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 week ahead.
The steady flurry of assets coming to market continues to pick up as vendors test the market for that fabled wall of capital waiting to invest in best-in-class assets. Wenlock Works, an almost fully let, warehouse-style office block in the heart of London’s tech belt is one of those assets. It is being sold through Savills with a £104m asking price, a 7.5% yield.
The block was bought by Schroders in 2012 for just £18.5m and then underwent an extensive refurbishment. In 2022, reports surfaced that Schroders was trying to offload the property at around £170m.
With high sustainability credentials, a solid postcode and strong lettings to two major tech firms, the sale will be a test of the bifurcation in the market.
Savills has also got the gig to secure a record-breaking deal for Guinness World Records. GWR is seeking up to 30,000 sq ft of space in central London to break into the lucrative competitive socialising sector.
Paul O’Neill, vice president at GWR Entertainment, said: “Guinness World Records has been producing and delivering live record-breaking experiences for over a decade, and we are excited to be establishing our first permanent entertainment destination in the UK.
“We have taken everything attendees have told us they love about attempting records at our live events and weaved it all into an officially amazing Guinness World Records experience. From record-breaking challenges to team records, to unexpected record facts, to themed food and beverage menus, this will feel like you have stepped into the pages of our book, with the added magic of potentially leaving as an official world record holder.”
Landsec is taking its dedication to social impact seriously with the appointment of the author of the Casey Review into the Metropolitan Police to its board. The REIT has appointed Baroness Louise Casey of Blackstock as a non-executive director.
Chair Sir Ian Cheshire said: “Modern businesses face ever increasing scrutiny to demonstrate how they are contributing positively to the country’s social fabric. Landsec is already active in this area, and Louise’s appointment strengthens the board’s expertise – there are few people more expert than Louise in understanding how corporate decision making impacts people’s lives. We look forward to benefiting from her perspective as we shape the future of places around the country.”
Elsewhere, the continued push to build more beds continues as planning consents for student, BTR and traditional homes are expected.
In Glasgow, plans to transform a vacant plot, once home to a 1970s-built job centre, into 113 build-to-rent flats looks set to get the go ahead, despite a flurry of objections, while in Derry, LCC Properties and Investments has filed proposals for two six-storey buildings that will provide 307 new beds in the city. Demand for student accommodation in Derry outweighs supply, with an Ulster University Magee Taskforce recently saying that some £700m of investment was needed for it to reach its ambition of housing and educating 10,000 students.
And in Cambridge, planning officers have recommended that the council give the go-ahead for the third and final phase of residential development at Newbury Farm. The proposals, brought forward by Cambridge Investment Partnership in joint venture with Hill Investment Partnerships, aim to tackle Cambridge’s affordable housing shortage. The outline planning application for the wider masterplan, comprising 230 homes across three phases, was approved in 2021.
And don’t forget, if you need to stay one step ahead of the competition this week, EG has you covered with a look ahead of what to expect in UK real estate with the EG news agenda.
All of the news from EG, plus a selection of headlines from the nationals:
Baroness Casey joins Landsec
Savills appointed on record-breaking deal
PRS REIT enters FTSE 250
Hammerson weighs new bond issue
New chair joins L&Q
Christie & Co boasts strong transactional recovery
EG’s news agenda: What to look out for this week
Wenlock Works sale to test power of tech
Glasgow BTR set for green light
Final chunk of homes at Cambridge’s Newbury Farm to be approved
Plans in for 307-bed PBSA in Derry
Agents appointed on major Nottinghamshire project
Estate agency insolvencies jump 32% in a year
The astronomical cost of Ed Miliband’s net zero property crusade (£)
Hotel tycoon claims he was ‘seriously wronged’ by Lloyds Bank (£)
ISG owner breaks silence on firm’s collapse (£)
‘It consumed her’: the dream flat that cost Amanda her life (£)
Wimbledon expansion: All England Club’s plans get the green light (£)
Business confidence falls to three-month low (£)
HS2’s Euston leg poised to be given green light despite cost concerns (£)
M&S eyes Midlands mega-warehouse as it prepares for online sales boom (£)
Marquee New York property seeks $3.5bn in test for office real estate (£)
Former Missguided owner Alteri in talks to buy Kurt Geiger (£)
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