Rents prompt legal downsizing
London’s top law firms are downsizing in the wake of rent rises of an average 7% in 2015, according to CBRE research. Average rents for London’s 100 biggest law firms rose to £43 per sq ft last year, prompting many to reduce space. There were 63 relocations in 2015, pushing office take-up in the legal sector to 12% above the 10-year average.
Dublin hotel up for grabs
The Gresham hotel in Dublin has been put up for sale for €80m (£60m). Christie & Co and CBRE have been instructed to market the property on behalf of a private investor. The Gresham hotel has 323 bedrooms and 10 suites.
Heathrow shed take-up falls
Total take-up of warehouse space around Heathrow airport was 1.1m sq ft last year, a 17% decrease from 2014, due to a tightening of supply in core locations. According to Savills, availability now stands at 2m sq ft. Based on the five-year average take-up of 1.3m sq ft, this equates to just 1.4 years of remaining supply.
Bristol mulls Arena funding
Bristol City Council’s approval is being sought for £28m of infrastructure works at the city’s Arena Island. A report, which will be considered by
the council on 1 March, outlines a new public plaza linking the new 12,000-capacity Bristol Arena with the proposed Arena Island development, improvements to public access and site infrastructure works.
Empiric says Hello Student
Empiric Student Property has launched a new platform and consumer brand called Hello Student. The company is working in partnership with operator CRM Student to deliver the brand, which will operate across its entire 5,691-bed portfolio by the beginning of the 2018/19 academic year.
