New office construction in central London plunges 50 per cent November 23, 2020 New office construction in central London has plummeted by half over a six month period, according to the latest research, driven by a drop off in demand in the Square Mile. Weak tenant demand was the biggest obstacle to kickstarting new projects during the period, as developers wait to assess employers’ plans to return to [...]
Tory mayoral candidate pledges to build 100,000 homes for young Londoners November 22, 2020 Young Londoners will be able to buy new homes for £100,000 in the capital with a deposit of just £5,000 if Tory mayor candidate Shaun Bailey is elected next year. Bailey will announce tomorrow that if victorious in the May poll that he will build 100,000 “Millennial homes” that can only be bought by young [...]
City watchdog probes Airbnb ahead of New York float November 22, 2020 The UK’s financial watchdog is investigating Airbnb over concerns about the tech firm’s anti-money laundering and counter-terrorist financing systems. The Financial Conduct Authority last year called on UK electronic money institutions to review their compliance on safeguarding customer funds. Airbnb Payments UK (APUK) told the City watchdog that it had identified gaps in its compliance [...]
BP to sell London headquarters to Hong Kong investment firm for £250m November 20, 2020 BP has announced the sale of its London headquarters to Hong Kong investment firm Lifestyle International for £250m. The oil giant, which is aiming to sell $25bn of assets by 2025, will lease the 1 St James’s Square property back for two years. BP, led by chief executive Bernard Looney, has already divested or agreed [...]
Developer Urban & Civic swings to a loss on property revaluations November 20, 2020 Property developer Urban & Civic swung to a loss in the year ended 30 September due to revaluations and lower commercial property sales. The firm, which was recently bought by health research charity the Wellcome Trust for £500m, reported a loss before tax of £8.1m, down from £16.3m profit last year. Net asset value per [...]
BNP Paribas’ UK property chief on the impact of the pandemic November 20, 2020 In his first interview since taking up the role of UK CEO of BNP Paribas Real Estate in July, Etienne Prongué sat down with Morning Wire’s Michiel Willems to discuss the unprecedented beating the City’s property investment space received since the start of the pandemic, with transaction and fundraising levels remaining suppressed. But despite the [...]
Unite Students to buy 800-bed development from Travis Perkins November 20, 2020 Student accommodation developer Unite Students has bought a new 800-bed site in Paddington from Travis Perkins, the company announced today. Total development costs for the project are expected to be £150m, which will be funded through proceeds from its last equity raise. Unite is planning to open the development – its second partnership with Travis [...]
London rental growth slows to lowest rate in three years November 18, 2020 Private rental prices in London grew 0.9 per cent in the 12 months to October, compared to 1.2 per cent growth the previous month
UK house prices surge to record high in September November 18, 2020 UK house price growth accelerated in September, driving average property prices in London and across the UK to a record high. House prices across the UK increased by 4.7 per cent to £245,000 in the year to September, up from three per cent growth in August. London’s average house prices hit a record high of [...]
Pandemic wipes £1bn off British Land’s portfolio as retailers take a hit November 18, 2020 The pandemic has wiped almost £1bn off commercial landlord British Land’s (BLND) portfolio after retailers were forced to close and offices lay empty. The FTSE 100 firm said the value of its portfolio of offices and shops had fallen from £11.2bn in March to £10.3bn by the end of September. The structural challenges in retail [...]