End of the office is overstated, says Brookfield boss January 19, 2021 The end of the office has been overegged according to a top asset manager, as he claims investors are underestimating the extent to which people will return to work. Speaking to the Financial Times, Bruce Flatt, chief executive of Brookfield Asset Management is hopeful that office workers will return to the office and shopping centres. [...]
British Land appoints new chief financial officer from Tesco January 19, 2021 London-based retail landlord British Land has made Bhavesh Mistry its new chief financial officer. Mistry is expected to join British Land no later than 1 August 2021. Until he joins David Walker will continue in his role as interim CFO. The incoming CFO is currently deputy chief financial officer at Tesco, a position has had [...]
Uptick in central London office interest offers hope to struggling businesses January 18, 2021 There was an uptick in interest in London office properties at the end of 2020, offering city centre firms hope that the end of the remote-working boom is on the horizon. The latest research by real estate giant JLL showed that there had been a “significant” jump in viewings and negotiations, suggesting recovery could be [...]
Housing secretary upholds approval of £250m Richmond urban village January 18, 2021 The housing secretary has granted property developer Avanton the go-ahead for a new 453-home urban village in Richmond. Avanton acquired the site in 2018 but its planning permission was initially refused by Richmond Council the following year. Mayor of London Sadiq Khan intervened to grant permission in October 2020 after Avanton announced plans to make [...]
House prices fall as sellers hope to beat tax deadline January 18, 2021 Average property prices fell by nearly £3,000 this month (-0.9 per cent) as sellers tried to temp buyers to squeeze in a sale before the end of the stamp duty holiday. Despite their efforts sellers are unlikely to beat the stamp duty deadline, according to Rightmove, as it typically takes more than four months to [...]
UK house prices: What will happen to property values in 2021? January 16, 2021 The UK residential property market boomed in 2020, with house prices ending the year at a record high, despite the shutdown of the sector during the first coronavirus lockdown. Government measures such as the stamp duty holiday helped revitalise the market, while the lifting of lockdown restrictions prompted a surge in demand. Lockdown also inspired [...]
LSL shares jump as estate agent chain expects ‘significant’ rise in full-year profit January 15, 2021 Shares in estate agent chain LSL Property Services jumped this morning after the London-listed firm announced profit for 2020 will be “significantly” ahead of the previous year. LSL’s stock rose more than six per cent to 272p following its announcement that full-year group underlying operating profit is expected to be £41.5m, beating 2019 levels. The [...]
Commercial landlord Segro bucks trend to collect majority of rent owed in 2020 January 15, 2021 Commercial landlord Segro has bucked the current trend to collect almost all of the rent due last year, as its out-of-town business property assets proved to be resilient during the pandemic. The real estate investment trust (Reit) said it had collected 98 per cent of the £417m owed in 2020. Segro has also received 88 [...]
Hammerson finance chief James Lenton to step down January 15, 2021 Hammerson has announced its chief financial officer James Lenton intends to step down after less than 15 months in the role. The company, which owns Birmingham’s Bullring shopping centre, said it had started looking for Lenton’s replacement but he would continue in his role until then. Lenton took the role in October 2019, before the [...]
Real estate giant Savills reports ‘extraordinary rebound’ for markets outside London January 14, 2021 Savills reported this morning an “extraordinary rebound” since May as regional markets outside London delivered its strongest performance since the 2008 financial crisis. The estate agent said profits topped expectations in 2020 but the firm hesitated to give guidance for the new year amid Covid-19 uncertainty. Against the backdrop of the pandemic, the group delivered [...]