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.
Sir George Iacobescu is retiring from Canary Wharf Group after 36 years. He will be succeeded by former Legal & General boss Sir Nigel Wilson as non-executive chairman.
Berkeley Group is preparing to launch its own build-to-rent platform, as it posts a decline in a pretax profit for the year ending 30 April citing a “challenging and volatile” market.
The housebuilder says it is making the foray into BTR to maximise returns “in today’s market conditions” from its long-term regeneration sites. It has identified capacity for some 4,000 new homes across 17 of its brownfield urban regeneration developments. Berkeley will develop the portfolio over the next decade.
The Francis Crick Institute has appointed Gensler and Bulb Interiors to create incubator spaces at British Land’s Regent’s Place campus, as well as the Tribeca development in London’s Knowledge Quarter, owned by BlackRock, GIC and Reef Group.
Nearly 13m sq ft of office space in the South East could be turned into homes under permitted development rights, according to new research from Lambert Smith Hampton.
The buildings have the capacity to provide 20,000 two-bedroom homes, said LSH, which analysed offices built before 2012 with imminent breaks or expiries and high levels of vacancy.
Markets with the largest opportunities are Reading, with 1.9m sq ft of office space that can be converted to residential use, Blackwater Valley (1m sq ft) and the south coast (1m sq ft). Marlow, Uxbridge and Reading hold the largest amount of existing stock.
Derwent London and Lazari Investments are a step closer to getting the nod for a 240,000 sq ft mixed-use scheme on Baker Street.
Planning officers at Westminster City Council have recommended that proposals for 50 Baker Street, W1, are approved at a committee meeting next week. The site is within the Portman Estate, which also has an interest in the scheme.
Under the proposals, existing buildings at the site will be demolished and replaced with an eight-storey block comprising retail, office and community space, as well as 17 flats.
And Landsec chief executive Mark Allan sets out his thoughts on nature’s role in urban development, in a comment piece penned for EG.
All of the news from EG, plus a selection of headlines from the nationals:
Iacobescu retires from CWG after 36 years
Gensler and Bulb chosen to design Crick Hub
Jefferies downgrades ‘super-apex’ SEGRO
Berkeley to launch BTR platform amid profit decline
South East office-to-resi conversions could top 20,000
Midlands dealmakers release the handbrake
COMMENT: Let nature in to create thriving, successful cities
Patron boss paddles 200km for D-Day veterans
BPF urges next government to avoid ‘radical’ planning reform
Plans in for £35m Wootton Science Park expansion
Goodman secures luxury fashion logistics provider letting
£300m Anglia Square scheme hits the market
Developers get go-ahead for resi scheme at Trafford Waters
CBRE buys data centre infrastructure provider
Summix gains consent for Glasgow Central Quay development
Avon gets consent for 17-storey Bristol PBSA scheme
Derwent and Lazari’s Baker Street scheme tipped for approval
Grosvenor appoints sole agent for Mayfair’s Mount Street
Crouch End police station set for resi conversion
European real estate debt funds outstrip equity funds
PGIM acquires Signature Senior Lifestyle
Labour’s private equity tax clampdown to spare bosses using own cash (£)
COMMENT: Building data centres for UK growth requires more than hard cash (£)
Credit card debt hits UK mortgage affordability (£)
The scandal of London’s disappearing police stations
