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.
Trammell Crow Company has bought London-based office developer Candour, marking its debut in the UK offices sector. Candour founders Toby Pentecost and Dan Rees will join TCC as senior vice-presidents and co-heads of UK offices.
Nice timing. BNP Paribas Real Estate says rents for the best-in-class office space in the West End could reach £300 per sq ft next year.
Meanwhile, the government has appointed Avison Young to sell a 236,000 sq ft former Covid testing laboratory in Leamington Spa, Warwickshire.
But the big plan being cooked up by ministers is the long-awaited phasing out of the “feudal” leasehold system. Levelling up secretary Michael Gove appears to have won the argument with the PM, and the bill will be the first out of the gate following the King’s Speech next week.
The rest of the King’s Speech, which sets out the legislative agenda for the next parliament, is expected to be more about political posturing. With a general election looming, the government is intending to use it to move further away from the green agenda and widen the gap between it and Labour.
In other news, Wilko stores will return to UK high streets before Christmas, under plans set out by the brand’s new owner.
Topshop could also return to the high street, as Asos moves to sell the business to Authentic Brands Group.
And department store group Fenwick is back in the black after selling its 130-year-old Bond Street store.
Tens of thousands more care home beds are needed within the next decade, says Savills, but are being held up by the planning system.
Britain’s pubs are closing at a rate of six every day, according to new research. The number of venues has fallen below 100,000 for the first time since records began.
And the UK is set for back-to-back house price falls, due to a glut of unsold homes and continuing high mortgage rates.
As Britain’s housing crisis threatens to push more local authorities into effective bankruptcy.
The FT (£) looks at how investors lost their love for UK property funds.
While The Times (£) asks: could the real estate “horror show” being witnessed in the US come to the UK?
And takes a look at the UK’s 10 freeports, and asks if they can ever deliver growth and drive levelling up.
Further afield, Chinese developer Evergrande is facing an existential crisis, as a winding up petition is brought to a Hong Kong court.
