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 national papers.
The London Property Alliance has called on the next mayor of London to facilitate a “new flexible approach” to planning in central London to unlock 40.7m sq ft of workspace.
The LPA, which represents real estate developers and investors in the capital, cited fresh figures from Arup showing that a planning approach that balances heritage and sustainability with economic factors could also deliver 4.7m sq ft of new retail and 6.5m sq ft of hotel space by 2045. That could support 407,200 new jobs, the membership body said.
Ahead of next week’s election, the LPA also called for a long-term funding package for TfL to ensure the system can cope with any increase in office workers and visitors, and intervention to alleviate a “planning bottleneck” for labs, with 2.6m sq ft of lab space awaiting a planning decision.
Life sciences take-up in Cambridge has hit its highest Q1 level yet, according to data from Savills shared exclusively with EG, rising to 200,000 sq ft.
Across the Golden Triangle markets of Cambridge, Oxford and London, some 424,000 sq ft was let during the first quarter of this year. That figure is the second highest recorded in the past five years, following last year’s record of 479,000 sq ft.
In London, take-up of science-related space totalled 42,000 sq ft, largely on a par with Q1 2023 and dominated by activity from early-stage venture capital funded occupiers.
Ground Rents Income Fund has seen the value of its portfolio drop by a quarter, pinning the fall on a government consultation into limiting the ground rent paid by residential leaseholders in England and Wales.
And, occupier experience platform Locale has created an advisory board with a trio of hires, with more advisers set to be added in the coming months.
The first cohort comprises Adrian Allen, director at AJ Allen Associates and former director at property and asset managers MAPP and EPAM; Chenai Gondo, chief operating officer of residential tech start-up Hestia; and Olly Freedman, founder of Freedman Consultancy.
All of the news from EG, plus a selection of headlines from the nationals:
Ground Rents Income portfolio plunges on leasehold consultation
Next London mayor urged to focus on promoting development
Locale appoints trio to new advisory board
COMMENT Why senior living’s risk-return profile is unlike any other
The Dot Group seals CRM Students purchase
Cambridge Q1 life sciences take-up hits record high
Cushman appoints EMEA asset services boss
Housebuilder homes in on Leeds South Central office
Allsop records 90% success rate at residential sale
Caleus get thumbs up for prime Mayfair office scheme
DTRE boosts top team in science and tech growth spree
TPG and Ridgeback invest in UK housebuilder
Valor buys London last-mile warehouses for £25m
Local authorities not ready for BNG regs
Keyland offloads £30m Doncaster industrial scheme
Thriving Investments secures £20m boost for affordable homes fund
JD Sports to buy US retailer in $1bn deal
How a Monaco hedge fund boss got tied up with an indebted English town (£)
Germany probes ‘spotless’ bank bonds over real estate values (£)
Centerbridge Partners’ top real estate dealmaker Rahm to depart (£)
Rate cuts are still a ‘way off’, warns Bank’s chief economist (£)
Gucci-owner Kering expects first-half profit to shrink by up to 45% (£)
Asda only Big Four supermarket to suffer fall in sales (£)
Primark owner AB Foods predicts ‘significant growth’ in profits (£)
125 buyers sign up for apartments at £2bn ‘London’s most luxurious address’
Britain’s most and least expensive cities to buy a first home or rent revealed
