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.
Newly filed accounts for Avison Young show that operating losses across the business more than doubled in the year ended 31 December 2023.
Accounts for the UK and European division of the Canadian agent show a stable turnover of £211.1m for the year, down marginally on the £211.8m recorded in 2022. Losses more than doubled, however, with operating losses growing from £41.1m in 2022 to £85.5m last year and pretax losses growing from £55.6m to £101.9m.
Revenue from consultancy services dipped from £104m to £96.4m over the period, with transactional revenue down from £43m to £34.6m. Property management revenue increased by 24% to just over £80m.
The leadership of the business said it expected a “gradual recovery” in the UK and European markets from Q4 2024 and that plans from the new government to drive regeneration and new home building would drive “growth and opportunity”.
However, it said “full recovery will be a gradual process, with strategic initiative being put in place to mitigate adverse impacts”.
AY said it was continuing to review service offerings, streamlining reporting lines and “creating core business focus to drive greater lineage into key markets”.
Banking on housing and regeneration to deliver growth may well be a safe bet for Avison Young as fresh cash continues to get pumped into the sector by the new government. Some £500m has been pumped into the affordable housing sector this morning, with more announcements to unlock development expected in this week’s Budget, including further devolved powers to regional mayors and a number of new freeports.
Elsewhere, AIM-listed Roadside and its joint venture partner Meadow have splashed £70m in a sale-and-leaseback deal with Lidl, the pair’s largest deal to date, but not its last. The pair say they are committed to spending more on acquiring assets that deliver “sustainable returns for investors and value amenities to local communities”.
And ICYMI on Friday afternoon, Time Out Market may finally be making its London debut. EG exclusively revealed last week that the media and hospitality giant was in talks with the Crown Estate to open a circa 30,000 sq ft food hall at 10 Piccadilly and 55 Regent Street, W1. Hopefully it will be fourth time lucky for the business, which has food halls across the globe, including in Lisbon, New York, Boston, Montreal, Chicago, Dubai, Cape Town, Porto and Barcelona.
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 to 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:
Operating losses double at Avison Young
Roadside jv buys 12 stores from Lidl in £70m deal
Regional REIT forms solar jv
Assura seeks secondary listing
RLAM appoints new lead for £6bn fund
Government pumps £500m into Affordable Homes Programme
Bond Wolfe raises £25m as October success rate soars
French optician eyes UK expansion
EG’s news agenda: What to look out for this week
Paris Games boost trading at Unibail-Rodamco-Westfield
Pennycook overturns Crest Nicholson refusal
COMMENT: Designing out inequality in urban environments
Chancellor to announce five new UK freeports in the Budget (£)
Treasury confirms plans for inflation-busting rise in UK social housing rents (£)
White Stuff founders to sell business for cool £40m (£)
Building Keir Starmer’s 1.5m homes ‘will mean even more illegal workers’ (£)
Blackberry inventor loses £1.2m tax battle over mansion stamp duty (£)
Steakhouse chain mulls options after record sales (£)
Millionaire forced to demolish ‘Britain’s best man cave’ (£)
How Britain killed its property market (£)
Fugitive Hong Kong tycoon puts £90m London mansion up for sale (£)
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