Bishopsgate tower approved
AXA Investment Managers – Real Assets and Lipton Rogers’ proposed 912ft skyscraper at 22 Bishopsgate, EC2, has been approved by the City of London Corporation. The 62-storey design, with more than 1.3m sq ft of office space, is the tallest consented tower in the Square Mile.
Interview: Sir Stuart Lipton, p56
Total returns 1% in October
Commercial property total returns were 1% in October, according to the IPD UK Monthly Property Index. Capital values rose by 0.5%, while income returns averaged 0.4%. Office and industrial assets continued to outperform the retail sector, delivering returns of 1.2% each, against 0.7%. Three-month property returns now average 3.3%, while annual returns were 14.7% in the 12 months to October.
TfL submits plans for 600 homes
Transport for London has submitted planning applications for three London sites that will create up to 600 homes. TfL hopes to raise £100m to invest in transport infrastructure. The schemes – in Nine Elms, Northwood and Parsons Green – are part of its strategy to raise £3.4bn in non-fare-related revenue by 2021.
Birmingham take-up plummets
Grade-A office take-up in Birmingham fell by more than any other top 10 regional city in the third quarter of this year. According to Knight Frank’s Regional offices market report, the city saw an 82% drop in new space leased quarter-on-quarter.
Correction
Last week, Estates Gazette incorrectly reported that the Mansion Student Accommodation Fund went into liquidation in January (EG 14 November, p31). We are happy to clarify that the assets in the fund were sold to meet redemptions, but the fund was never placed into liquidation. We apologise for the error.
