London is the only part of England and Wales to have experienced an uplift in property values over the past 12 months, data released today by the Land Registry reveals today. Statistics from the organisation’s House Price Index report an average price decrease of 1.9% across England and Wales during the 12 months to November, a drop that was most acutely felt in the north-east, where prices fell by 5.4%. The capital defied this trend, however, posting an average rise… more
BNP Paribas Real Estate is proposing to make 70 roles in its UK business redundant. The move is part of a restructuring of its UK division to focus more on transactional businesses and successful Central London businesses in order to increase profitability. It is understood that the restructuring is currently only at the proposal stage, and that the exact 70 positions being made redundant have not been confirmed. It is thought that BNP Paribas Real Estate is looking to remove… more
The Law Society has signed a deal to take 57,000 sq ft of office space at The Cube, in Birmingham. The society, which represents the legal profession, confirmed in June it was looking to move 600 staff from its Solicitors Regulation Authority, in Redditch, and consumer complaints service, in Leamington Spa, to Birmingham. Initially, it was thought the group had chosen Nurton Development’s Two Colmore Square as its new home after considering and dismissing Portland House, next to Birmingham Airport,… more
Fans of the Liverpool and Everton football clubs have launched a campaign aimed at attracting developers to invest in 40 acres of land in North Liverpool. Supporters groups of the rival clubs held a press conference yesterday to begin a search for businesses to back the development of ‘The Football Quarter’, which the groups hope will attract leisure and retail facilities to the area surrounding the Anfield and Goodison stadiums. Local MPs promised to lobby for the proposals in Westminster.… more
Abu Dhabi property developer Aldar has received a second government bail-out worth approximately $4.6bn following a crash in property prices. The company, which is about 30 per cent owned by Mubadala, Abu Dhabi’s investment arm, has now received almost $10bn in state aid in 2011, following a 50% fall in property prices since their 2008 peak. As part of the deal, the government will buy homes worth Dh3.5bn in Aldar’s Al Raha beach development, and will pay Dh5.7bn for the… more
London & Stamford, the REIT set up by Raymond Mould and Patrick Vaughan, is likely to cash in on one of the biggest deals done during the depth of the downturn and sell its 50% stake in the Meadowhall shopping centre in Sheffield, according to the Daily Telegraph. The company is reported to have told investors that it is likely to sell its stake in 2012. It bought the 50% stake in a joint venture with a Middle Eastern investor… more
Boxing Day footfall for Britain’s retailers was at the same level as the economic nadir of 2009, as the sector struggles to pull itself out of the doldrums. Data from Experian show that the number of shoppers hitting the streets was around a fifth higher than in 2010, but this comparison is distorted by the fact that in 2010 Boxing Day fell on a Sunday – hence shorter trading hours – and the icy weather kept many shoppers at home.… more
Government back tracking on legislation that would facilitate the conversion of office space into residential usage risks hampering the UK economy, a UK property agency warned this week. The Chancellor’s Budget announcement offered an easy-win in the provision of new housing, allowing owners of offices to convert their buildings into residential accommodation without the need for further planning consents. But Cluttons has warned that the watering down of this proposal following lobbying from local councils is likely to have a… more
The City of London had a bumper December, with £1.1bn of deals completed despite the turmoil in global financial and property markets. The largest deal completed in December – indeed, the biggest deal in the Square Mile all year – was the £350m purchase of Milton and Shire House by Malaysian investment fund PNB from Beacon Capital Partners. The purchase of the 706,000 sq ft UK headquarters of law firm Linklaters is the debut London purchase of PNB, which invests… more
Housing Minister Grant Shapps has announced the latest in a string of reviews designed to kickstart institutional investment in the Private Rented Sector. Shapps today appointed City grandee Sir Adrian Montague to lead a review to `barriers to investment in rented homes’. The review follows a series of initiatives by the former Labour Government and the property industry itself to try to pursuade institutions to invest in private rented homes. Many institutions are drawn more to commercial property investment because… more