MORNING NEWS: Landsec buys Liverpool One

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals, all perfectly curated to set you up for the day ahead. It’s always the bridesmaid, never the bride no more for Landsec as it finally secures its big retail deal of the year. The REIT, which announced plans to spend as much as £600m on prime shopping centres back in May, has this morning secured the purchase of a 92% stake in the 1.7m sq ft Liverpool One shopping centre. Landsec has agreed to pay £490m to ADIA and Grosvenor for the 42-acre scheme. Grosvenor Property UK boss James Raynor said he planned to reinvest proceeds from the sale of Liverpool One into its London estate and its residential debt business, which has supported the delivery of more than 3,000 homes in the two since it was set up. Elsewhere, Blackpool Council is on the hunt for a new investor to bring forward its £300m Blackpool Central scheme following the collapse of developer Nikal. The council will appoint an adviser in the new year to take the 15-acre site to market. Nikal had planned to build build three indoor entertainment centres, a hotel and restaurant on the site. A 1,306-space multi-storey car park has already been delivered. Blackpool Council leader Lynn Williams said: “Blackpool Central sits right at the heart of our plans to make Blackpool better for everybody. The road to regeneration isn’t always smooth but we will not stand still. We have very high standards for the type of attraction which this site needs and any future scheme will have to match those ambitions. To deliver on that we need serious investors and we will be heavily marketing this opportunity to get that international calibre of attraction.” More power is set to be delivered to the regions as part of an English Devolution white paper, published by the government yesterday. The proposals include new powers for mayors across strategic planning – giving them the ability to guide infrastructure and development projects across areas, housing, transport and skills. Deputy prime minister Angela Rayner said: “Devolution will no longer be agreed at the whim of a minister in Whitehall, but will be embedded in the fabric of the country, becoming the default position of government.”  The plans have been largely welcomed, albeit with some caveats.  Ian Fletcher, director of policy (real estate), at the British Property Federation, said the white paper was a positive step forward but for devolution to work properly there needed to be a “genuine handing over of power, including fiscal powers. “The proposals to reorganise local government should not be used as a delaying tactic by some councils when updating and completing local plans and progressing major strategic schemes of vital importance to their local area or the national economy,” said Fletcher. “Aligned with grant funding powers from Homes England, this could be a powerful tool for housing delivery.” A new report, funded by Legal & General and produced by the Quality of Life Foundation and UCL Institute of Heath Equity, published today seeks to remind both government and developers that housing delivery is about more than just hitting the numbers. The Building Health Equity: The Role of the Property Sector in Improving Health report reveals how poor quality and inequitable access to homes that people can afford is linked with worse mental and physical health, while increased availability of secure, affordable, warm homes can improve long-term health and longevity. Sir Michael Marmot, director of the UCL Institute of Health Equity, said: “Solving the housing crisis is urgent, but it will take more than simply building high quantities of homes. Our report lays out a new way forward and reinforces that preventing ill health and reducing inequalities can and must begin at home.” All of the news from EG, plus a selection of headlines from the nationals: Landsec splashes £490m for 92% stake in Liverpool ONEFormer BL boss joins government advisory councilDTZ Investors drops £37m on Anchor retail parkHealth and wellbeing should be at the centre of housing strategyThe nature recovery reform consultation explainedBlackpool Council seeks new investor for £300m regenDevolution set to become default positionStarlight buys second Leeds BTR schemeGo-karting operator races into StoryboxMcDermott powers up at Chiswick ParkNewmark bags Cold Culture expansion briefPlaces for People advances on 130 homes in BattleGIC and MEAG pump €1.4bn into Vantage Data CentersBallymore plans 3,700 homes next to Royal WharfNew hotel to check in at Newcastle HelixKingsway House to get aparthotel makeoverHeliport homes plans thrown outKadans gets approval for next phase of TileyardStudent Tribe agrees £10.5m refiOffice leasing soars in regional citiesAllsop wraps up 2024 with £456m in commercial auction salesFear of recession as private sector employment stalls (£)Flooding risk will affect 1 in 4 English properties by mid-century, says report (£)