Hong Kong developer swoops in with £96m steal for Vauxhall Square site March 16, 2022 Vauxhall Square in London has been sold by a Chinese developer for £96m, which is a reported discounted price of 42 per cent. A subsidiary of Hong Kong-based company the Far East Consortium International (FEC) swooped in for the 14m square-foot site, buying it off rival firm, Guangzhou-based R&F Properties, on the cheap. It was [...]
Commercial landlord CLS fails to keep up with pandemic pre-tax profit March 16, 2022 Office space and commercial landlord CLS had its pre-tax profit dwindle over the past year, as it slipped below pandemic earnings. The London-listed group, which has a portfolio worth around £2.3bn, had its profit before tax dip more than five per cent to £91.5m in the year to 31 December. The group, operating across UK, [...]
Lambeth tower proposal causes resident rebellion March 15, 2022 A tower-block-proposal in Lambeth has come under fire from local residents, with attention turning to the record of council-owned housing company Homes for Lambeth. The proposal for three towers all above nine storeys will block sunlight reaching a nearby park, playground and school and involve the uprooting of 43 trees. Residents complain that the project [...]
Berkeley snaps up National Grid’s stake in joint venture for over £400m March 15, 2022 Property developer Berkeley has acquired the National Grid’s stake in a realty joint venture for £412.5m. The London-listed house builder snapped up the remaining 50 per cent interest in its St William Homes joint venture, it announced on Tuesday. Rob Perrins, Berkeley’s chief executive said: “The vision of our innovative partnership was to take National [...]
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London is back: Office occupancy reaches pre-pandemic levels March 15, 2022 London office occupancy peaked at 42 per cent on Thursday 10 March, the highest single daily rate in the capital since before the pandemic in 2020. The weekly average prior to the pandemic was 63 per cent. Furthermore, last week was the highest weekly average for the UK and London, with both averaging 31 per [...]
Foreign home ownership in London swells by £6bn but oligarch exodus to slow cash influx from abroad March 14, 2022 Internationally-registered homes in London increased by £6bn last year, but the impact of Russian sanctions is expected to slow the rate of growth in the market. Despite the pandemic, there was a four per cent increase in the number of houses registered to buyers overseas, up to 84, 451, according to new numbers released by [...]
Housebuilder shares boosted by fresh cladding estimate March 14, 2022 Housebuilders saw their share prices lifted on Monday after optimism that the bill foisted on developers for cladding remediations would be much lower than initially forecast. It had been thought that property firms would have to pay £4bn to rectify unsafe cladding on 11-18metre tower blocks. However, the potential bill was estimated to be closer [...]