Good morning, and welcome to your Thursday round-up of news, views and interviews from EG, plus some real estate-relevant stories from the papers.
Westminster has lost almost 4m sq ft of office space since 2019, and now the Westminster Property Association and Arup have warned that a more balanced approach to planning is needed to help avoid a “catastrophic decline” in employment space.
A new report from the pair maps out three best- to worst-case scenarios for the borough’s economic outlook over the coming decades, and the worst is bad news indeed for office developers. Get all the details exclusively here.
Something needs to be done to unstick the planning system, says EG editor Samantha McClary in this week’s leader. Without that happening, neither housebuilders nor office developers can deliver: “Surely, as we count down to the inevitable run-up to a general election, now is the time to come up with a proper, collaborative, well thought-out plan.”
This week’s EG Interview is with Town Centre Securities chief executive Edward Ziff, who talked with me about how the company brought its leverage under control, his hopes for the next government – and a little golf.
Elsewhere in listed real estate, it’s all over for the planned merger of Abrdn Property Income Trust and Custodian Property Income REIT after shareholders in the former rejected the deal late yesterday. API’s board will now launch a managed wind down – but, again, only with shareholders’ backing.
All the news from EG, plus a selection of headlines from the nationals:
Town Centre Securities boss stops to smell the roses
Westminster risks ‘catastrophic decline’ in office space
Editor’s comment: Can the planning system ever be unstuck?
Home REIT sells 63 more properties
St Modwen Logistics taps SEGRO for director hire
London Square plans resi scheme for Chelsea convent
Brockton Everlast lodges plans for City office revamp
TT Group sells former BT office with resi conversion scope
Insurtech firm finds new home at West Village Leeds
Cala confident despite dips
Gordon Ingram steps down from GIA
API to wind down as Custodian merger falls through
BoE rate-setter warns against rushing to cut interest rates (£)
UK sends Canary Wharf landlord first cladding bill under new powers (£)
Bank of England warns of private equity dangers (£)
Amazon expects to save $1.3 billion by slashing office vacancies, terminating leases early (£)
Confidence returning to property market as buyers pay up (£)
Morrisons posts strongest sales growth since takeover (£)
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