MORNING NEWS: Councils see plenty of room for hotel conversions

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. The rush of proposals to turn unloved offices and other properties in London into hotels continues. Planning committee members at Westminster City Council had some reservations about signing off two hotel conversion proposals this week, but both ended up with unanimous approval. One will see the vacant office at 61-71 Victoria Street, SW1, redeveloped as an eight-storey, 88-bedroom hotel. The other will involve converting the former Belgravia Police Station at 202-206 Buckingham Palace Road, also SW1, into a seven-storey, 206-bedroom hotel. Meanwhile, Create Asset Management is hoping it receives as warm a reaction when its plans to turn the vacant six-storey block at 291-299 Borough High Street, SE1, into a 47-bedroom hotel land in front of Southwark’s committee later this month. The office has received just one offer from a potential tenant in four years. Officers have recommended approval for the conversion.  Scottish Opera is set to get the go-ahead for a major redevelopment of its Glasgow headquarters at New Rotterdam Wharf. The project would consolidate its five existing premises into a single site with a dedicated rehearsal space as well as breakout, storage and flexible workspace. The project would also release land for the development of hundreds of purpose-built student bedrooms. Recommending approval, Glasgow’s planning officers said the plans would not only secure the future of Scottish Opera and support the ongoing success of the city’s cultural quarter, but presented a “major opportunity to regenerate a brownfield site, improving the setting off and access to the western side of the Forth and Clyde Canal”. Marshalls CDP and Rothstone Estates are seeking a buyer for their newly developed St George’s Retail Park in Leeds. Savills, which is marketing the asset, is seeking offer over £18m, reflecting a net initial yield of 6.35%. The 65,000 sq ft retail park opened this autumn and comprises 11 units, of which six are already let to Aldi, B&M, McDonald’s, Greggs, Harrison and Costa Coffee. Aldi and B&M are the anchor tenants. There’s also news on Cushman & Wakefield’s refinancing; Allsop’s next senior partner; and SEGRO’s largest industrial letting of the year. All of the news from EG, plus a selection of headlines from the nationals:West End offices and former police station to make way for new hotelsOwner preps hotel switch for office with one offer in four yearsScottish Opera plans hit the right note with Glasgow plannersBuyer sought for Leeds retail parkCushman wraps up refinancingEmpiric raises £56m through share saleLatest Lancefield Quay BTR plans set to get green lightAllsop names next senior partnerEDITOR’S COMMENT: Can real estate be the UK’s dot-joiner?Former head of real estate at Lloyds joins Derwent boardPlans for hotel opposite Everton Stadium tipped for approvalPanther sells ex-Beales store with resi consentSalford’s Stannard takes over as Manchester City Council chief executiveEmpiric’s Manchester PBSA turnaround lined up for approvalNew owner wanted for Wigan warehousesDemand from tenants driving retrofit investment across EuropeFormer Legal & General Capital boss becomes retail chiefAllsop boosts residential team with senior appointmentGlasgow Airport Business Park hits 100% occupancyLondon named as world’s most expensive warehousing marketSEGRO signs its biggest industrial letting this yearProperty calls on government for widespread adoption of UPRNCrown restructures property teamsNewham Council gives go-ahead for £750m data centreNumber of female business leaders in Britain falls in 2024Luxury London homes for sale at discounts rise 39% in a year (£)PizzaExpress prepares to serve up new slice of debt to investors‘Stop using Paddington to pimp out our street’ (£)Fenwick reports £28.4m loss after West End store closure (£)Elizabeth Line wins prize for architecture – dividing critics (£)China to boost lending to finish stalled property projects to $560bn (£)Greggs to open champagne bar for Christmas (£)