St Martins Property Group
Encyclopedia
St Martins Property Group is a leading property development, investment and asset management company based in the United Kingdom
representing the real estate interests of the State of Kuwait
with their headquarters in London Bridge City
, London
. Their flagship projects are the London Bridge City, an office area and Cheapside, a residential new-build. St Martins Property Group has operations in the United Kingdom, Continental Europe
and Australia
.
The company started to expand after the war years and in 1947 it merged with the Cheapside Land Development Company Limited which owned a number of London office properties. The Company then acquired Porkellis Property & General Investment Trust Limited in 1954, further expanding the portfolio of office investments.
Rapid growth was to follow after 1956, with the acquisition of a number of property companies including London & Northern Properties Limited, introducing significant portfolios of investment properties and development sites. It was during this period that the name of the Company was changed to St Martins Property Corporation Limited.
In addition to growth by acquisition, the company embarked on an extensive programme of property development and during the 1960s and 70's many schemes were completed including King's Mall Shopping Centre at Hammersmith, which was later sold in 2011.
During the 1980s the company expanded its portfolio with the completion of major office, retail and warehousing schemes including London Bridge City, Windmill Hill Business Park in Swindon
, the Drummond Centre in Croydon
, Monument Mall Newcastle, Cathedral Lanes Coventry, Fieldhead Business Centre Bradford and Elliots Field Retail Park at Rugby. All properties except for London Bridge City and the Windmill Hill Business Park were disposed off during 2011.
The company is currently undergoing a restructuring, selling and having sold smaller, older non-core properties and non-office stock in the UK and in Continental Europe, whilst pursuing sizeable (£100m+)quality investment opportunities in Central London first of all, and subsequently also in the largest cities in developed markets.
Globally, St Martins owns close to 1000000 square feet (92,903 m²) of commercial property across Europe, in Turkey, Australia and in Japan.In Australia, St Martins own 50% of the iconic Rialto Tower in Melbourne, a landmark 250 metre-high building comprising two towers of 56 and 43 floors, providing 83,500 sq m of prime office space. St Martins has also historically had various holdings in Perth.
In September of 2006, St Martins acquired the 101-unit Plejada shopping centre in Sosnowiec, Poland, which was then extended and reconfigured.
In March 2007 St Martins completed the purchase of Europe's largest shopping centre, Cevahir Mall
, in Istanbul
. Cevahir has seen strong growth in foot fall.
St Martins acquired a new-build office building at 51 Lime Street in the City of London in June 2008. This building was later renamed the Willis Building as it is the UK head quarters of insurers The Willis Group. The Willis building is one of the City’s most iconic developments. Designed by architect Norman Foster, the Willis Building is located in the centre of the City opposite the Lloyd’s building. It is one of the tallest buildings in the City, with 45,615 sq m of space on 29 floors, together with a 10-storey building on 25 Fenchurch Avenue. It is let on a long-lease, typical of the kind of investment stock St Martins is looking to acquire.
The most recent sizeable purchase was the 27-storey luxury residential tower Lietocourt Arx Tower in Minato, Chuo-Ku, adjacent to Nihonbashi and Ginza, Tokyo's well-established business and retail district. This 281-apartment building in Japan was acquired in February of 2009, and is more than 95% let.
St Martins' diverse UK assets include the prestigious London Bridge City development beside the River Thames
, which contains over 93000 m² (111,227.1 sq yd) of office, retail, leisure and residential accommodation. The company owns a significant amount of property in the City of London. The last successfully completed development was the 19000 m² (22,723.8 sq yd) landmark office building at 150 Cheapside, adjacent to St Paul's Cathedral, and is now fully let. The property at 5 Cheapside, by the entrance to St Paul's underground station and located next to One New Change, is also up for redevelopment.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
representing the real estate interests of the State of Kuwait
Kuwait
The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
with their headquarters in London Bridge City
London Bridge
London Bridge is a bridge over the River Thames, connecting the City of London and Southwark, in central London. Situated between Cannon Street Railway Bridge and Tower Bridge, it forms the western end of the Pool of London...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. Their flagship projects are the London Bridge City, an office area and Cheapside, a residential new-build. St Martins Property Group has operations in the United Kingdom, Continental Europe
Continental Europe
Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands....
and Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
.
History
The Company was incorporated in February 1924 as The St Martins-Le-Grand Property Company Limited to carry on the business of property investment.The company started to expand after the war years and in 1947 it merged with the Cheapside Land Development Company Limited which owned a number of London office properties. The Company then acquired Porkellis Property & General Investment Trust Limited in 1954, further expanding the portfolio of office investments.
Rapid growth was to follow after 1956, with the acquisition of a number of property companies including London & Northern Properties Limited, introducing significant portfolios of investment properties and development sites. It was during this period that the name of the Company was changed to St Martins Property Corporation Limited.
In addition to growth by acquisition, the company embarked on an extensive programme of property development and during the 1960s and 70's many schemes were completed including King's Mall Shopping Centre at Hammersmith, which was later sold in 2011.
During the 1980s the company expanded its portfolio with the completion of major office, retail and warehousing schemes including London Bridge City, Windmill Hill Business Park in Swindon
Swindon
Swindon is a large town within the borough of Swindon and ceremonial county of Wiltshire, in South West England. It is midway between Bristol, west and Reading, east. London is east...
, the Drummond Centre in Croydon
Croydon
Croydon is a town in South London, England, located within the London Borough of Croydon to which it gives its name. It is situated south of Charing Cross...
, Monument Mall Newcastle, Cathedral Lanes Coventry, Fieldhead Business Centre Bradford and Elliots Field Retail Park at Rugby. All properties except for London Bridge City and the Windmill Hill Business Park were disposed off during 2011.
The company is currently undergoing a restructuring, selling and having sold smaller, older non-core properties and non-office stock in the UK and in Continental Europe, whilst pursuing sizeable (£100m+)quality investment opportunities in Central London first of all, and subsequently also in the largest cities in developed markets.
Globally, St Martins owns close to 1000000 square feet (92,903 m²) of commercial property across Europe, in Turkey, Australia and in Japan.In Australia, St Martins own 50% of the iconic Rialto Tower in Melbourne, a landmark 250 metre-high building comprising two towers of 56 and 43 floors, providing 83,500 sq m of prime office space. St Martins has also historically had various holdings in Perth.
In September of 2006, St Martins acquired the 101-unit Plejada shopping centre in Sosnowiec, Poland, which was then extended and reconfigured.
In March 2007 St Martins completed the purchase of Europe's largest shopping centre, Cevahir Mall
Cevahir Mall
Istanbul Cevahir Shopping and Entertainment Centre, opened on 15 October 2005, is a modern shopping and entertainment centre located in the Şişli district of Istanbul, Turkey. Called also Şişli Kültür ve Ticaret Merkezi...
, in Istanbul
Istanbul
Istanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
. Cevahir has seen strong growth in foot fall.
St Martins acquired a new-build office building at 51 Lime Street in the City of London in June 2008. This building was later renamed the Willis Building as it is the UK head quarters of insurers The Willis Group. The Willis building is one of the City’s most iconic developments. Designed by architect Norman Foster, the Willis Building is located in the centre of the City opposite the Lloyd’s building. It is one of the tallest buildings in the City, with 45,615 sq m of space on 29 floors, together with a 10-storey building on 25 Fenchurch Avenue. It is let on a long-lease, typical of the kind of investment stock St Martins is looking to acquire.
The most recent sizeable purchase was the 27-storey luxury residential tower Lietocourt Arx Tower in Minato, Chuo-Ku, adjacent to Nihonbashi and Ginza, Tokyo's well-established business and retail district. This 281-apartment building in Japan was acquired in February of 2009, and is more than 95% let.
St Martins' diverse UK assets include the prestigious London Bridge City development beside the River Thames
River Thames
The River Thames flows through southern England. It is the longest river entirely in England and the second longest in the United Kingdom. While it is best known because its lower reaches flow through central London, the river flows alongside several other towns and cities, including Oxford,...
, which contains over 93000 m² (111,227.1 sq yd) of office, retail, leisure and residential accommodation. The company owns a significant amount of property in the City of London. The last successfully completed development was the 19000 m² (22,723.8 sq yd) landmark office building at 150 Cheapside, adjacent to St Paul's Cathedral, and is now fully let. The property at 5 Cheapside, by the entrance to St Paul's underground station and located next to One New Change, is also up for redevelopment.