Good morning. Here’s a nice warming bowl of property news.
The collapse of budget airliner Flybe(£) could lead to eight regional airports closing(£). The government has been asked how letting Flybe fall ties in to its “regional connectivity” strategy, as it provided 40% of all the UK’s internal flights.
Meanwhile the government’s flagship housing infrastructure fund(£) has also been criticised for regional bias, after awarding £98 per head to London for every £4 given to Yorkshire.
Intu’s shares are still falling, closing yesterday at just 5p. Capital & Regional had a better day, finishing up 0.15% despite announcing that its portfolio lost £121m in value last year.
The John Lewis Partnership(£) has slashed its bonus to just 2%(£) as it warns of future store closures.
There is still some appetite for retail property, as Aberdeen Standard Investments sells a retail warehouse in Romford for £22.8m, not too far off the asking price of £25m.
Lenders will offer debt relief(£) to households and businesses hit by the coronavirus…
… But a number of China’s property developers are set to default on their US dollar bonds(£), as the outbreak halts sales and cuts off access to refinancing.
MPs have backed Andrew Bailey as the new Bank of England governor, but have criticised his handling of the recent mini-bond scandals(£).
The biggest film studio built in Britain for 25 years will be Made in Dagenham, says Barking & Dagenham’s regeneration company Be First.
Interest in Scotland’s grouse moors has doubled, but not because of “country sports” enthusiasts. Companies are seeing them as a perfect way to offset their carbon emissions(£).
Meanwhile, developers of tall building must stop paying lip-service and get serious about climate change, writes the Wire’s Matt Reynolds.
And finally, here are two solutions to the housing shortage. Ever had dreams of owning your own château? Now could be the perfect time to become king or queen of the castle with prices hitting rock bottom. But the low prices don’t necessarily mean it’ll be cheap. You will probably have to buy in cash, and remember the maxim – the cheaper the chateau, the more expensive the project. For those on a more limited budget and wanting to stay, say, in London, you could follow the example of Dominic Van Allen. The Guardian has the extraordinary story of how he lived for years in a bunker he dug for himself under Hampstead Heath.
