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.
Simmons & Simmons is having another rethink on its HQ at Brookfield’s CityPoint tower in London’s Square Mile. The legal firm has appointed Cushman & Wakefield to explore options (again) for its circa 150,000 sq ft in the tower.
Law firms are among some of the most active when it comes to office activity in the capital at the moment, with more than 1m sq ft of requirements in the market for as little as 15,000 sq ft to as much as 250,000 sq ft, which, sources told EG, Simmons & Simmons could upsize to.
But its not all about the size, it’s what you do with it that counts, right?
That certainly forms part of the conversation in this new podcast with HqO, in which we talk with EMEA VP of sales Sam Warren about the EG Power Properties List, a new programme we’re running with HqO to try to uncover the best places to work in the UK.
Elsewhere, real estate funds are still having a tough time. Fresh figures from Calastone show the highest level of quarterly outflows since the end of 2022.
“Commercial property is in the doldrums as an asset class,” said Edward Glyn, head of global markets at Calastone. “A glance at the share prices of closed-ended REITs shows they are trading today no higher than they were 13 years ago.”
In London’s West End, plans by the Beeb to move its 100-year-old BBC members’ club from Wogan House to its Portland Place HQ have been met with resistance from local residents, EG reveals this morning.
Locals are bemoaning a lack of clarity around plans for the club – at Wogan House the club had licences for alcohol sales and live and recorded music. They fear it will lead to noise disturbances.
The BBC said: “While we are always mindful of our neighbours, we don’t expect they will notice much – if any – change to the day-to-day business at Broadcasting House.”
And in the world of agency, Avison Young has slashed the size of its board from 11 to five following its recapitalisation last month, and Cushman & Wakefield has appointed its first chief sustainability officer.
Property news in the national newspapers this morning includes Carpetright bringing in advisers to help it cut costs. Restructuring specialist Teneo is understood to be looking at various options, including store closures. Carpetright currently has more than 400 shops across the UK.
All of the news from EG, plus a selection of headlines from the nationals:
Residents hit out at BBC bar licence application
Vision wants IRES to pay its activism costs
LISTEN: Driving a better experience in the workplace
Cushman appoints chief sustainability officer
Avison Young appoints new board
SEGRO hires former Grosvenor director
Travelodge to turn empty Stratford office into hotel
Simmons & Simmons weighs future of London HQ
British Steel gets go-ahead for Teesside green manufacturing hub
Europe has €1.4tn PRS investment potential over next decade
Real estate funds see highest quarterly outflows for more than a year
Gleeson Homes submits plans for Lincolnshire resi scheme
COMMENT: Why universities can be a powerful catalyst for regeneration
Former Dyson HQ up for sale (£)
Retailers suffer longest dip in sales since Covid pandemic (£)
Housing market springs into life over Easter (£)
Carpetright drafts in advisers to cut costs (£)
China real estate rich lost $100bn-plus in housing (£)
Send feedback to Samantha McClary
Follow Estates Gazette
