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 nationals, all perfectly curated to set you up for the week ahead.
It’s all about the City and a flurry of tower developments this morning as Sellar and Obayashi Corporation get the nod for a new 36-storey tower at 60 Gracechurch Street, EC3; Welput’s 43-storey tower at Bury House, EC3, gets recommended for approval by planners, despite secretary of state Angela Rayner telling the City Corporation “ not to grant permission without specific authorisation”; and Aviva and CO-RE open a consultation on their plans for a 31-storey tower at 130 Fenchurch Street, EC3.
Together the three towers would add more than 1.5m sq ft of new office space to the Square Mile, something all the developers – and the City – say it is crying out for.
“There is an acute shortage of office space across London that is able to meet the exacting requirements of the modern occupier,” said Sellar chief executive James Sellar, “and we firmly believe that being able to satisfy that demand is an important component in London’s ability to attract leading businesses and ensure it maintains its status as a world-class city.”
Chairman of the City of London planning and transportation committee, Shravan Joshi, said Sellar’s plans aligned perfectly with its own and would deliver much-needed grade-A space.
“It is no coincidence that the City is bucking the global trend of rising office vacancy and stalling construction activity,” said Joshi. “With a dedicated, solution-focused planning department, combined with clear policy and strategy, we are creating an environment in which developers and investors can help us create a vibrant, thriving Square Mile for all to enjoy.”
A spokesman for Welput, which has faced strong opposition to its development, said its scheme would address increasing demand for sustainably designed, quality office space.
“The Bury Street project represents a significant opportunity for the City, particularly in its support of SMEs, which constitute 99% of all City employers,” said the spokesman. “By creating new jobs and driving economic development, the project will play a crucial role in enhancing the City’s attractiveness and ensuring sustained growth and prosperity for its diverse business community.”
And don’t forget, if you need to stay one step ahead of the competition this week, EG has you covered with a look ahead to what to expect in UK real estate with the EG news agenda.
All of the news from EG, plus a selection of headlines from the nationals:
Rayner waves through 700,000 sq ft data centre
Sama submits plans for Brum homes
Urban Revivo signs for UK debut
PPHE Hotel Group joins Nareit index
CO-RE and Aviva plan ‘distinctive’ tower
Controversial City scheme recommended for approval
Sellar’s Gracechurch Street plans move forward
Nod for Herts logistics
EG’s news agenda: what to look out for this week
Plans for homes and jails will bypass councils (£)
New UK planning rules will bypass councils to fast-track housebuilding (£)
Rayner to give mayors more powers over infrastructure projects (£)
Labour are right to free up development (£)
How George Osborne turbo-charged stamp duty – and destroyed London’s property market (£)
John Caudwell: ‘Starmer is doing things I highly approve of’
Waitrose and John Lewis open Caffé Nero outlets in their shops (£)
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