MORNING NEWS: Gove orders Teesworks review
Good morning. Here is your daily fix of the latest news and views from EG, plus property-related headlines from the national press.
Michael Gove has ordered an independent review into Teesworks, the North East regeneration site that is the UK’s largest freeport. The review will examine “serious allegations of corruption, wrongdoing and illegality” made against Tees Valley mayor Ben Houchen and two local developers.
Kensington & Chelsea Council’s pension fund is pouring millions into commercial real estate, after quadrupling its allocation from 5% to 20%.
Good morning. Here is your daily fix of the latest news and views from EG, plus property-related headlines from the national press.
Michael Gove has ordered an independent review into Teesworks, the North East regeneration site that is the UK’s largest freeport. The review will examine “serious allegations of corruption, wrongdoing and illegality” made against Tees Valley mayor Ben Houchen and two local developers.
Kensington & Chelsea Council’s pension fund is pouring millions into commercial real estate, after quadrupling its allocation from 5% to 20%.
Its no laughing matter as Comic Relief chooses Derwent London’s White Chapel Building, E1, for its new HQ.
AXA IM swings the axe at its City portfolio and decides to can 107 Cannon Street, EC4.
And Picton and Workspace Group become the latest to bemoan falling capital values as lettings hit record highs.
We are back in “unprecidented times”, writes EG’s deputy editor. As values fall but rents rise, as the gap widens between best-in-class space and the rest, and as refurbishments begin to dominate development, it seems that times are indeed a changing.
GPE’s Toby Courtauld has added his voice to the chorus demanding the reinstatement of VAT-free shopping.
And Tata is close to reaching a deal with UK ministers to build an electric battery plant in Somerset instead of Spain.
In residential news, Capital & Centric has submitted plans for a new suburban home concept in Bolton. The images suggest fans of Bing Bunny will be delighted.
The latest hike in interest rates is expected to push mortgage costs to 30% of household income, the boss of Barclays Bank has warned.
Meanwhile, residential rents in the UK rose at a record rate last month, by 5% in London and 4.8% in the rest of the country.
Natural England has urged the government not to “step away” from the nutrient neutrality rules after coming under fire from the housebuilding lobby. The Home Builders Federation said the rules had so far cost 120,000 new homes.
And solar developers have told they will have to wait decades to connect new solar farms to the electricity grid. Why? Because it and the planning system can’t cope.
