Good morning.
Fortress has promised not to sell any of Morrisons’ freeholds, but could still hive them off into an arm’s length propco(£), experts say.
Meanwhile, British Land(£) has said it will end rent support(£) for retail tenants as shopping returns to pre-pandemic levels.
But The FT’s Lex column (£) says retail is not the real problem for British Land. The danger lies in its office portfolio.
Mazars(£) has been appointed to liquidate the remains of Philip Green’s Arcadia group(£).
As flash floods(£) in London cause untold damage to properties…
… A 32-storey high Tide development will wash away what is left of The Castle in Ealing. Detailed plans for the 462-bed co-living scheme have now been submitted.
Center Parcs plans for a new holiday village in West Sussex have been met with howls of outrage from conservationists. Extinction Rebellion called the plans “ecocide”.
Theatre owners have criticised the government’s attitude to the West End(£).
Scottish businesses have been dealt a “bitter blow” as the return to offices is delayed until next month.
Shares in Irish property investor Hibernia REIT rose more than 6% to reach 111.9p yesterday, but other property players were not so fortunate. Foxtons dropped 4.7% to 54.3p.
And fast track approval for housing projects – the centrepiece of the UK government’s planning reforms – will be scrapped in Ireland(£).
And finally, Italy has vowed to ban cruise ships from Venice in a belated bid to save the sinking city’s fragile foundations. From next month the gigantic floating blocks of flats will no longer be allowed to drift past St Mark’s, and will be banned from La Serenissima altogether until the nearby port of Marghera is completed. One below-the-line comment on The Times (£) stated: “Way long overdue. These floating cities are a pestilence.” Whether that referred to the ships or the floating city of Venice itself is unclear.
