The office element of British Land’s Broadgate estate is fully let following a lease agreement with global collaborative workspace providers WeWork. WeWork is taking a 15 year lease on the bottom four floors and the ninth floor at 199 Bishopsgate, with a standalone entrance at street level. In total they will occupy 62,000 sq ft of... Read More
As international investment in the UK continues to grow, many retail groups are seizing upon the opportunity to offload loss making brands as a means of improving the overall performance of their assets. This is the case for the Arcadia group, which has this week announced that it will sell its BHS retail chain after boss Sir Philip Green... Read More
Australian construction company Lend Lease has outbid a trio of competitors to secure a £75m west London office contract for Legal & General Property (L&G). The 350,000 sq ft mixed-use development on Hammersmith Road is the third multi-million contract for one of the UK's largest institutional property fund managers. Lend... Read More
Russells Construction has secured a second deal with Motel One in Manchester to build a £17m hotel in Cross Street. The signing of the new contract follows the successful completion of a Motel One in the Piccadilly area of the city. The work on the seven-storey, 298-bedroom hotel is expected to start in March of this year. The hotel... Read More
A West Yorkshire city site plagued by more than a decade of failed planning bids has finally been granted outline permission for a one-million square foot warehouse development. It's claimed the scheme could create as many as 1,500 jobs. Commercial Development Projects (CDP), part of the Marshall Group, acquired the Gelderd Road site... Read More
Investment in UK commercial property totalled £20.5 billion in the final quarter of 2014, research from Lambert Smith Hampton (LSH) reveals. This represents a 26 per cent increase on the previous quarter and the highest quarterly performance ever recorded. The final quarter volume pushes investment for 2014 as a whole to £59.6... Read More
A West Yorkshire-based hotel group looks set to double its property holding after a 20 per cent buy-in by property and investment company Commer Group. The Tadcaster-headquartered investor is refusing to say exactly how much acquiring the one-fifth stake in the independent Bulldog Hotel Group has cost it, but Commer says it has already... Read More
New York’s JFK International Airport will be home to the world’s only privately owned animal handling cargo terminal under the terms of a 30-year lease signed between Racebrook Capital and the Port Authority of New York (PANYNJ). Racebook is the developer of the $48 million, 178,000 sq ft facility. The animal handling cargo... Read More
American private investment firm Starwood Capital has acquired four distressed London hotels and a luxury residential block once operated by serviced apartment provider Think. In August last year the firm issued a statement saying that some of the properties it operated were experiencing ownership problems, which resulted in them being... Read More
During 2014, the US Consumer Price Index (CPI) increased by only 0.8 per cent. Recent figures released by the Bureau of Labor Statistics indicated that it went down by 0.4 percent in December. Much of the December decrease has been attributed to falling energy prices, but the cost of fuel oil has fallen recently too. Natural gas and... Read More
The Canada Pension Plan Investment Board (CPPIB) has decided to make its first direct investment in San Francisco’s office market by purchasing a 45 per cent stake in 1455 Market St from Hudson Pacific Properties, Inc. The purchase price was reportedly $219.5 million. Hudson Pacific acquired the 1,025,833 sq ft office building in... Read More
The issue surrounding the UK’s airport capacity has led to controversy, with the current phase pitting Heathrow against Gatwick in a bid to decide which of the South East’s airports should be granted a second runway. However, it seems that Heathrow may be edging ahead in the debate as two local councils have now reversed their decision to... Read More
HSBC Private Bank has beaten off several heavyweight British and international bidders to acquire Scottish Widows’ Edinburgh headquarters for a private client. The £105m-plus office deal is a record for the city. The Port Hamilton building, in the heart of the Scottish capital's financial district, was sold by fund manager Aberdeen... Read More
In a multi-million pound deal, property investors in Dubai have acquired Birmingham's Radisson Blu Hotel out of administration. The 39-storey property's assets and business was bought by Royal Gulf Ltd, a firm that is part of Dubai based real estate firm Select Group, from KPMG. KPMG was appointed administrator for the company back... Read More
The Cadogan Estate has embarked on a joint venture with Parisian hotelier Jean-Louis Costes, to bring his celebrated Hôtel Costes concept to London. Cadogan has announced that the partnership will convert an apartment building, One Sloane Gardens, into a hotel combining the “quintessentially British style” of the 300 year-old... Read More
The Shard has made a strong start to 2015 with the confirmation of a further three office lettings. The latest occupiers of Western Europe’s tallest building are io oil & gas consulting, The Office Group and Gallup who have agreed terms on a combined 61,200 sq ft. New consultancy io has taken 15,400 sq ft on Level 9, and CEO Dan... Read More
Northwood Investors has appointed two agents to market its 300,000 sq ft office and retail landmark development in Leeds city centre. The ground floor of the 1932-built Broad Gate — overlooking The Headrow, the city's civic and cultural heart — was for decades the home of Leeds’ first department store, Lewis’s. It was then... Read More
Scottish businesses occupying office or retail premises are being invited to take part in a Government-backed energy consumption experiment. The SME Energy Challenge is a free scheme funded through Innovate UK, a collaborative project collecting and sifting usage data from participating Scottish Power business customers. The power... Read More
Property investment company Riverside Capital has sold the 02 Academy in central Birmingham to an unnamed private investor for £3.15 million, representing an initial yield of 6.9%. The Bristol Street property is currently let to the Academy Music Group (AMG) which is the operator of the live music and club venue where artists such as... Read More
British Land and GIC have submitted a planning application to refurbish and extend 100 Liverpool Street in the City of London. The proposals will increase its total office and retail space to 515,000 sq ft. The plans, designed by Hopkins Architects, propose adding an extra three floors, covering 135,000 sq ft, as well has having a... Read More
Investors remain keen to snap up regional assets promising high returns, and this has allowed companies looking to condense or overhaul their portfolios to benefit hugely. One such company is developer St Modwen, which has this week agreed a deal to sell its Telford business park for a total of £5.25 million. Brockton Business Park,... Read More
An 89,000 sq ft office block overlooking Bristol's floating harbour has been acquired by Aviva Investors from German asset manager IVG Immobilien AG. The price paid for the King's Orchard building in the heart of the city's business district has not been disclosed. Covering six floors, the building was extensively redeveloped early in... Read More
