East meets West in E16
Chinese president Xi Jinping and prime minister David Cameron witnessed the signing of an agreement between ABP and CITIC to transform London’s Royal Albert Dock, E16. The deal includes the appointment of CITIC as general contractor to the project, and the formation of a joint venture that will take a 25% stake in the project.
Regional office take-up rises
This year’s take-up in the UK’s nine largest office markets outside London is forecast to be the highest since 2006, according to Bilfinger GVA. Leasing activity in the first nine months totalled 6.9m sq ft for city centre and out-of-town. Manchester was the strongest individual market.
Development cash for Stoford
Stoford Developments has secured £15m of funding to develop 200,000 sq ft of speculative industrial and distribution space at Worcester Six Park, Worcestershire, from the Worcestershire local enterprise partnership through the Growth Deal. Growth Deals were announced last year to channel government funds through LEPs for projects that benefit the local economy.
Palace lets Bristol office
Palace Capital has let Stratton House in Bristol to Wincanton Holdings following the surrender of the lease by Computershare. The 26,140 sq ft building has been let at an initial rent of £7.27 per sq ft. It has agreed a lease until 2031 with a break option in 2026.
Sheds return 19.6%
The UK logistics sector provided investors with a total return of 19.6% in the year to June 2015, a slight decline on the previous 12-month period, according to MSCI’s IPD UK Logistics Investment Report. The report, in conjunction with BNP Paribas Real Estate, found industrial returns significantly exceeded the 15.6% registered for the overall UK market.
