Good morning.
Here is your AM bulletin, featuring the latest news and views from EG and some of the best bits from the national press.
Investment in London’s West End has tumbled by more than half over the first six months of 2023 to £1.6bn. Savills says deal flow is “still under threat”.
Over on the other side of the capital, The FT (£) says HSBC’s decision to leave its 8 Canada Square headquarters is a sign of Canary Wharf’s waning star, while The Guardian’s take is a little less doom-laden.
But some good news from the States. “Rumours of New York’s demise are greatly exaggerated,” is the verdict, after New York City’s largest office landlord, SL Green, secured a $2bn valuation for the 245 Park Building after selling a 49.9% stake to Japan’s Mori Trust.
In other news, Cineworld is set to file for administration in the UK next month as part of plans to reduce its debt pile.
UK retailers have suffered another month of falling sales volumes – a 9% drop for June following a 10% fall in May.
Knight Frank has named 54 new partners in its latest round of promotions, which saw 252 staff promoted in total, including 77 to associate.
And former PwC partner Tony Poulter has been appointed to review Homes England. How the Department for Levelling Up, Housing and Communities works with Homes England will also be reviewed.
BlackRock boss Larry Fink says he has stopped using the term “ESG”, saying it has become “entirely weaponised”.
Life Science REIT has refinanced a £150m loan and revolving credit facility to support its 390,000 sq ft Oxford Technology Park development.
And Australian developer Third.i has bought the Westminster Tower on Albert Embankment, SE1, from CLS for around £45m.
Just 5% of private rented houses are affordable for tenants on housing benefits. The figure was 23% in April 2020.
Meanwhile, North Devon has rejected an application to create some flats above shops on Barnstaple high street because of possible flood risk in 2105.
And finally, Prince William’s plan to “end homelessness” by giving £3m to a Housing First scheme has received both praise and criticism. Homelessness charities have said his intervention is “crucial”, while a caller to James O’Brien’s radio show on LBC said that if he really wanted to do something about homelessness, he could sell off royal properties to be redeveloped as social housing. Perhaps he’s on to something. Assuming you carved it up properly, the 830,000 sq ft floorspace of Buckingham Palace alone could give you 1,200 or so two-bed flats. And that’s without putting in mezzanines…
