MORNING NEWS: WeWork to open revamped Soho site

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. WeWork is preparing to reopen the doors at a revamped Soho office, EG can reveal, in a sign of its commitment to some of its London sites even as others are closed. The co-working provider is underway on a fit-out of 16 Great Chapel Street, W1, set to reopen next month. It initially took a lease from Dearbrook for the entire building in 2015. The seven-storey space will include private offices, lounges and conference rooms as well as co-working desks. Amenities will include a wellness room. The company said an AI-focused company has agreed to take two floors as a WeWork “enterprise” member. Inchcape has sold its UK car dealerships to New York-listed Group 1 Automotive for £346m. The portfolio comprises 80 sites across the UK, which generate some £2bn of revenue and £49m of profit. Group 1 has operated in the UK since 2007 and has grown its presence to 55 dealerships in the South East and East of England. Globally the group’s portfolio consists of more than 200 locations. Japan’s Obayashi Corporation and developer Sellar have begun a public consultation on proposals to turn 60 Gracechurch Street, EC3, into a landmark sustainable office building. The development aims to deliver offices with a high sustainability criteria. The duo plans to begin the redevelopment once vacant possession is secured in 2026, subject to planning consent. And, London has overtaken Geneva as the most expensive city to build in, according to the latest research from Arcadis. Researchers said the capital’s return to the top of the rankings was driven by enhanced specifications associated with building safety and sustainability, which have pushed prices up. Bristol made its debut in the top 10, while Manchester, Birmingham, Edinburgh, Cardiff, Glasgow and Dublin were all ranked among the top 20 priciest cities for development. All of the news from EG, plus a selection of headlines from the nationals: Scarborough Group scores with ice hockey HQRolls-Royce and Heathrow Airport sign for Glasgow officeObayashi and Sellar begin consultation on 60 Gracechurch Street revampWeWork readies refurb at Soho siteInchcape drives £346m sale of car dealershipsLondon overtakes Geneva as most expensive city to build inFormer Wimbledon school site put up for salePartners Group buys stake in hospitality investor TrinityChancellor urged to retain tax relief for multiple dwellingsBlackstone nears Britishvolt site purchase for data centrePlans revealed for £350m Snowsfields Quarter schemeCLS seeks bids above £100m for Vauxhall PBSA siteThe assets up for grabs as BCPT hoists ‘for sale’ signBirmingham Exchange Buildings hit the marketTransformation of Manchester’s Renold Building gets the go-aheadNational deals round-upLondon investment volumes show signs of recoveryUniversity of Kent signs £30m PBSA finance arrangement with Canada LifeKegstar rolls into PLP MK logistics parkHines teams up with Olympian for 519-home Newcastle BTR schemeFlex debutante signs for AEW’s Manchester blockAEW builds Berkshire footprint with Reading office buyWhy Amazon’s bid to reinvent supermarkets broke retail’s golden rules (£)OSB boss Andy Golding takes 40% pay cut after fall in profits (£)Surprise jump in profits at Goldman Sachs as deal-making recovers (£)Streets where home sellers’ price tags are highest on average this year revealed