Good morning.
The PM’s closest adviser has been accused of a potential conflict of interest over China’s new embassy. It turns out Edward Lister was being paid by the site’s developer, Delancy, and CBRE – which was acting for China – while he was brokering the deal on behalf of the UK government.
The West End faces “cultural ruin” without government help. Some of central London’s most influential bosses have said significant tax cuts and an extension to business rates relief are vital if the West End(£) is to recover.
Some of Britain’s biggest retail chains(£) have joined forces(£) to call for an overhaul of business rates.
And restaurants, it seems, were suffering from rising losses(£) even before the pandemic took its toll.
Manufacturers, meanwhile have called for a new Marshall Plan(£) to help them recover from the pandemic.
By the end of this year companies will have borrowed(£) in excess of £60bn to stay afloat.
As the Spring quarter day looms, landlords are bracing for another show-down with tenants(£) over rents.
And Natwest Group(£) has launched the sale of a distressed commercial property loan portfolio worth more than £550m.
In case you missed it, EG has launched a new podcast – EG Like Sunday Morning. Catch up with host Jess Harrold and co as they reflect on the week that was.
Rebel Tory MPs have dismissed as “dead on arrival”(£) a plan to solve the cladding crisis(£) by introducing loans.
The Times (£) says it is the developers who should foot the bill.
Today sees the launch of the government’s new-build watchdog – the New Homes Quality Board.
The Guardian, meanwhile, takes a look at a plans for blended mortgage products to help first-time buyers.
Andrew Bailey will be grilled by MPs today(£) over his handling of the London Capital & Finance scandal.
Historic England has published a 157-page audit(£) detailing hundreds of halls, churches and entire villages with links to slavery.
The Welsh government(£) has offered to buy Hitachi’s mothballed nuclear power project until a developer can be found.
Meanwhile, councils are making a final dash to buy commercial property(£) before a Treasury ban comes into force.
In Germany the former love-nest of Joseph Goebbels could be turned into an artists commune(£).
While over the border a pretender to the French throne(£) is demanding the return of numerous properties, along with €1m and the right to live rent free.
And finally, the residents of Manhattan’s tallest, skinniest apartment block are realising that there are some down-sides to living so high. Owners of flats in the 1,000 ft tall 432 Park Avenue building are complaining that the extreme height and slightness of the tower could be causing a myriad of problems, from “plumbing and mechanical issues; frequent elevator malfunctions; and walls that creak like the galley of a ship”. Not that this is putting anyone off buying the apartments, or building more ‘pencil towers’. Even Australia is building a clutch of the super-skinnies, which its dubs “sky scratchers”. But the worst thing, apparently, is the sway, caused by the extraordinary 15.1 height-to-width ratio. To put that into context, if you were to prop a school ruler on end, it would have a ratio of 12.1.
