A Hong Kong stock exchange registered investment holding company has paid more than £35m for one of London’s key freehold sites. Knight Frank, the independent global property consultancy, purchased 25-27 Oxford Street on behalf of its client Emperor International Holdings from an un-named seller. Located on the south side of... Read More
Any expansion of London’s two main airports will trigger a massive demand for more hotel rooms, a property services company has warned. Ahead of this summer’s publication of the Airports Commission report examining the three potential options for increasing passenger capacity at Britain’s two busiest airports, Savills is claiming... Read More
Global investment capital raised for commercial property has hit a post financial crisis high of US $429 billion according to DTZ. The capital by five per cent in the six months ending in March, supported by increased equity raisings, but was down on the 15 per cent growth in new capital raised during in the middle of last... Read More
In light of the 2015 UK general election coming to a dramatic conclusion, property company Savills have responded with their views on the effect it will have on the commercial market, which overall seems minimal. According to Savills' head of European commercial research, Mat Oakley, the market has barely seen a change from the... Read More
British Land (BL) has just one remaining floor to let at its rebuilt Marble Arch House in central London — with two recent lettings taking the prestige scheme to 80 per cent complete. In 2011, the publicly listed real estate company teamed up with historic London landowners, The Portman Estate, to acquire and redevelop Marble Arch... Read More
Like the majority of Britain’s supermarket chains, Morrisons has suffered repeatedly in recent years at the hands of discounters such as Aldi and Lidl which have offered consumers an alternative to the traditional “Big Four” template which dominated the grocery industry since the mid-1980s. This has been thrown into sharp focus... Read More
According to DTZ, speculative development of industrial space over 50,000 sq ft, expanded outside the M1/M6/M25 corridors the first time since development recommenced towards the end of 2013. Two units totalling 138,000 sq ft in Chandlers Ford, Hampshire along with schemes throughout the South East, Midlands and Yorkshire are bringing a... Read More
Student accommodation is changing the face of the South West commercial property landscape, according to the head of Bruton Knowles' Bristol office Paul Williams (pictured). Mr Williams says that the conversion of secondary or surplus space into student accommodation, particularly in Bristol and Bath, is raising fears that businesses could... Read More
Derwent London has today reported a strong first quarter letting performance, reflecting the current appetite of the capital’s occupier market. According to the group’s latest business update, the first quarter saw 225,400 sq ft of lettings secured, boosting turnover by £11.3 million per annum. This figure is already 23 per cent... Read More
A former government minister has called for regional devolution for the Midlands. Steve Norris, the former Conservative MP, Minister for Transport and London Mayoral candidate, delivered his message during a speech at the annual Investment Property Forum (IPF) Midlands lunch. Norris, who now chairs both BNP Paribas Real Estate UK and... Read More
The 28-acre Oxfordshire headquarters of the bankrupt Caterham Formula One racing team has been put up for sale by the receivers with a guide price of £5.5m. Formed in 2012 as a British Grand Prix team — as a spin off from the sportcar manufacturer Caterham Cars — Caterham F1 competed in just two race seasons before it entered... Read More
Although Irish office take up fell early this year, two separate reports are predicting an “exceptional busy summer” as the country's commercial sector continues to strengthen. According to a new Jones Lang LaSalle (JLL) survey, just 340,000 sq ft of office space was let across Ireland during the first quarter of the year —... Read More
UK construction companies reported a sharp fall in growth momentum in April, with output and new orders expending at the slowest rates since June 2013, according to the latest industry survey by Markit. As a result of this fall in activity, the Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) fell to 54.2, significantly... Read More
The supermarket price war has taken a toll upon the annual profits of the UK’s major grocery retailers, with Tesco, Asda and Morrisons all having posted a negative set of results recently. Unfortunately for Sainsbury’s it appears that this seems to be only the tip of the iceberg in terms of problems facing the brand, as in its... Read More
Intu Properties has today released a trading update that reports an improvement in the letting market and in overall performance at centre level. The latest results, following the firm’s annual general meeting (AGM,) show that its current strategy is continuing to deliver profit whilst also improving the retail landscape for... Read More
Lend Lease (LL) says it will start work later this month on the first office building for its planned new East London International Quarter. The confirmation came less than 24 hours after the company and its joint venture partner Continental Railways (LCR) signed a pre-let with London’s transport operator to occupy the second phase of the... Read More
It has been revealed that Standard Life Investments Pooled Pension Property Fund is investing £4.5 million in the refurbishment of 19 Cornwall Street, Birmingham. Work is already underway and will provide an additional 42,000 sq ft of Grade A office space along with a new double height entrance, and a re-designed reception area. In... Read More
Ivanhoé Cambridge has completed its third City of London acquisition in the past six months, following the announcement that it has paid an undisclosed seller around £130 million for 21 Lombard Street. 21 Lombard Street is a prestigious building just a minute’s walk from Bank tube station, and in close proximity to Cannon Street,... Read More
Town Centre Securities has confirmed the appointment of built environmental specialist Shepherd to carry out pre-construction services at Merrion House in Leeds city centre. Shepherd was awarded the contract after a highly competitive bidding process, and is expected to commence work imminently, prior to the complete refurbishment and... Read More
As the regulations surrounding High Street banks continue to grow, many are now seeking to comply with the “ring fencing” rule by establishing separate headquarters for their personal and business divisions and their investment arms. However, today HSBC chief executive Stuart Gulliver has claimed these regulations show that the UK... Read More
The Crown Estate has announced that it has agreed to purchase the long leasehold interest to 35-40 Friary Walk, a 32,000 sq ft retail property in Worcester’s Crowngate Shopping Centre. The Crown Estate already owns the freehold rights to the building, which is occupied by New Look, but has now paid £3.29 million to asset manager... Read More
The stalled redevelopment of a West Midland’s town centre looks set to start this year after the site was sold in a £6.4m deal — with more than 50 developers and investors scrambling to buy the “oven ready” plot. Salmon Harvester Properties — a joint venture company between Salmon Developments and National Farmers Union... Read More
