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.
A quick tot up of the number of beds – residential, student and hotel – that either got the go ahead or were recommended for approval yesterday and this morning should be music to the new Labour government’s ears.
More than 5,500 new beds will be built across the UK and Ireland, according to the EG news stories listed on your MORNING NEWS alert today, with more added to the total if we include the flurry of capital that is backing new growth, particularly in the student accommodation sector.
Leading the way in volume of new beds is Manchester, which next week is set to give the go ahead to a five-building scheme from Renaker, which will deliver some 2,388 homes in a £570m project, and to developer Northside, which has plans for a 34-storey, 251-bedroom aparthotel in the city.
Belfast is also in favour of more beds, Glasgow wants the taxman out and more students in, while planners in Milton Keynes have told Packaged Living to deliver its BTR scheme in the town.
Not that planning permissions have helped residential developer Watkin Jones, which this morning warned that a slowdown in deals would hit its numbers this year.
“Overall market activity through the summer has been slower than anticipated, principally due to the continued uncertainty over the pace of interest rate cuts, and as such we believe it is now unlikely that we will close any further transactions before the financial year end,” said the group.
Elsewhere, international hotel chain Hyatt is selling out of its owned hotels and continuing its growth through an “asset-light” strategy. The group has banked $1bn from the sale of a giant hotel in Orlando, Florida, and is reinvesting cash in buying the iconic Standard hotel brands. The circa $330m deal will see it take charge of The Standard in London’s King’s Cross and 21 other hotels around the world.
For those of you looking for a big read this morning, delve into our look at how the growth of artificial intelligence is likely to affect the office leasing market. What will it do to occupier demand as businesses adopt it? And what will growth from the AI firms themselves look like?
Insights aplenty from Savills, CBRE boss Bob Sulentic and Newmark chief Barry Gosin.
And just because this MORNING NEWS wrap writer loves a little bit of Lego and because it is August. News broke yesterday that the toy brick maker has agreed terms to open a major new hub in Copenhagen. The circa 300,000 sq ft The Stamp building, close to Copenhagen train station, will provide workspace for as many as 1,500 staff. The hub will be Lego’s fifth around the world, joining Boston in the US, Singapore, Shanghai and London.
Chief executive Niels Christiansen said the hub would be fitted with world-class, accessible facilities that foster collaboration, creativity and playfulness.
“It is important for the Lego Group to have inspiring workplaces in the best locations to continue to attract the right talent,” he said.
All of the news from EG, plus a selection of headlines from the nationals:
Slowdown in deals hits Watkin Jones
Waitrose plans 100 new store openings
Office leasing agents hope for AI gains
Hyatt to buy Standard brand for more than $330m
Vision unveiled for Belfast PBSA
Manchester Piccadilly bank-to-hotel revamp recommended for go-ahead
Renaker’s £570m Manchester resi tower quintet set for approval
Singaporean investor buys Soho office in £35m London debut
US-based Blue Owl pumps capital into student beds provider
Glasgow PBSA scheme approved
Packaged Living and Affinius get go-ahead for Milton Keynes BTR scheme
Liverpool’s auction rooms-to-hotel conversion approved
Gatehouse Hub secures loan for West Sussex development
Capital & Centric to transform Gateshead’s Old Town Hall into homes
Inrev appoints new chief executive
Sosandar chooses Metrocentre in Gateshead for its third store
Maritime freight firm docks at Native Land’s Arbor building
Investec backs £120m Watkin Jones student project
LSH strengthens Manchester office with hire from Colliers
UK’s first vertiport to take off in Oxford
McDonald’s to open 200 new restaurants (£)
UK chancellor plans to raise social rents to boost affordable housing (£)
China’s $70bn property rescue plan limps off starting line (£)
Hobbycraft on brink of sale to retail investor Modella Capital
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