06 January 2006
Property Week
View all stories from this issue.
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10 Poland Street
06 January 2006
A private investor has sold 10 Poland Street in London’s West End for £6.2m to Insight Investment, at a net initial yield of 5%. Cushman & Wakefield Healey & Baker acted for the seller; Jones Lang LaSalle acted for Insight.
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2006: the big issues
06 January 2006
REITs, environmental issues and development land tax are set to dominate the agendas of all seven professional disciplines in the year ahead.
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20-30-40-50
4 January 2006
Each week Ettie Neil-Gallacher meets a property figure from a different age bracket. Roy Durie, 57, is senior partner at commercial property consultant Ryden
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A bird in the hand
06 January 2006
Offshore property income trusts are already providing investors with the same benefits as the soon-to-be introduced REITs.
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A new year dawns and there’s still no hangover
06 January 2006
There was an awesome attendance at Land Securities’ 2005 Christmas party at Claridge’s, where the chairmen of British Land and Liberty and the chief executives of Hammerson, Slough Estates and Great Portland joined a powerful home team.
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Abandon impartiality and behave like an advocate
06 January 2006
An honest approach to rent reviews is needed, says Simon Curtis
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Advantage to Queen’s members in club bid
06 January 2006
Sir John Ritblat is among members poised to snare prestigious tennis club
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Amec and United Utilities win planning for Fire and Rescue scheme
6 January 2006
Lingley Mere Business Park Development, a joint venture between Amec and United Utilities, has won the right to develop the UK’s first Fire and Rescue Service control centre in Warrington, Cheshire.
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Auctions
06 January 2006
Private investors need to do their homework
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BAA lands in Budapest with plan for ‘Hungary’s Heathrow’
06 January 2006
Airport operator in talks with local developer Wallis Group for offices and sheds on 3,493 acre site
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Balloon race
06 January 2006
What does West Midlands-based property developer Opus Land have in common with Goodyear, the world’s largest tyre and rubber manufacturer?
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Bic boc letting
06 January 2006
Andrew Wilson & Co advised Bic Boc on its letting of a shop in the Royal Opera House in London’s Covent Garden in September (regional, 09.12.05, p103). The retailer took a 25-year lease at an annual rent of £620,000.
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Blackstone mulls float of care home outfit
06 January 2006
Private equity group considers options to expand £1.5bn Southern Cross
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Buncefield blast brings tenants to Peoplebuilding
06 January 2006
Stanhope and Morley fill building that has been largely vacant since 2002 with displaced businesses
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Camp completes Stanhope takeover
06 January 2006
Stanhope’s chief executive David Camp has completed the purchase of the company from its founder and chairman, Sir Stuart Lipton.
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Case news
06 January 2006
Jonathan Ross reports on a company relying on a site investigation report to cover its losses, while Warren Gordon looks at whether a council document could be legally enforced
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Center Parcs’ £50m Jersey waterfront plans
06 January 2006
Center Parcs has unveiled plans to open a £50m waterfront leisure complex in St Helier.
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Change of heart
06 January 2006
Developers of a new office scheme in St Helier hope to shift the Jersey capital’s commercial centre to the waterfront.
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Changed personality
06 January 2006
Sir Bobby Robson is instantly recognisable as the grand old gent of English football, but he still likes people to know exactly who he is.
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Channel Islands
06 January 2006
St Heliers Esplanade seals office prelet hat-trick Center Parcs 50m Jersey waterfront plans Change of heart Treasure islands
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City view: Jenny Davey
06 January 2006
Morgan Stanley Real Estate Funds’ (MSREF) £1.78bn purchase of Canary Wharf Group in May 2004 was named Property Deal of the Year at the Property Awards last April.
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Compulsory purchase law overhaul rejected
06 January 2006
ODPM rules out calls to simplify legislation as ‘too ambitious’
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Cordea invests in digs
06 January 2006
Cordea Savills, fund manager and wealth management arm of Savills, has bought a unit trust of three student accommodation buildings from Unite Group for £64.1m.
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CPD needs its own continuing professional development
06 January 2006
Sir, David Lawson’s article on continuing professional development (back to basics, 09.12.05, p113) reminded me of the difficulty I had working out what I should write in all the boxes on the form on the RICS website, so I thought I would get with it and for the first time file my CPD.
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Diary of... a project manager
06 January 2006
Neil Grey, head of project management at CB Richard Ellis, takes us through his week
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DTZ to advise on future of Kookai UK stores
06 January 2006
Kookai has appointed DTZ as property adviser, after the fashion retailer’s UK licence owner was placed into administration this week.
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Eco-warriors
06 January 2006
Quintain has launched a joint venture to build environmentally friendly mixed-use schemes, but rivals say such developments are not economically viable.
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EP invites tenders for Lancs site
06 January 2006
English Partnerships has invited tenders for its 147 acre (60 ha) Whittingham Hospital site near Preston, Lancashire.
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Former New Look chief appointed as Wyevale chairman
06 January 2006
Former New Look chief executive Jim Hodkinson has been appointed chairman of Wyevale Garden Centres, following an extraordinary general meeting where chairman David Williams was removed from the board.
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Fortress vehicle buys Dresdner properties
06 January 2006
Eurocastle buys €2bn portfolio in 2005’s biggest German commercial deal
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Going places
06 January 2006
Sanderson Weatherall
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Gordon and Tony unplanned
06 January 2006
Nick Braun speculates on the words of wisdom the chancellor might have for his neighbour
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Grainger buys €66m German resi portfolios
5 January 2006
Grainger Trust, the UK’s largest quoted residential property investor, has acquired three residential portfolios in Germany for €66.4m (£45.6m).
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Green development
06 January 2006
ODPM promises easy-to-use energy labelling regime Swiss Re tower tests green windows To Part L and back Road test Eco Warriors
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Hammerson and Grosvenor
06 January 2006
Hammerson and Grosvenor have sold Hammerson’s headquarters at 100 Park Lane in London’s Mayfair to Bristol Isles, the private investment vehicle of a Middle Eastern investor, for £37.4m.
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Hammerson and Grosvenor sell Park Lane leasehold
4 January 2006
Hammerson and Grosvenor have sold the long leasehold of the Hammerson headquarters building at 100 Park Lane in Mayfair to Bristol Isles, the private investment vehicle of a Middle Eastern investor, for £37.4m.
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Hanover Square
06 January 2006
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Hermes reshuffles asset manage
06 January 2006
Hermes has appointed DTZ and Churston Heard to key portfolio management positions.
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Hines UK chief quits
06 January 2006
Philip Lewis leaves US real estate group; European chief Topham takes his place
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Hutchison Ports
06 January 2006
The government has said it is ‘minded to approve’ Hutchison Ports’ application for a 301 acre (122 ha) port in Harwich, Essex. The scheme includes a 1.4 km quay, 344,445 sq ft (32,000 sq m) of warehousing and a 15 acre (6 ha) rail terminal. NAI Fuller Peiser acted for Hutchison.
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In the firing line
06 January 2006
Arbitrators start the year by facing tough exams.
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Industry fears Treasury will torpedo REITs
06 January 2006
Merrill Lynch analysts lead assault on strict format for new vehicles
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Invesco Real Estate
06 January 2006
Invesco Real Estate has sold Widewater Place business park in Uxbridge, Middlesex, to clients of Insight Investment for £34.5m – a net initial yield of 6.4%. The three office buildings totalling 116,819 sq ft (10,852 sq m) on 6.32 acres (2.56 ha) are let to tenants that include Bic UK, Reebok International and Budgens Stores. Savills advised Invesco; Simon Williams & Co advised Insight Investment.
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Irish developer swoops on Coventry airport
6 January 2006
Irish developer Howard Holdings has today emerged as the developer behind the purchase of Coventry International Airport.
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It won’t be a happy new year for Brown or the Lib Dems
06 January 2006
The politics of property, with Steven Norris
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JLL appointed at £5bn Greenwich Peninsula
06 January 2006
Firm wins mandate to market 3.5m sq ft around Millennium Dome
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JLL appointed at £5bn Greenwich Peninsula
5 January 2006
Jones Lang LaSalle has been appointed as the commercial agent for the £5bn regeneration of the land around the Millennium Dome.
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King Sturge buys niche West End firm
4 January 2006
King Sturge has acquired niche West End property services firm Hanrahan Deane this week to bolster its presence in central London.
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King Sturge buys West End’s Hanrahan Deane
06 January 2006
King Sturge has acquired niche London West End practice Hanrahan Deane in a bid to bolster its central London presence.
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Knighthood for Ritblat in New Year Honours List
06 January 2006
British Land chairman John Ritblat has been awarded a knighthood in the New Year Honours List for services to the arts.
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Landlord to fight disputed break clause
06 January 2006
A landlord that lost a £5m legal battle against its former tenant is taking its fight to the Court of Appeal.
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Lease code should include subletting, says BPF
06 January 2006
Landlords should be allowed to sublet below the passing rent under a revised commercial lease code, according to British Property Federation president Ian Coull.
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Leslau loses appetite for Little Chef
06 January 2006
Nick Leslau’s bid to buy 65 Little Chef restaurants ended when he pulled out of a sale and leaseback just before Christmas.
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Miller buys £33m shopping centre in Great Yarmouth
3 January 2006
Miller Developments has bought the Market Gates shopping centre in Great Yarmouth, Norfolk, from Anglo Halladale for more than £33m.
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Multiplex sells out of Stratford
06 January 2006
Australian contractor/developer Multiplex has sold its 25% stake in the Stratford City regeneration project in east London.
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Networkers
06 January 2006
Waterman Environmental, part of the Waterman Group, delivers services in environmental planning and design, and advises on environmental and sustainable development issues. The environmental team comprises 150 staff, based in offices in Birmingham, Cirencester, Edinburgh, Glasgow, Leeds, London, Manchester and Newcastle.
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New year’s pay
06 January 2006
New year celebrations are often expensive in London but I was amused to hear about one industry figure who really pushed the boat out this year with a whopping £4,500 night out for himself and his partner.
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ODPM promises easy-to-use energy labelling regime
06 January 2006
Long-delayed EU buildings directive to be outlined this month
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Olympic advice
06 January 2006
Sir, It is imperative that existing residents and businesses in the areas affected by the 2012 London Olympics 2012 are able to continue to prosper before, during and after the games (special report, 02.12.05, p89).
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Persimmon hooks Senator Homes
06 January 2006
Persimmon has continued its recent programme of acquisition with the £25m purchase of northern developer Senator Homes.
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Pre-budget omission
06 January 2006
Sir, The chancellor has omitted to consider an important class of property in his pre-Budget report (private investor, 09.12.05, p21).
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Professional advice
06 January 2006
This week, landlords’ break options, converting to an LLP and supercession
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Quintain
06 January 2006
Quintain is launching a series of environmentally friendly mixed-use schemes, the prototypes of which are shown here for the first time.
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Ritblat knighted in New Year Honours List
3 January 2006
British Land chairman John Ritblat has been awarded a knighthood in the New Year Honours List for services to the arts.
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Road test
06 January 2006
Seven local authorities have won grants to explore road tolls and congestion charging as ways to manage traffic volumes. David Crawford assesses the likely impact on property
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Sheavills retires as head of property at RBS
06 January 2006
Former Johnson Controls man Varcoe to take over after development sites go to MSREF
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Sitting pretty
06 January 2006
David Pretty is chief executive of Britain’s best-known housebuilder. Now he is moving closer to the commercial property world. Gwyn Roberts met him on site.
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Skelton Group
06 January 2006
Developer Skelton Group and private equity firm Carlyle Group have acquired a 41,000 sq ft (3,808 sq m) office building in Mayfair for more than £20m from Devine Properties. The Victorian building, which offers scope for redevelopment, is on the corner of Grafton Street and Hay Hill, London W1.
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St Helier’s Esplanade seals office prelet hat-trick
06 January 2006
Lloyds TSB is Jersey waterfront location’s third new occupier in six months
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St John Hartnell dies aged 66
06 January 2006
St John Hartnell, former senior partner of Bristol-based retail agency Hartnell Taylor Cook, has died.
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Standard Life Investments
06 January 2006
Standard Life Investments is to forward fund ex-Frogmore man Patrick Sexton’s £60m speculative office scheme at 45 Church Street in Birmingham city centre. Standard Life placed the 124,000 sq ft (11,519 sq m) 14-storey tower under offer before Christmas for £58m. Completion is planned for 2008. Birmingham-based GBR Property Consultants is advising Sexton’s Saxan Securities.
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SWIP appoints new head of retail sales
06 January 2006
Scottish Widows Investment Partnership (SWIP) has appointed Tony Maddock as head of retail sales in a bid to take the lion’s share of the retail investment market.
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Swiss Re tower tests ‘green’ windows
06 January 2006
A natural ventilation system that will cut carbon emissions at London’s 30 St Mary Axe will come into use this month.
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Telegraph quits Canary for Victoria
06 January 2006
The telegraph group’s move from Canary Wharf to London’s Victoria will put a large chunk of the Docklands estate’s landmark tower on the market.
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Tell us your bedtime stories
06 January 2006
Ludgate hopes to brighten up the start of 2006 with a competition to give one lucky reader the chance to spend a night for two in a suite at one of London’s raciest hotels.
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The London Borough of Greenwich
06 January 2006
The London Borough of Greenwich has granted Berkeley consent for the final stage of its regeneration of Woolwich Arsenal. The scheme will have 2,517 new homes and 245,000 sq ft (22,761 sq m) of commercial and community space. Berkeley also needs approval from the mayor of London and the Government Office for London.
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The recovery starts here
06 January 2006
After months of falls, house prices are finally on the rise
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Tilfen sets ball rolling on Thamesmead redevelopment
06 January 2006
Developer appoints CBRE and David Lock Associates to weigh up options
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To Part L and back
06 January 2006
From April, new building regulations will require huge cuts in carbon emissions. But with rumours of corruption and non-compliance rife, successful policing of the rules could be a distant dream.
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Treasure islands
06 January 2006
The Stamp Duty exemption for offshore property unit trusts survived the pre-Budget report. Sean McAllister looks at what the future may hold for the OPUT industry
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Trouble on site
06 January 2006
Prejudiced proposals
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Tune in for charity
06 January 2006
Several agents at Donaldsons’ Glasgow office were disappointed that their newly released single, a cover of Do They Know It’s Christmas? did not make the Christmas number one in the UK.
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Unwins’ predicament leaves landlords in the lurch
06 January 2006
Off licence chain goes into administration weeks after sales and leasebacks of stores
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Valuation Office Agency slashes 1,000 jobs
06 January 2006
Staff recruited for Council Tax revaluation to hear their fate next week
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Wanted: a home for £1m
06 January 2006
Charlotte Grobien wants to make £1m out of property – and give it away. Sinead Cruise reports
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Warburg joins GED to invest in south-east Europe
06 January 2006
Global private equity firm Warburg Pincus has joined Spanish private equity manager GED Group to invest in a property development company focusing solely on opportunities in south-east Europe.
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Zara chief buys £140m City scheme
06 January 2006
Spain’s richest man and founder of clothing chain Zara has bought 100 Wood Street (right) in the City of London for around £140m, £15m above the asking price.
