Good morning. Here is your AM bulletin with the latest news and views from EG, along with a few of the most interesting stories from the national press.
Canary Wharf’s status as London’s financial centre has been dealt another blow as ratings agency Moody’s looks to leave. The firm, which downgraded CWG’s debt in May, has asked Cushman & Wakefield to look for 120,000 sq ft elsewhere when its 170,000 sq ft One Canada Square lease ends in 2026.
The move follows HSBC’s plans to leave its Canary Wharf HQ, but the pain for the likes of Canary Wharf and La Defense has only just begun, says Bloomberg.
Meanwhile, about 6,000 shops have closed across Britain over the past five years as crippling business rates push vacancies to “critical levels”. The BRC says high streets will become “gap-toothed” and “unviable”.
And Frasers Group has said it will slim down its department stores but buy up more shopping malls.
Bruntwood SciTech has been given the green light for Greenheys, the £60m next phase of its Manchester Science Park masterplan. The new building will become the HQ of the UK Biobank, but 62,000 sq ft of lab space will remain for other occupiers.
But even buildings of the future need an upgrade at some point. AEW UK REIT is set to invest £4.7m in the refurbishment of the Grade II listed, Norman Foster-designed, 1980s icon Spectrum Building in Swindon. The former Renault distribution centre has been offices and a children’s play centre in its time, but AEW wants to make it more sustainable and suitable for multiple occupancy.
CBRE has promoted two of its rising legal stars to senior executive roles. Chad Doellinger becomes the new general counsel while Banke Odunaike takes the new role of chief culture officer.
But are you aching to know more about the deals behind Q2’s EG Radius Leaderboards? Watch head of research Jonathan Tomlinson share his insights.
Michael Gove has told L&Q, Britain’s second biggest social housing landlord: “You have failed your residents.” The levelling up secretary wrote to L&Q after an investigation concluded it was guilty of “severe maladministration”.
Three of the UK’s largest lenders and several smaller players have cut mortgage rates. The moves by Nationwide, Barclays and TSB followed Wednesday’s decision by HSBC.
An increasing number of first-time buyers(£) are entering the property market despite sky-high mortgage costs. Because at least that way they’ll escape ever-rising rents.
Which all leads The FT (£) to ask, what next for UK house prices? Buyers are lowering offers or pulling out altogether, but a serious correction still feels unlikely.
The Guardian concludes that unaffordability is entrenched, with almost all housing now the preserve of the rich.
And The Times (£) takes a look at the Northern Powerhouse Investment Fund, which has dished out more than £1bn since 2017.
