Mitchells & Butlers reports a drop in annual profits citing cost pressures and competition November 22, 2016 Pub and restaurant operator Mitchells & Butlers announced a drop in like-for-like sales as annual profits fell by more than a quarter for the year ended 24 September. The figures Like-for-like sales were down on the whole by 0.8 per cent, but the company is progressing toward growth with a rise of 0.5 per cent the last eight weeks' sales. Like-for-like food volumes [...]
Autumn Statement 2016: Looming dangers demand an urgent rethink of monetary policy in Britain November 21, 2016 A widely-held, but erroneous, view is that low interest rates act invariably as a welcome, unambiguous boost to business, consumers and the economy. Nonetheless, it seems almost incredible that the Bank of England has maintained an emergency rate since March 2009. The granting of (notional) independence over monetary policy to this institution has allowed politicians [...]
Strutt & Parker Research names six real estate trends making their way to the UK from across the pond November 21, 2016 The Coffice If don’t fancy signing an office lease but dread the local coffee house guilt, then perhaps a coffice visit is in your future? Using an app on your phone, reserve dedicated workspace at the local coffee shop that has designated office space built-in. It is cheaper than a co-working space contract, but a [...]
Asian investors have poured over £1.5bn into London property since the Brexit vote November 21, 2016 Asian investors have been pouring their money into London commercial property following the Brexit vote. Figures from Cushman & Wakefield seen by City A.M. show that Asian buyers have spent over £1.5bn in the capital since June 2016, snapping up properties in the City and the West End. Read more: Apple's move to Battersea Power Station boosts [...]
Investor confidence in UK shares falls and “nervousness” is likely to grow around Brexit November 21, 2016 Investor confidence in UK equities fell in November and “nervousness” is likely to grow as Brexit uncertainty continues, according to a Lloyds study. The bank’s Investor Sentiment Index for November found sentiment to UK shares was 11.3 per cent, down 4.5 percentage points on October and 14.9 on November last year. Sentiment towards UK property [...]
The Titanic’s grade II-listed London ticket office has been turned into £5m luxury apartments November 21, 2016 Got £5m burning a hole in your pocket and an interest in gruesome maritime history? This might be for you: a developer has just unveiled a block of luxury flats in the building where the Titanic's ticket office was located. Grade II-listed Oceanic House, in Trafalgar Square, has been redeveloped into six luxury apartments, including [...]
From idea to IPO in three years: Purplebricks founder Michael Bruce November 21, 2016 "Every time you mention the word ‘estate agent,’ everyone gets a little bit of a smile on their face and an inner feeling of unhappiness,” says Michael Bruce, chief executive at Purplebricks, the online estate agency that has turned the industry on its head in a little over four years. Bruce has traversed the world [...]
Why there won’t be much property magic in the Autumn Statement November 21, 2016 There is a long list of measures which, were they to appear in this Wednesday’s Autumn Statement, would be regarded as a magical outcome for us real estate types. For example: serious increases in the capital budget to fund infrastructure, which is both a facilitator of new development and a prerequisite for community acceptance of [...]
Asset managers must adapt to serve investors in an age of disruption November 21, 2016 Today's investors and their advisers face a torrent of change from all quarters. Political, economic and regulatory turbulence is matched only by the speed at which technology is transforming business models, choices and decision-making. The low interest rate and low growth environment is creating real challenges for institutional and retail investors. These challenges form the central [...]
Tesco to build homes on top of London superstores and carparks in bid to raise £400m from extensive property November 20, 2016 Tesco is in talks to build homes on top of its London stores and car parks in a bid to squeeze more value out of its massive land holdings. The supermarket giant hopes that the bold strategy could earn up to £400m. The homes, which could potentially number in the thousands, would take advantage of [...]