Virgin Active is shredding for summer June 14, 2016 Gym operator Virgin Active is trimming the fat and selling 35 of its UK clubs to rival Nuffield Health as part of plans to refocus on its more exclusive locations. The deal is expected to complete this summer, with the clubs, their members and staff moving across to Nuffield. Virgin Active will have 61 clubs left [...]
London airport expansion: London Chambers of Commerce pushes for Heathrow decision after Gatwick promises concessions June 7, 2016 A top business group has called on government to back Heathrow after the EU referendum following pledges from Gatwick that it would make concessions to get the green light on a second runway. The London Chamber of Commerce and Industry (LCCI) said that airport expansion must be the priority after the EU referendum, adding that government should respond to [...]
CBRE group expands into luxury end of the UK property market with acquisition of London retail property adviser June 2, 2016 Property giant CBRE has acquired the London-based property advisory Michael Horwitz & Company specialising in luxury goods retail sector, boosting its presence in the high end of the property market. The acquisition follows CBRE's move to buy the luxury property retail adviser Michael Peddar & Co in 2011. Michael Horwitz & Company, founded in 1996, has a [...]
Telford Homes announces strong results as it sets its sights on the private rented sector June 1, 2016 London residential property developer Telford Homes announced strong revenue growth in its final results for the year ending March 2016, and pre-tax profits at the company exceeded original market expectations. The firm's revenue was up by 42 per cent year-on-year, jumping from £173.5m in 2015 to £245.6m this year. Pre-tax profits were up by 28 per cent, to [...]
Should you start hoarding gold? Some say China’s gold ambitions mean you should keep some stashed at home May 26, 2016 China’s decision to buy its second gold storage vault in London last week was another step towards total dominance of the market. The vault is in a secret location and was bought by Chinese state-owned bank ICBC Standard Bank from Barclays. It could store $90bn of gold at today’s prices, and follows the purchase of [...]
This is just how misleading the figures are for London’s “average” house price May 25, 2016 Ever wondered why you can't actually find a decent property in London at the city's average house price – which we're often told is £550,000? Research released today suggests that figure is actually quite misleading: less than half of London's property is at this price – and even less in prime central London locations, Emoov research shows. The [...]
Why long-term investors shouldn’t fear Brexit: Alarming projections have emerged about the impact of Britain leaving the EU on sterling, stocks and bonds. But there are reasons not to expect the worst May 25, 2016 You’d be forgiven for thinking the investment industry is united against Brexit. Accompanied by alarming forecasts about the impact of a Leave vote on sterling or the risk to various sectors of the UK economy, repeated reports have painted the referendum as a choice between emotion and reason, with Remain the only sensible option for [...]
Focus on Notting Hill property: Prices may have fallen, but is it all down to stamp duty reform? May 19, 2016 Notting Hill hasn’t been having the best of weeks, if truth be told. On Tuesday, a report from estate agent Stirling Ackroyd revealed that average house prices had fallen in several prime central London locations. In W11, they’ve gone down by 10 per cent from the first quarter of 2015 to the first quarter of [...]
Malaysian PM’s stepson bought £23m house in London using troubled state fund 1MDB May 19, 2016 The stepson of Malaysian Prime Minister Najib Razak reportedly bought a house in London for £23.25m using money from troubled state investment fund 1MDB. The property located in upmarket Belgravia is registered with Qentas Holdings Ltd., a company based in the British Virgin Islands. However, sources told the WSJ that Najib's stepson, Riza Aziz, is the beneficial owner. Read more: The [...]
House prices of the future: London will average more than £1m while properties in much of England will be worth more than £500,000 May 17, 2016 The average price of a home might feel eye-watering today – but by the standards of 2030, they'll seem positively good value. New research claims to have estimated how much prices will go up by across Britain – and all those skinny houses and over-priced garages suddenly look like bargains in comparison. Indeed, if prices [...]