Good morning. Here is your AM bulletin, with the latest news and views from EG, as well as a few of the best bits from the morning papers.
Cushman & Wakefield has posted falling revenue in its latest results, leaving it nursing a $34m loss for its third quarter. Sharp drops were felt in its capital markets, valuation and leasing divisions, but it says it will have the “first-mover advantage” when “it really matters”.
Vantage has sealed a deal with a consortium of investors for a $2.5bn European data centre portfolio. The portfolio will initially consist of six centres covering 1.8m sq ft.
Meanwhile, West Northamptonshire Council has named Cityheart as its preferred development partner for a £130m waterside regeneration scheme.
The number of retailers using company voluntary arrangements has more than doubled. And experts expect it to rise even further as interest rates stay high.
And we have less time to hit the 1.5°C temperature target than we thought. In just six years the carbon budget will be exhausted, researchers at Imperial College London have warned.
Most young Londoners want developers to build houses on the green belt, if it helps them to get on the property ladder.
And Picton has won the right to convert its office campus at Angel Court, EC1, into homes.
While the number of homeowners who remortgaged with different lenders fell last month to its lowest rate since 1999. Total mortgage approvals are down 35% on pre-pandemic figures.
The Guardian takes a closer look at how the UK’s housing crisis has become an existential threat for local authorities.
And Norfolk councillors are contemplating a tourist tax on holiday lets, in a bid to claw back tax lost to the rise in second-home owners.
But there is some good news from China. The property market crisis has bottomed out, HSBC’s chief executive has said. Incidentally, the winding up petition for Evergrande has been delayed “one last time” until December.
And finally, a London mansion previously rented by Rihanna has been sold to a Chinese buyer for £27.5m. As well as being a rather nice pad in St John’s Wood, the detached villa has planning to almost treble its size to 16,000 sq ft. But the Rihanna-premium – or Rih-Pre – wasn’t enough to bring in the big bucks. The house sold for £5m less than it was listed for in 2020.
