Good morning. Here is your AM bulletin, with the latest news and views from EG, as well as a few of the best bits from the morning papers.
Jefferies analyst Mike Prew says that offices are going the same way as retail – down. He may be right about traditional offices, writes EG’s editor. But should real estate be an easy gig? It’s time for the return of the grafter.
Meanwhile, Inland Homes is heading for administration after issuing a notice of intent to appoint FRP Advisory as administrators.
But build-to-rent firm Cortland is doing better, securing a £130m debt facility to build out its Colliers Yard scheme in Manchester.
And the boss of steak-bake-seller Greggs tells EG why he is still hungry for more sites.
The BPF has strongly criticised the government’s decision to delay the introduction of biodiversity net gain legislation. It also wants ministers to ensure that planning authorities are properly resourced to implement the new regulations when they do finally come in.
Fat chance, as two-thirds of local authority planning and placemaking professionals say their teams are already too stretched to meet strategic objectives.
Places for People has launched a strategic land division, headed by former Countryside managing director David Ashworth.
And a film studio is London’s Park Royal is set to expand, thanks to a loan from Unbranded Finance.
Labour is finalising plans to close a series of business and property tax loopholes that could raise £4bn.
While England’s five Labour mayors have united to condemn the prime minister’s plans to curtail HS2.
And Historic England, Arts Council England and the National Lottery Heritage Fund have teamed up to asks government-appointed commissioners not to flog off Birmingham’s heritage assets, as they try to plug the city council’s funding black hole.
In the US, Wells Fargo has agreed to buy 400,000 sq ft at Related’s 20 Hudson Yards for $550m. The space was left vacant by retailer Neiman Marcus.
And grifter-not-grafter Donald Trump could be forced to sell off his New York real estate empire following the ruling that he had committed property fraud for years. Trump has railed against the “Deranged, Trump Hating Judge”, saying the ruling is “ELECTION INTERFERENCE at a level never seen before.” Trump has also been indicted for election interference.
While in China, authorities have rounded up a number of senior Evergrande Group executives as its shares are suspended once more.
And finally, former PM Boris Johnson has been granted planning permission for a swimming pool at his £3.8m home, after agreeing to play nice with the newts. Despite once singling out great crested newts as an enemy of growth, Johnson said he would “build little newt motels to house them” and even “create whole newt-friendly bunds to stop them falling in”. “We will make a newtopia!” he added. Clearly recalling Johnson’s form when it comes to promises about building things, the planners said they would accept cash for mitigation instead.
