Focus on Victoria: Once just a train station, this central postcode now has an identity all its own October 25, 2019 There was a time not so long ago when Victoria was a train station, not an area. You could be ‘near Victoria station,’ but not ‘in Victoria’. Happily, it’s now made the transition thanks to an explosion of new bars, shops, offices and restaurants which have put the district firmly on the map. “For many [...]
Opinion: Uncertain times are leading to London property ‘microclimates’ October 25, 2019 The fluctuations and instability experienced by the capital’s housing market continue to be underpinned by, for want of a better phrase, ‘Brexit uncertainty’. A market once dictated by patterns and trends has been shaken by political turbulence, leaving buyers and sellers with little direction on how to navigate it, which is ultimately resulting in inconsistencies [...]
UK mortgage approvals slip to six-month low October 24, 2019 The number of new mortgages approved by UK banks fell to a six-month low in September, survey data has revealed, suggesting Britain’s property market is slowing as Brexit uncertainty continues. Read more: UK house prices suffer slowest October rise since 2008 Banking trade association UK Finance said banks gave the green light to 42,310 loans [...]
Wework plans to axe up to 4,000 jobs October 23, 2019 Wework is planning to axe up to 4,000 jobs as Softbank launches a turnaround plan after taking control of the business earlier this week. The redundancies will reduce Wework’s global workforce of 14,000 people by just under 30 per cent. Read more: Softbank takes control of Wework Wework is seeking to move its cleaning operation [...]
Exclusive: Flexible office space firm Central Working falls into administration October 23, 2019 London-based flexible office space group Central Working has collapsed into administration. The co-working business, which hosts 1,850 companies across 11 sites in the UK, has appointed administrators from independent advisory firm Quantuma. Read more: Softbank seizes control of Wework in deal making Adam Neumann a billionaire A letter to tenants seen by City A.M. said [...]
UK commercial property rental values boosted by office and industrial sector October 22, 2019 Rental values in the UK prime commercial property market rose slightly in the third quarter driven by a strong performance in the industrial sector. UK commercial property values were up 0.4 per cent as industrial and office rental values increased 1.7 per cent. Read more: Sharp rise in property values for UK’s top shared office [...]
Softbank seizes control of Wework in deal netting Adam Neumann $1.7bn October 22, 2019 Softbank has won approval from Wework’s board to take control of the struggling office space company, in a deal that nets co-founder Adam Neumann $1.7bn (£1.3bn) but severs most of his ties with the firm. Neumann will also step down from Wework’s board, the Wall Street Journal reported. Read more: Wework creates committee to mull [...]
UK house prices suffer slowest October rise since 2008 October 21, 2019 Prospective home buyers have been undeterred by the approaching Brexit deadline, while sellers have been put off by ongoing uncertainty over UK house prices, according to Rightmove. The price of property coming to market has seen its lowest monthly rise at this time of year since October 2008. Prices are up 0.6 per cent this [...]
Capital & Counties share price climbs as property tycoon Nick Candy eyes bid October 21, 2019 Shares in Covent Garden owner Capital & Counties jumped this morning after high-end property tycoon Nick Candy confirmed he is considering a possible offer for the group. Candy Ventures, the investment vehicle owned by Nick Candy, has said it is in early talks for a possible cash off for Capco, which has a market value [...]
Property tycoon Nick Candy courts Saudis over Capco takeover bid October 20, 2019 Property magnate Nick Candy is said to be in talks with a Saudi investment fund over a potential takeover bid for Capital & Counties (Capco), the owner of Earls Court and Covent Garden. Candy, who developed the One Hyde Park complex with his brother Christian, has held early-stage discussions with Saudi Arabia’s Public Investment Fund [...]