Real Estate & Commercial News in United Kingdom from Propertyshowrooms.com

Property groups to make further job cuts

Mon, 19 Jan 2009 00:00:00 GMT

As many as half of companies across the property sector are set to continue to cull jobs this year as part of widespread cost-cutting in the face of worsening...

Surveyors see worse slump

Mon, 8 Dec 2008 00:00:00 GMT

The Royal Institution of Chartered Surveyors predicts a further drop in the UK commercial property market underpinned by the slowdown in rental growth with the UK recession...

British Land revives sale of Meadowhall stake

Fri, 5 Dec 2008 00:00:00 GMT

The property group has reignited talks to sell a large stake in its flagship £1.4bn shopping centre in the north of England. A London-listed property fund, backed by an Abu Dhabi sovereign wealth fund, is seen as frontrunner to secure the deal...

Mortgage securities set for overhaul

Wed, 3 Dec 2008 00:00:00 GMT

Financial institutions are set to overhaul standards for mortgage securities to give investors, servicers and rating agencies greater certainty over credit quality and how home loans can be changed when borrowers fall behind on payments...

Telford Homes posts loss

Wed, 3 Dec 2008 00:00:00 GMT

The property developer reported half-year pre-tax losses of £1.1m, from £3.5m a year ago, amid the 'toughest trading' in its history...

Metrovacesa owners to swap debt for equity

Tue, 2 Dec 2008 00:00:00 GMT

Spain's Sanahuja family, which controls Metrovacesa, has reached an agreement with creditor banks to swap its debts with a 54 per cent stake in the struggling property group...

Frontier sells Old Queen Street building for £8.5m

Tue, 2 Dec 2008 00:00:00 GMT

Frontier Estates has sold 37- 41 Old Queen Street, close to London’s St James’s Park, for £8.5m, just five months after acquiring the building for £7m...

Muse finally signs for Swindon's £350m Union Square

Thu, 27 Nov 2008 00:00:00 GMT

Muse Developments has signed a development agreement to deliver the £350m Union Square mixed-use scheme in Swindon town centre, Wiltshire...

British Land eyes succession as NAV plunges

Thu, 20 Nov 2008 00:00:00 GMT

Chris Gibson-Smith, executive chairman of British Land, said the property company had 'seen a wide range of candidates' to replace Stephen Hester, its former chief executive who takes up his new role at Royal Bank of Scotland this month....

Qatari Diar To Buy London Property

Wed, 12 Nov 2008 00:00:00 GMT

Qatari Diar, the property arm of Qatar's sovereign wealth fund, is to buy Christian Candy's CPC Group's equity stake in the Chelsea Barracks Project Blue, London's most expensive development...

Land Secs puts demerger on hold

Wed, 12 Nov 2008 00:00:00 GMT

The property group confirmed it had stopped work on its planned three-way demerger as it said its net asset value had fallen in value by more than a fifth in the six months to end September...

Few areas of the world immune from slump in commercial property

Mon, 10 Nov 2008 00:00:00 GMT

Worsening economic conditions have now taken a toll on almost every commercial property market in the world, according to a global survey of real estate surveyors. The...

Land Securities scraps demerger

Mon, 10 Nov 2008 00:00:00 GMT

Land Securites is expected to lay bare the full extent of the commercial-property bloodbath this week when it puts plans for a demerger on ice and unveils a shock 20% drop in the net value of its assets...

HBOS deal to save Lloyds £1.5bn

Mon, 3 Nov 2008 00:00:00 GMT

Lloyds says its merger with HBOS will save it £1.5bn a year, more than expected, which could mean heavy job losses...

Empty space highlights speed of downturn

Tue, 21 Oct 2008 00:00:00 GMT

With 3.7m sq ft of unlet floorspace due for delivery in the next 18 months – just when agents are predicting the worst of the downturn – developers look to have been caught out...

600% increase in property services firms hit by ‘critical problems’

Tue, 21 Oct 2008 00:00:00 GMT

There was a 600% increase in property services companies displaying ‘critical problems’ during the third quarter of the year compared ot the same time last year, according to Begbies Traynor...

Quorum sells at Newcastle-under-Lyme’s Rosevale Business Park

Tue, 21 Oct 2008 00:00:00 GMT

Property company Quorum has sold an office building at Rosevale Business Park in Newcastle-under-Lyme to Bennett Architectural Solutions...

More mortgage brokers hit with FSA fines

Fri, 17 Oct 2008 00:00:00 GMT

Two more mortgage brokers have been fined by the City watchdog as it continues to increase its scrutiny of poor practices in the sector. The two penalties took total fines it has levied this year on the industry to £2.6m...

Rate cut hint

Tue, 23 Sep 2008 00:00:00 GMT

The Bank of England deputy governor in charge of financial stability signalled yesterday that he might be prepared to support a cut in UK interest rates later this autumn...

Commercial property

Tue, 16 Sep 2008 00:00:00 GMT

The most visible sign yesterday of the impact of the Lehman Brothers' collapse on the commercial property market was the stream of workers carrying cardboard boxes...

Centro's plan to sell US assets unravels

Mon, 15 Sep 2008 00:00:00 GMT

The prospect of Centro Properties clawing its way back from financial ruin were dealt a body blown on Monday when the heavily-indebted Australian shopping mall owner said a previously agreed deal to sell US assets had collapsed...

GKN buys Airbus plant for £136m

Mon, 15 Sep 2008 00:00:00 GMT

Part of the Airbus factory at Filton near Bristol is being sold to engineering giant GKN in a deal worth £136m...

Birmingham office scheme cuts rent to attract tenants

Fri, 12 Sep 2008 00:00:00 GMT

Rents at a Birmingham office development on Newhall Street have been cut from £28/sq ft to £25/sq ft to attract an occupier...

Middle East looks to prosper in hunt for new business

Thu, 11 Sep 2008 00:00:00 GMT

London’s big investment banks are dramatically stepping up their presence in the Middle East in an effort to seek new clients, increase deal flow and shift people out of shrinking businesses...

M&S signs up at Preston’s Tithebarn scheme

Mon, 8 Sep 2008 00:00:00 GMT

Grosvenor and Lend Lease have signed Marks & Spencer at their Preston Tithebarn scheme...

Virgin looking at buying Gatwick

Tue, 2 Sep 2008 00:00:00 GMT

Virgin Atlantic confirms it is interested in being part of a consortium to buy Gatwick Airport...

Boris Johnson visits Stratford City

Tue, 2 Sep 2008 00:00:00 GMT

Australian developer Westfield welcomed a visit from London mayor Boris Johnson today at its Stratford City scheme in east London...

Foreign rivals declare stakes in Liberty

Wed, 27 Aug 2008 00:00:00 GMT

Two of the world's largest retail real estate companies, Australia's Westfield and US developer Simon Property group, have declared stakes in Liberty International, boosting the prospect of a bid for the UK retail property owner...

Lehman Brothers can bank on sky-high asset

Wed, 27 Aug 2008 00:00:00 GMT

Lehman Brothers' 38-storey skyscraper in New York's Times Square neighbourhood could fetch roughly $1.3bn if sold today - making it a significant piece of the investment bank's $9.6bn market capitalisation...

Westfield profits hurt by US property slump

Wed, 27 Aug 2008 00:00:00 GMT

Westfield Group said it was on track to deliver "substantial long term growth" even as net profits were undermined by the global credit crunch and its effect on US property values...

Weymouth gets £450m investment in preparation for sailing events at 2012 Olympics

Wed, 27 Aug 2008 00:00:00 GMT

Weymouth has been chosen as the host of the sailing events during the 2012 Olympics. As a result of the decision, the city is set for a renaissance; flats, new marinas, a redeveloped ferry terminal and improvements to the road system are all planned.

Property investors can currently buy a Regency house in Weymouth for £250,000, according to The Telegraph. However, the city has been earmarked for £450m of investment in preparation for staging the sailing events during the 2012 Olympics, which is expected to stimulate the property market.

A decision on a £84.5m by-pass around the Dorset city is expected soon and an additional £18m has been allocated to improving Weymouth's road system. The current site of the Pavilion Theatre and ferry terminal will be redeveloped to include 345 flats, a new ferry terminal, cafes, bars and a 150-berth marina.

The "rocky isthmus" of Portland is also being transformed; the old naval accommodation at Osprey Quay is converted into apartments. Investors in property on Portland will also benefit from a new 650-berth marina at Portland Harbour.

Weymouth is proud of its Olympic status; "We have been put on the map as a capital city for sailing, which is one of the sports at which Great Britain won most medals," explained Weymouth and Portland Borough Council's Howard Legg. "We got the best sport in the Olympics, and London got the others."

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Retailers' woes hit real estate investors

Tue, 26 Aug 2008 00:00:00 GMT

A long list of US retailers - such as Boscov's, Sharper Image, Steven and Barry's and Linens N Things - have filed for bankruptcy protection in recent months, and the market is facing a flood of empty commercial space...

Unite sells £178m of regional property

Fri, 22 Aug 2008 00:00:00 GMT

Student accommodation company Unite has exchanged contracts with two buyers to sell £178.6m of its property in regional cities across the UK...

West Mids estate agent Barbers goes into administration

Fri, 22 Aug 2008 00:00:00 GMT

One of the largest and oldest estate agencies in the West Midlands has been forced to call in administrators, close offices and cut 60 staff...

Spanish owners face yet another setback

Thu, 21 Aug 2008 00:00:00 GMT

When a Ferrovial-led consortium paid more than £16bn, including debt, for BAA two years ago, executives at the Spanish infrastructure group trumpeted the purchase...

NAEA rival prompts Rightmove share dip

Tue, 19 Aug 2008 00:00:00 GMT

Investors in Rightmove, the operator of Britain’s largest housing website, were rattled by news that not only does Rightmove have to contend with falling prices, it also will soon be facing competition from a free rival. Rightmove's shares...

Brixton shares drop as portfolio underperforms

Tue, 19 Aug 2008 00:00:00 GMT

Shares in industrial REIT Brixton fell 5% to 235p this morning as the company revealed a poor set of half-year results...

Builders seek aid for first-time buyers

Mon, 18 Aug 2008 00:00:00 GMT

House builders are lobbying the government to set up a tax-free savings scheme for first-time buyers as a way of improving liquidity in the beleaguered mortgage markets...

Short-sellers stake £325m Persimmon

Mon, 18 Aug 2008 00:00:00 GMT

Short-sellers have staked more than £325m on Persimmon’s stock falling ahead of the housebuilder’s half-year results this week...

British Land confirms Cheesegrater halt in gloomy statement

Fri, 15 Aug 2008 00:00:00 GMT

British Land confirmed it will halt development on its landmark City skyscraper known as the Cheesegrater as demand for office space in the financial sector continues to decline...

HBOS to shut The Mortgage Business

Thu, 14 Aug 2008 00:00:00 GMT

LONDON (Reuters) - HBOS will cut up to 425 jobs and shut one of its five mortgage brands to new business as the group positions itself for a shrinking loan market and a drop in house prices...

Rok to shut commercial arm

Wed, 13 Aug 2008 00:00:00 GMT

Rok, the construction and maintenance group, is to close its commercial property development arm as the effects of the credit crunch hit home. The group, which had...

Casa Brindisa signs up in London's South Kensington

Wed, 13 Aug 2008 00:00:00 GMT

Tapas restaurant Casa Brindisa has signed up to open its second restaurant and shop in London’s South Kensington.

Aurora and Premier Property to redevelop major Manchester office

Fri, 8 Aug 2008 00:00:00 GMT

Aurora Property Developments and Premier Property Group have submitted a planning application to redevelop 22-26 Cross Street, next to The Royal Exchange in Manchester...

City licks wound over JP Morgan defection to CanaryWharf

Fri, 8 Aug 2008 00:00:00 GMT

Investment bank deals hammer blow to Square Mile...

Eurostar sees surge in passenger numbers-070808

Thu, 7 Aug 2008 00:00:00 GMT

Eurostar has revealed that its monthly passenger numbers went up by nearly a fifth in July.

According to the company, a record 923,000 people travelled on its Channel Tunnel rail links last month.

This is 16.8 per cent higher than the amount recorded during the same period of the previous year.

Eurostar has also revealed that passenger numbers on its London to Brussels service have gone up by nearly a third since its high-speed rail link was introduced last November.

Simon Montague, director of communications at the firm, commented: "We are delighted to break another Eurostar record by carrying an all-time monthly high of passengers."

He added that the figures are significant as they suggest that people are increasingly switching from planes to trains in order to travel to the continent.

According to NuBricks.com, the growth of Eurostar is likely to lead to renewed interest in parts of mainland Europe among overseas property buyers.

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Investors shelter in global property derivatives trade

Wed, 6 Aug 2008 00:00:00 GMT

Trading on the global commercial property derivatives markets rose by 42 per cent in the second quarter compared with the same period last year, boosted by activity in...

Pacific Park construction nears completion

Wed, 6 Aug 2008 00:00:00 GMT

CHARNWOOD GROUP has announced the latest and final phase of development at its Pacific Business Park site in Ocean Park...

Property group’s proposal for retail

Wed, 6 Aug 2008 00:00:00 GMT

AWG Property is planning to add a retail element to its £100m Celtic Springs Business Park in Newport...

Office market faces challenging times

Wed, 6 Aug 2008 00:00:00 GMT

Associate director with DTZ, Gary Carver, assesses the current state and outlook for the capital’s office market...