Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals, all perfectly curated to set you up for the week ahead.
The owner of Manchester’s biggest and most well-known shopping centre has launched an ambitious five-year programme to increase turnover at the mall to more than £1bn.
Performance of the 1.9m sq ft Trafford Centre, which has been owned by the Canada Pension Plan Investment Board since the collapse of intu in 2020, tells the tale of retail over the past several years, with income and values falling significantly.
However, investors in the centre, which is managed by Padera Lateral with Savills as property manager, will later this week be walked through a new plan to revive the fortunes of the mall and bring revenue across the centre to more than £1bn.
The plan includes finding and delivering “value-accretive” development projects, securing “all global powerhouse brands” within the mall by 2026 and creating a leisure offer that includes an outdoor events programme for major concerts, events and global product launches.
Plans to redevelop the main entrance petrol station at the mall and replace it with a Starbucks, EV showroom and EV chargers is progressing, while feasibility studies are under way to activate woodland around the mall to create a new attraction at the site.
The government has also launched its own investment plan to boost revenue today. As it kicks off its investment summit, Labour has launched a consultation on its new modern industrial strategy, a vision for the UK which seeks to drive investment through a focus on eight growth sectors – advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services.
Launching the strategy, chancellor Rachel Reeves said: “I have never been more optimistic about our country’s potential. We have some of the brightest minds and greatest businesses in the world. From the creative industries and life sciences to advanced manufacturing and financial services, this government is determined to deliver on Britain’s potential so we can rebuild Britain and make every part of the country better off.”
To enable investment, prime minister Kier Starmer has promised to “rip out the bureaucracy”.
He said: “We’ve got to look at regulation where it is needlessly holding back the investment, to take our country forward. Where it is stopping us building the homes, the data centres, warehouses, grid connectors, roads, trainlines, you name it then mark my words – we will get rid of it.
“We will rip out the bureaucracy that blocks investment and we will make sure that every regulator in this country takes growth as seriously as this room does.”
While government launches one strategy, the UKGBC is asking for it to ensure it joins the dots and links its reforms to planning to the Climate Change Act, or run the risk of a “quagmire of uncertainty, delays and hostility”.
Deputy chief executive of the UKGBC Simon McWhirter said: “100 days in, and the pivotal decisions about the future of our built environment still lie ahead. Small policy and investment adjustments won’t be enough. From fixing the planning system and new build standards to upgrading the country’s draughty homes and workplaces, success or failure, public support or opposition, will rest on bold decisions in line with the climate science.”
Elsewhere, new figures show a rough Q3 for London’s Midtown and Selfridges has seen more than £600m slashed off the value of its property portfolio. In more positive news, residential investors and developers continue to bounce off government’s housing delivery push, with Croudace launching ambitious expansion plans and Rainier revving up plans for 250 homes at the former Daimler car factory in Coventry, LondonMetric has added £8.5m of new rent, Helical’s new boss says the market is moving in its favour and Life Science REIT has secured a record rent at Oxford Technology Park.
And don’t forget, if you need to stay one step ahead of the competition this week, EG has you covered with a look ahead to what to expect in UK real estate with the EG news agenda.
All of the news from EG, plus a selection of headlines from the nationals:
LondonMetric adds £8.5m of extra rent
Market moving in our direction, says new Helical boss
Infleqion lease completes at Oxford Technology Park
Trafford Centre owner eyes £1bn turnover
EG’s news agenda: What to look out for this week
Rainer revs up resi plans for Daimler site
Midtown registers slowest Q3 office take-up for three years
Wed planning reform to climate actions, urges UKGBC
Strongman joins GPA as non-executive
Strettons hooks major Fish Island instruction
LISTEN: Why London is the ideal place to foster science and AI synergies
Pension fund bags Eastbourne shopping centre
Croudace plans Midlands push in new growth strategy
LISTEN: The future of living: Delivering multi-generational development
Selfridges’ property portfolio slashed by more than £600m
New industrial strategy launched
COMMENT: Why we all need to get comfortable talking about menopause
Savills hammers out £41m of deals at early October auction
BlackRock’s assets hit record high of $11.4tn (£)
Saudi fund’s 40% stake offers new hope for Selfridges (£)
Economists warn of decline in rental property if Reeves increases tax (£)
The secretive Scouse billionaire plotting to become the king of British retail (£)
Government housing targets unrealistic and unfair, English councils warn (£)
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