Businesses which hold property portfolios could have their company credit rating downgraded under a New Year accounting shake-up, two experts have warned. Under revised accounting rules — which come into effect on 1 January, 2015 — companies with investment properties will see their profit and loss accounts change to allow annual... Read More
The upcoming Scottish independence referendum has created waves throughout the business world, with the majority of polls showing that most businesses would be against Scotland voting Yes in September. In turn, this has created a great deal of uncertainty north of the border, with the No campaign pointing out that Scotland’s economy could... Read More
The German engineering giant Siemens has unveiled updated plans for its 20-acre Manchester headquarters site — adding a private hospital, three office blocks and almost a hundred homes to its original scheme. Siemens drew up plans three years ago based on a Regional Growth Fund grant for a “sustainable technology hub” on the site... Read More
A state-owned Chinese insurance company is involved in discussions to buy the headquarters of the Clifford Chance law firm. This development is further evidence that London's commercial property market is firing on all cylinders. Funds controlled by China Life, the country's largest insurer by market value, are in what has been... Read More
Sheffield Council is spending £55m of its own money in an attempt to salvage the city’s doomed new Retail Quarter. The £400m project suffered a major blow last year when developer Hammerson pulled out of the shopping centre scheme. The council cash will be used to buy a number of city centre properties between Pinstone Street,... Read More
One of the tallest buildings in Manchester has been sold for £7m above the asking price. City Tower, in Piccadilly Gardens, was placed on the market earlier this year for £125m and immediately attracted interest from potential buyers. In April it was reported that a Middle Eastern investor was preparing a bid for the 30 storey 1960s... Read More
Home Retail Group struggled hugely during the recession, with sales dropping consistently at both its Argos and Homebase stores as consumers battled to save money. However, a combination of the economic recovery and the warmer weather has seen the group rebound impressively, with quarterly like for like sales rising at both of its subsidiary... Read More
As internet retailers continue to grow their market share at an astounding rate, many of the larger site operators have been driving demand for ‘Big Shed ‘distribution centres. Amazon’s fulfillment centre in Rugeley already measures around the size of nine football pitches, yet the company has announced that it intends to double... Read More
Defaults among commercial property lenders in the UK hit record-high levels in 2013. And rising values, coupled with improving economic conditions, encouraged banks to get tough on delinquent borrowers. The number of loans in default increased by 13 per cent to £24.5 billion as lenders became more willing to call in loans over late... Read More
Manufacturing has proven to be one of the biggest drivers of growth in the UK economy since the end of the recession, with the West Midlands in particular benefiting from a boom in demand both domestically and overseas. These advantages particularly lie within the field of employment, as recent data from recruiter Manpower’s Employment... Read More
As the UK becomes ever more determined to rely on green energy as much as possible, there have been numerous warnings from electricity operator National Grid regarding rolling blackouts around the country as a result of a reduction in a reliably constant supply. In order to combat this, it was announced this week by chief executive Steve... Read More
Former real estate broker-turned-entrepreneur Nick Romito saw a need in the market and came up with way to meet it. He founded a company, View the Space (VTS), in 2012, which started offering motion picture-quality video tours of commercial properties. His idea was to make it easier for potential buyers to view available premises. In a... Read More
Ireland’s stockpile of vacant commercial buildings has reached almost 28,000, despite the shortage in Dublin being classed as “severe” and a number of other cities warning they will have no prestige offices by the end of the year. A new report from GeoDirectory — which tracks vacant sites around the country through the national... Read More
IKEA — the world's largest furniture retailer — is preparing to open its first shopping mall in China as part of a £952m shift in its Asian retail strategy. Two more shopping centres will follow next year. The Swedish furniture chain has confirmed it is looking at potential sites away from the centre of first- or second-tier... Read More
Avida Land, a leading development company known for its thoughtful approach to its projects, was recognised at the recently-held Asia Pacific Property Awards 2014-2015. This is the second year in a row that the company has won awards. Avida was recognised in three categories: Best Development Marketing in the Philippines for Avida... Read More
Property firm Brockton Capital —owner of Birmingham’s upmarket shopping and office development the Mailbox — is to sponsor one of the UK’s most prestigious architecture awards. And following a further year of no prize money, the Royal Institute of British Architects’ (RIBA) Stirling Prize will regain its £20,000 reward in 2015 when... Read More
Heineken, the international brewing group, has announced that it plans to spend £50m in upgrading and expanding the capacity at its Manchester brewery facility. The increased capacity at the site, located on Princess Parkway in Hulme, will mean job security for 240 workers at the Royal Brewery. The brewery already produces the largest... Read More
The momentum which lifted Scotland’s commercial property market throughout 2013 has continued gathering pace into the first quarter of this year, claims a new report. Investment across all commercial sectors for the first quarter of the year was 2.8 per cent, down slightly on the 3.3 per cent of 2013’s final quarter, but delivering... Read More
The supermarket price war continues to rage on in the UK, with retailers Tesco, Asda, Morrison’s and Sainsbury’s lowering prices consistently in a bid to compete with imported discounters like Aldi and Lidl. However, new industry data has revealed that this initiative is in fact having a damaging impact upon overall food sales, with the... Read More
German car parts supplier Brose is expanding its UK operations by leasing a 75,000sq ft Coventry industrial unit from property investment company Palace Capital. Among the automotive company’s existing customers are nearby Jaguar Land Rover and Nissan on Wearside. Palace Capital — which traditionally invests in Britain’s... Read More
North Staffordshire is known throughout the world as a centre of pottery production, with many of the most celebrated manufacturers emerging from Stoke-on-Trent. However one of the most iconic of these firms, Wedgwood, has confirmed that it has sold part of its 281 acre estate in Barlaston to housing developers as a means of funding a... Read More
But regional variations persist With the latest data from the British Retail Consortium (BRC) showing a positive upturn in non-food sales, many retailers are taking advantage of this improved consumer confidence to expand their operations and move into new regional markets. This has had a positive impact upon nationwide shop vacancy rates,... Read More
