Capital office market recovers

Firms such as Davis Langdon, Cyril Sweett, Gardiner & Theobald and AYH are working on new speculative office schemes from the West in Paddington to the East in the City.

Cyril Sweett is QS on a £40m office scheme on Holborn Viaduct, planned by developer Castlemore Securities. Contractors are expected to vie to build the scheme later this year. The scheme’s architect is Rolfe Judd and the project manager is APS.

Davis Langdon is working on the £75m planned revamp of the former home of the London Stock Exchange. The client, developer Hammerson, is expected to appoint a contractor to the job by the end of May, to start work later in the year.

Other jobs include two major projects planned for Cheapside in the City, one of which is a new £40m office block by developer Land Securities, which Gardiner & Theobald is the QS on; a £40m new office in the Paddington Central development, where AYH is the QS; and a £25m scheme in Regent Street planned by client City & West End.

The schemes come as the latest research on the office market in central London showed that recovery was well on its way. Research released by the RICS on Wednesday pointed to a decline in available space and expected rental increases in London as proof of better prospects in the market.

A CB Richard Ellis survey for the first quarter of 2005 also found that office space under construction rose to nearly 5m square feet for the period, the first substantial increase since 2000. It’s hoped the market will increase on the back of the London economy, which is expected to outperform the rest of the UK for the next two years.

lTwo consultancy appointments have been made on a £750m redevelopment of Bracknell town centre, Berkshire. Bovis Lend Lease is to be construction advisor on the project, while Stanhope will act as project manager. Completion is due for 2008.