Powergate readied for sale
Standard Life Investments has put its freehold 310,000 sq ft Powergate estate at Park Royal, NW10, up for sale for £35.94m – an 8% yield. The estate’s nine tenants include Sainsbury’s online shopping outlet, To You, and provides anannual rent of just over £3m. DTZ is advising.
New IPF Scotland chair
Graham Sanders, director of investment agency Sanders Cartwright, has been appointed chairman of the Scottish IPF. He replaces Ryden managing partner Fiona Morton, who steps down after seven years. Paul Findlay, investment manager at Scottish Widows Investment Partnership, has been made vice-chairman.
Adidas on a new track
Sportswear giant Adidas is expanding into a 13,300 sq ft HQ at 6 Langley Street, WC2. It will pay around £45 per sq ft for the newly refurbished Mercers’ Company office. EA Shaw and Cooper Collins acted for Mercers; Western Ridge Consultancy advised Adidas.
Thames Valley slump
Take-up in the Thames Valley slumped to 240,000 sq ft in the second quarter, according to King Sturge, down by 42% on the same period last year. Take-up for the half year was down by almost 50% at 475,000 sq ft. The agent said it was likely take-up would not pass 1m sq ft this year, the lowest figure in 15 years.
Box-ticking culture blasted
Right-centre think tank the Bow Group has called on the Conservative Party to bring an end to the current “box-ticking culture” for planning. The group -which claims that the present government’s planning targets have led to the proportion of new flats being built rising from 15% of all new homes in 1997/98 to 48% in 2007/08 – wants the Tories to scrap regional plans, to reintroduce Enterprise Zones, and to stop high-density building, if it comes into power at the next general election.
