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.
British Land is drafting proposals for its first life sciences scheme in Oxford. The 300,000 sq ft, three-building development will sit on the 23-acre Botley Road Retail Park.
In an exclusive interview with EG, development manager Amber Morley said: “We’re trying to do something a bit different compared with what I would call like a typical science park building built of glass and metal.”
British Land will hold a public consultation in the summer and expects to submit a planning application to the council in the autumn.
The chief executive of Sirius Real Estate, Andrew Coombs, has cited new-found political certainty in the UK as helping the FTSE 250 company secure £150m in fresh equity from international investors.
Sirius last week sealed a deal to raise the equity through the sale of new shares priced in line with its portfolio’s net asset value. That deal followed a near-£147m fundraise last November, priced at a 6% discount to NAV.
“We were brave enough and daring enough to go in November… and thank goodness we were because that enabled us to be well-equitised at what we now believe was the bottom of the market,” Coombs tells EG. “It was that springboard that then enabled us to plan to go again immediately off the back of the UK election. And it was that springboard that then allowed is to attract money from outside London.”
A year after Westminster City Council and the New West End Company offered up-and-coming businesses the chance to open their first physical store on and around London’s Oxford Street rent-free for six months, the first four brands are moving in.
Under the Meanwhile On scheme, companies will be awarded prominent shop spaces using both vacant spaces and those formerly occupied by low-quality businesses such as American candy shops. One such business is Love Cocoa, a luxury chocolate brand established by James Cadbury, the great-great-great-grandson of the Cadbury founder.
In two notable moves, Savills has hired Ben Hodge, a commercial auctions specialist from Allsop, as a director in its own auctions business; and former Birmingham council chief executive Deborah Cadman has joined consultancy Newtrality as an adviser.
All of the news from EG, plus a selection of headlines from the nationals:
British Land reveals its first lab scheme in Oxford
A Sirius tale of two equity raises
Frasers puts ‘key focus’ on property investment
Entertainment tech firm expands in Greater Manchester
Savills hires Allsop’s Hodge for auctions team
Building ‘up and out’ could unlock growth in Bristol
Hope and optimism in Labour’s first weeks in power
Cadbury descendent among entrepreneurs taking empty London candy shops
Gaw’s 52-storey Harbour Exchange project decision deferred
Former Birmingham council chief Cadman takes consultancy role
How real estate can help life sciences deal with its gender disparity
Schroders favours UK for near-term real estate investment
Horses to houses: Jockey Club sells land to Rowland Homes
Industry welcomes Labour’s legislative agenda
Office occupiers favour Bristol among big six regional cities
Fora signs Evelyn Partners for Sixty London Wall
Starmer vows to ‘get Britain building’ in King’s Speech
Savills hires former CBRE trio to bolster investment team
Assura becomes first FTSE 250 firm to get B Corp status
Questions for Andy Burnham over Manchester’s loans to developer (£)
Where will Labour build new houses? The ‘grey belt’ in maps (£)
Big firms prioritising sustainability ‘at lowest in four years’ (£)
Labour’s homebuilding plans at risk from skills shortage, industry says (£)
London house prices rise for first time in 12 months (£)
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