News

MORNING NEWS: Netflix streams into West End and PM faces May revolt

News

Piers Wehner

09 October 2020

Good morning.

Netflix will treble its London office space(£) after signing a deal to take over the 100,000 sq ft Copyright Building from Capita.

Meanwhile, Spelthorne council may have broken the law(£) with its £1bn investment in West London commercial property, says KPMG.

Theresa May is playing a leading role(£) in the Commons rebellion against the government’s proposed planning reforms. The former PM even appeared to make a joke(£) by calling for “a meaningful vote”.

The PM is also facing a backlash from civic leaders(£) and MPs in the North over new Covid-19 restrictions, who have accused him of issuing a “Whitehall diktat”…

… Despite there being little evidence(£) that pubs and restaurants are spreading the virus…

… And SAGE says the measures do not go far enough.

Lenders, meanwhile, are rebelling against Boris Johnson’s plans for 95% mortgages(£).

Labour has warned that Grenfell-style cladding is being replaced so slowly that it won’t be completed until 2029.

Unite has failed to hit occupancy targets(£) and lost a fifth of rents due to coronavirus cancellations.

The chairman of Barratt Developments has said the housebuilder’s “white, middle aged, male” managers have benefitted from having Dame Sharon White on board. Apparently many of them have never faced “questions by a black woman before”.

The chancellor is looking at a UK-wide carbon tax(£) to raise billions of pounds.

NewRiver REIT was one of the top real estate risers on the stock exchange yesterday, after posting that rent collections were already 72% ahead of Q2.

Swedish investor Peter Gyllenhammar is putting pressure on Palace Capital to take advantage of its 50% discount to NAV and buy back its own stock.

The ‘ghost resort’ of Varosha(£) on the border of Cyprus and the Turkish occupied north of the island has been controversially opened to the public for the first time in 46 years.

Morocco’s self-styled “King of the Poor” has bought a mansion by the Eiffel Tower(£) for more than €80m.

And finally, it seems fitting that outsourcing firm Capita(£) should be ditching its London office space to embrace working from home. But it taking over Capita’s lease on the Copyright Building isn’t the only way that Netflix has come to the aid of the London office sector. Apparently many people are now wanting to return to their desks because their home internet is so bad. Comparethemarket.com found that 10m households had complained that their broadband service was worse than usual(£) as they tried to work from home. Who is the culprit, according to the research, gobbling up the bandwidth? That would be Netflix.

Good morning. Netflix will treble its London office space(£) after signing a deal to take over the 100,000 sq ft Copyright Building from Capita. Meanwhile, Spelthorne council may have broken the law(£) with its £1bn investment in West London commercial property, says KPMG. Theresa May is playing a leading role(£) in the Commons rebellion against the government’s proposed planning reforms. The former PM even appeared to make a joke(£) by calling for “a meaningful vote”. The PM is also facing a backlash from civic leaders(£) and MPs in the North over new Covid-19 restrictions, who have accused him of issuing a “Whitehall diktat”… … Despite there being little evidence(£) that pubs and restaurants are spreading the virus… … And SAGE says the measures do not go far enough. Lenders, meanwhile, are rebelling against Boris Johnson’s plans for 95% mortgages(£). Labour has warned that Grenfell-style cladding is being replaced so slowly that it won’t be completed until 2029. Unite has failed to hit occupancy targets(£) and lost a fifth of rents due to coronavirus cancellations. The chairman of Barratt Developments has said the housebuilder’s “white, middle aged, male” managers have benefitted from having Dame Sharon White on board. Apparently many of them have never faced “questions by a black woman before”. The chancellor is looking at a UK-wide carbon tax(£) to raise billions of pounds. NewRiver REIT was one of the top real estate risers on the stock exchange yesterday, after posting that rent collections were already 72% ahead of Q2. Swedish investor Peter Gyllenhammar is putting pressure on Palace Capital to take advantage of its 50% discount to NAV and buy back its own stock. The ‘ghost resort’ of Varosha(£) on the border of Cyprus and the Turkish occupied north of the island has been controversially opened to the public for the first time in 46 years. Morocco’s self-styled “King of the Poor” has bought a mansion by the Eiffel Tower(£) for more than €80m. And finally, it seems fitting that outsourcing firm Capita(£) should be ditching its London office space to embrace working from home. But it taking over Capita’s lease on the Copyright Building isn’t the only way that Netflix has come to the aid of the London office sector. Apparently many people are now wanting to return to their desks because their home internet is so bad. Comparethemarket.com found that 10m households had complained that their broadband service was worse than usual(£) as they tried to work from home. Who is the culprit, according to the research, gobbling up the bandwidth? That would be Netflix.