This will enable the extension of Walworth Road, helping to reconnect the Elephant with Walworth and create a new central shopping street targeted at small independent and local retailers – which will include affordable retail. By re-establishing Elephant & Castle as a successful retail destination, this latest phase will help establish the character of Elephant Park, increase footfall, create local job opportunities and ensure spending is retained locally.

Developer Marlin Apartments has awarded McAleer & Rushe a £28m contract design and build construct for a hotel-led mixed-use development in London.

The firm will demolish Costain’s 1950s former headquarters  at 111 Westminster Bridge Road in Waterloo to make way for the 150,000 sq ft scheme.

The portland stone and brick-clad building will consist of 218-room apart-hotel, six office suites, a restaurant and shops.

Adjoining the Grade II listed Necropolis building at 121 Westminster Bridge Road, the hotel rises from seven stories at the front to 10 at the rear.

McAleer & Rushe construction managing director, Martin Magee said: “We are very much looking forward to working in further partnerships with Marlin Apartments on other future projects in both London and Dublin.”

The draft legislation has now been published

• Under the proposals:
  • non-resident UK property investors will be charged on the gain made from the sale of their property
  • it is on the gain from 6 April 2015
  • the rate will be between 18% and 28%, the same rate as UK resident individuals
  • will also be levied on off-plan properties
  • applies to individuals, trustees, estates and close companies. It does not apply to non-resident institutional investors selling shares or units in a collective investment scheme provided they are “diversely held” and not a vehicle set up to avoid the tax liability. This will be subject to certain tests
• Using the tax bandings currently in place for individuals, those with a taxable income under around £32,000 will be liable for the 18% charge and any additional gain will be at 28%. An annual exception (which is currently £11,000) may also apply
• Non-resident companies will be taxed at 20%, the same rate as UK companies. They will also benefit from certain allowances
• Principal Private Residence allowance may be available if you have resided in the property for at least 90 nights in that year
• Obtaining a valuation prior to 6 April 2015 should be considered
• It is recommended that you seek advice from a UK tax specialist

Please note that this is a brief summary of the draft legislation. It is recommended that you seek appropriate professional advice. You should not, in any way, rely on the above summary.

Developer Galliard Homes has submitted plans for a new high-rise urban village at South Quay in London Docklands.

Two London architectural practices, Studio Egret West and Hawkins Brown, have designed the six-tower Millharbour Village project, which is expected to take 5 years to build.

The buildings will be grouped in two clusters around two new parks, with the tallest rising to 45 storeys. In total the ambitious scheme will see around 1.7m sq ft developed across two plots at Millharbour West and Millharbour East.

Galliard said the project would make a significant contribution towards the Capital’s housing needs including affordable housing and will complete the transformation of South Quay.

Millharbour Village is one of the last pieces of the jigsaw left over from the 1980′s regeneration of Docklands.

As part of the Autumn budget, the way that stamp duty is calculated on residential property transactions has changed- effective from the end of the day.

The result of the new rules is that:

– homes purchases over £1.25m and £937,500- £1.0m will pay more stamp duty

– other homes will pay less stamp duty (or the same)

– the impact of the stamp duty thresholds will be significantly reduced as stamp duty will now be calculated on a marginal basis rather than applying a single rate on the entire property price.

For those properties where the purchase has already exchanged by the end of 3 December 2014 but have not yet completed, the buyer will have the opportunity to pick between the old and the new rates. It would appear that this will apply to off plan purchases where exchange of contracts has already taken place- it is unclear what will happen where the contract is assigned at a later date.

This is the link to the HM Treasury fact sheet: Fact Sheet

Please click here to access the Chesterton’s monthly review: Nov 2014 Review

Highlights:

• Latest Land Registry data show annual house prices accelerating both in London and nationally
• 19 out of 33 London boroughs are experiencing annual price growth in excess of 20%
• London rents still rising – now 9.4% higher than a year ago
• Residential sales increase in October

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