MORNING NEWS: £1bn housing plans scrapped

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 day ahead. Your big read for the end of the week is an exclusive interview with Multi Corporation boss Elmar Schoonbrood on why he decided to bring the business back to the UK. Schoonbrood and Realm co-founder Dan Mason share their insights on why they are feeling confident about UK retail and how bringing a outlets-focused mindset and a whole lot of data intelligence to the UK market will help them succeed where Multi – and plenty of others – weren’t able to earlier in the 2000s.  “If we look at the UK, we just see a lot more opportunities in the retail sector than we might see on the Continent,” says Schoonbrood, explaining the company’s return. “There is generally more supply of retail per inhabitant in the UK compared with some countries on the Continent and that oversupply leads to potentially more distress. I also think that valuations have probably come down a little bit more in the UK market compared with continental Europe.” Schoonbrood talks of “50 shades of retail”, explaining how he sees pockets of positivity in the retail sector and how he believes a data-driven and tenant-focused approach can maximise value for both Multi and its client base. “We see a point of difference for our business in the use of data and the learnings we have taken from our outlets,” says Mason. “We receive turnover data for all our brands every day and feed in all the other KPIs, from footfall to conversion, to even the weather. We see that use of data of being something we can use as a blueprint to follow [in shopping centres],” says Mason. “To have that granular understanding of how a tenant trades – not just looking at their P&L – but actually to know exactly how a unit is trading is really important.” Elsewhere, the trend of US celebrities investing in UK bricks and mortar continues, with US-based Dave’s Hot Chicken, which is backed by actor Samuel L Jackson, rapper Drake and singer Usher, has tasked KLM Real Estate to find it its first UK sites. The fried chicken chain wants an initial 60 stores across the UK with London as first location. In the City, BauMont and NineYards have secured their first prelet at their 90,000 sq ft redevelopment of 100 Fetter Lane. Litigator Boies Schiller Flexner has agreed to take 12,000 sq ft at the scheme, which is scheduled to reach practical completion at the end of this year. And in the wake of new government promises to finally deliver on housing, plans for thousands of new homes have been revealed – and some scrapped. Wolverhampton Council has approved a development agreement with ECF to bring forward 1,000 homes in the city centre, while in Salford, Henley Investment Management has submitted plans for a new 3,300-home, mixed-use neighbourhood on the site of the 130,000 sq ft Regent retail park. However, in the New Forest five-year old plans to create a “Venice of Britain” with some 1,500 waterside homes at Fawley have been scrapped as a result of viability issues. And BCPT is making progress with its plans to sell down the £1bn fund, with two more office disposals. The fund has offloaded an asset in London and another in Manchester for just over £41m, taking its total office disposals to more than £110m since December. All of the news from EG, plus a selection of headlines from the nationals: EG Interview: Multi boss on the firm’s return to UK retailBCPT offloads two more offices in £1bn sell-down£1bn Fawley Waterside plans scrappedComment: Life sciences development; no rulebook, just guidelinesLitigator finds new home at 100 Fetter LanePlanners approve £26m industrial scheme in StaffordshireSpringfield beats on target for cutting debtDrake-backed chicken chain to  launch in LondonMJ Gleeson boss optimistic on Labour’s planning promisesWolverhampton council approves development agreement for 1,000 homesPellat joins PiLabsStrettons appoints new chair and non-exec directorGreater Manchester Pension Fund buys £35m industrial estateRetail construction jumps, bucking wider slowdownHenley files plans for 3,300-home Regent ParkOccupier take-up across UK sheds jumps 30%CBRE hires Cushman’s head of London developmentSimply UK gets thumbs up for 60-bed care homePlacefirst acquires Miller’s Widnes schemePennyfarthing Homes secures consent for Hampshire coastal projectShares of Hong Kong real estate groups rise on prospect of lower rates (£)Reeves to create council of economic advisers in search of growth (£)Carpetright put up for sale (£)£3.5m estates once bought for £1 should be ‘inspiration’ for historic ruins (£)