US lawyers seek London base
US law firm Sidley Austin has launched a 100,000 sq ft requirement for a new London base. The Chicago-based law firm has instructed Knight Frank to seek premises in the City, South Bank or Midtown. Its lease at Cathay Life’s Woolgate Exchange, 25 Basinghall Street, EC2, expires in 2020.
Prime London resi prices up
The prime residential property market in London saw its first price uptick in more than a year in Q4 2016, while transaction volumes showed signs of stabilising. According to LonRes Quarterly Data, after falls in Q3 following the EU referendum, prices were expected to drop further. Instead they increased by 1.9%.
Savills buys Guernsey outpost
Savills UK has bought Montagu Evans Channel Islands – which is separate from Montagu Evans – to be the firm’s first commercial presence in Guernsey. It will combine with Savills’ residential offer in Jersey to provide real estate services across the Channel Islands. Montagu Evans Channel Islands will now be named Savills Channel Islands.
UK commercial returns drop
Total returns for UK commercial real estate will be 1.9% in 2017, according to Carter Jonas – a significant decline on the 6.1% recorded in 2016. Industrial is predicted to be the best-performing sector, with returns of 4.2%, while offices will return -0.5%. Although the Brexit vote affected the market in 2016, the firm said, the slowdown started before the referendum.
First Base a hit in Havering
First Base is in talks with Havering Council over a £200m project in Romford, east London. The pair are looking to redevelop the seven-acre Bridge Close Industrial Estate with a residential-led scheme comprising 840 homes, workspace and community amenities.
