MORNING NEWS: Tower Hamlets clears Printworks plans

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of real estate-relevant headlines from the national papers. Media tycoon Richard Desmond’s plans for the £1bn Westferry Printworks site, E14, on the Isle of Dogs, have been approved by the London Borough of Tower Hamlets. The 1,358-home scheme, which will still need to be rubber-stamped by the mayor, has been through a number of changes and was at the centre of earlier controversy over Desmond’s donations to the Conservatives. There’s less in the way of good news for the team behind the Whitechapel Road Life Sciences Cluster, E1, a decision on which the same planning committee pushed back at their meeting. The scheme was recommended for approval but councillors have questioned whether the benefits of the development outweigh its harm. The concerns arose from objections by local residents around the massing of the buildings, provision of green space and public access. A site visit will now be arranged before the project is brought back in front of the committee. A London judge has approved the first step in troubled cinema chain Cineworld’s UK restructuring, giving the company the green light to call a meeting of creditors, including landlords, to negotiate a deal. The US company emerged from Chapter 11 insolvency last year and has been supporting the unprofitable UK business. At a hearing yesterday, Tom Smith KC, acting for the UK company, said it had been unprofitable since 2020 and, as of May this year, had borrowed around $65m (£49m) from its US parent. The judge ordered that there should be a meeting of creditors to consider Cineworld’s proposals, likely to take place next month. If the majority of creditors approve the plan, it will go back to the judge for approval. Flex office provider Runway East has secured a second site in London Bridge, taking its total portfolio of spaces to 12. The group, which is celebrating its 10th anniversary, has signed a 20-year management agreement with Peer Group for 150 Borough High Street, SE1. The 12,000 sq ft flex office will be Runway East’s second site with Peer Group. Three years ago it opened a 24,000 sq ft operation at Chapter House on Crucifix Lane, SE1. There’s also news on Pandox sealing its deal to acquire a portfolio of aparthotels in central London for £230m from Starwood Capital, the next assets being offloaded at auction by Birmingham City Council, and the first sale by Abrdn Property Income Trust since its shareholders approved a wind-down of the fund.  All of the news from EG, plus a selection of headlines from the nationals:£1bn Westferry Printworks scheme approvedDecision delayed on scaled-down Whitechapel science clusterRunway East builds SE1 flex clusterLiverpool’s metro mayor on a renaissance in the regionPPHE delivers record revenueRayner launches New Homes Accelerator to unlock developmentCOMMENT: Why real estate needs to be a leader in showing young women they can be the bossBrum council to offload more assets at auctionSummer’s out, ski’s in – book PropSki 2025Pandox confirms £230m London aparthotels portfolio dealAbrdn sells Dover border control postFabrix to get the nod for Bromley-by-Bow Industrial ParkLondon restaurant openings rise – but closures rise fasterYork neighbourhood set for approvalIntegritas builds out top team with development boss hireTwo lettings agreed for Manchester’s 196 DeansgateCineworld court restructuring procedure kicks off in LondonL&G invests £85m in green homes developerCushman out, JLL in as uni rethinks future of £300m Cambridge science siteLaSalle buys Motel One in £56m dealMainly for Students: Everybody needs good neighbourhoodsUK film investors aim to revive studio plan amid push for growth (£)London luxury market getting tougher for the Savoy (£)Renters and mortgage owners hit by higher inflation (£)American law firm to close London office (£)