Good morning,
Chris Philp, the new number two minister at the Treasury, is facing questions after it was revealed that he owns a substantial stake in Pluto Finance, the real estate funder. As Philp will be responsible for spending on housing and planning, the real question is whether this indicates a conflict, or some welcome relevant experience?
Meanwhile, economists have told his boss, new chancellor Kwasi Kwarteng, that he will struggle to hit his 2.5% economic growth target.
UK property shares have suffered a shock as inflation fears from across the Atlantic accelerated a sell off. The FTSE 100 dropped by 1.2%, but SEGRO was down by 4.29% and British Land by 3.08%.
And unabashed expansion has helped Aldi knock Morrisons out of the supermarket Big Four. The discounter has increased its market share to 9.3% thanks to cost-conscious customers and building more than 50 stores in the past year.
Dublin’s iconic Buswells Hotel has been placed on the market with a guide price of €22m.
Rising resi rents and utility bills are causing tenants to switch from large, expensive properties to smaller, cheaper homes.
But can we measure social values using a standardised evaluation toolkit and a spreadsheet? Sadie Morgan, founder of the Quality of Life Foundation, is not convinced.
A 160,000 sq ft speculative shed will rise at the Corby site where Weetabix was once made. That’s a good start to Copley Point Capital’s day, then.
And Mantle Estates has signed a trio of new tenants at its Abingdon Business Park.
Over in China, Evergrande has vowed to restart all of its stalled property projects. The debt-laden developer had its HQ building seized last week after failing to pay yet another tranche of debt.
And finally, an unremarkable toilet block has gone on the market for £100,000. The asking price may seem loo-dicrous (sorry), but there could be some hidden value, says agent Williams Sillitoe. After all, it is located in the centre of Holmes Chapel, Harry Styles’ hometown. In fact, it is just a few steps away from the bakery where the heartthrob used to work. Who knows, he might even have used it! Squeeeeeee!
