07 July 2006
Property Week
View all stories from this issue.
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20-30-40-50
6 July 2006
Each week we meet a property figure from a different age bracket. Here Deirdre Hipwell meets Ed Smith, 37, a divisional partner at Strutt & Parker
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Am I losing it, or are we in a new investment climate?
07 July 2006
Daniel Mendoza tries to make sense of the UK’s buying conditions
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Arlington nets Hammerson’s Neal
07 July 2006
Arlington Securities, the investment management and property services business, has appointed Michael Neal as director of retail warehouse fund management.
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Auctions
07 July 2006
Selling a property successfully at auction is often as challenging as buying one
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AWG Property and HF Development
07 July 2006
AWG Property and HF Developments’ £70m office scheme in Glasgow city centre has been given the go-ahead. The 127,000 sq ft (11,798 sq m) development at 1 George Square was approved by Glasgow City Council last week. The scheme retains the facade of the 127-year-old building but includes a glass roof extension. Work will start immediately.
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Barker calls for further planning reform
4 July 2006
Economist Kate Barker has warned the Treasury that the planning system will come under increasing strain over the next 20 years and has called for further reform.
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Barker II: planning system scuppers development
07 July 2006
Treasury adviser promises planning overhaul to tackle inefficiencies
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Barker’s findings miss the central problem
07 July 2006
The results of economist Kate Barker’s first stab at a Treasury review of the planning system were published this week (news, p11).
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Barratt and Notting Hill plan keyworker tower
07 July 2006
Housebuilder’s latest regeneration project is part of English Partnerships’ London-Wide Initiative
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Beckwith consortium sells Barcelona centre
07 July 2006
A consortium of UK-based investors has sold the Maremagnum shopping centre in Barcelona to Dutch property company Corio for €122m (£84m).
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Biggest Belfast retail sale of 2006
07 July 2006
Merset, the joint venture between Donegall Place Investments and William Ewart Properties, has completed the largest retail sale in Belfast this year.
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Blackstone to pay €630m for Center Parcs portfolio
07 July 2006
US private equity group looks to acquire resorts in Germany, Belgium and the Netherlands
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BPF to set up task force to improve REIT legislation
07 July 2006
The British Property Federation is setting up a REIT task force to campaign for improvements to the current structure.
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British Land takes on Crossrail
07 July 2006
British Land is fighting for changes to Crossrail legislation to ensure passengers will have easy access to its City properties from Liverpool Street station.
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Brunswick Developments
07 July 2006
Last week Brighton-based Brunswick Developments was given the go-ahead for revised plans for its £235m Brighton Marina scheme. The 40-storey tower was designed by Wilkinson Eyre Architects and will feature 853 flats and 28,000 sq ft (2,601 sq m) of commercial space. It was approved subject to section 106 obligations.
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Buoyant May raises sales
07 July 2006
After a flat April, new jobs pushed up newly agreed sales
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Canary Wharf lettings fly high
07 July 2006
Docklands developer poised to let around 350,000 sq ft to tenants including Bear Stearns
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CapCo and GE plant JV for Covent Garden
07 July 2006
Capital & Counties and GE Real Estate join forces on three-strong shortlist
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Capital & Regional buys €214m German retail
5 July 2006
Capital & Regional has spent €214m (£148m) on a German retail portfolio comprising 22 properties, reflecting a net initial yield of 6.3%
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Case news
07 July 2006
Jonathan Ross reports on a dispute over completion dates, while Warren Gordon looks at a failed attempt to block planning permission
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Catalyst, Schroders and RREEF JV to sell £130m retail parks
07 July 2006
A joint venture of Catalyst Capital, Schroders and RREEF are to bring three retail warehouses to the market with a price tag of £130m.
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Chrisp circulates spoof PWs at retirement party
07 July 2006
On the night Property Week celebrated its 10th anniversary at Centre Point, head of British Airways Pension Fund Stewart Chrisp had a party to celebrate his retirement at the Arts Club in London’s West End.
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City view: Jenny Davey
07 July 2006
Westfield may have emerged victorious in the battle for control of Stratford City, but the Aussie giant looks set for another bar room brawl at White City, its flagship UK shopping centre.
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Clarification
07 July 2006
Logistics operator Geodis will not use the warehouse that it has recently prelet from Gazeley at Magna Park to distribute goods for Indesit Company as reported in ‘Primark rises from ashes after Leicester park fire’ (East Midlands, 19.05.06).
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Continental Europe hots up with €780m of sales
07 July 2006
More than €780m (£540m) of property changed hands this week in continental Europe and a further €800m (£554m) came to the market.
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Cut to the chase
07 July 2006
In the latest of our monthly features for young property professionals, four new surveyors quiz new RICS president Graham Chase. Photographs by Julian Anderson
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Deposit system would stamp out gazumping
07 July 2006
Sir, Two of the biggest problems that have always existed in residential property are gazumping and a last-minute reduction of terms after agreement.
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Diary of... a rating surveyor
07 July 2006
Roger Messenger, partner at Wilks Head & Eve, takes us through his week
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Duo picked for Neath urban village
07 July 2006
Edward Ware Homes and Atlantic Property Developments have been selected to develop the first phase of the 1,000 acre (400 ha) Coed Darcy Urban Village at Llandarcy near Neath in south Wales.
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Easter Group to buy £4m Trelleborg site
07 July 2006
Developer to buy 9.5 acre Tewkesbury industrial site
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Erinaceous loses 15 insurance staff
7 July 2006
Fifteen employees from a property insurance arm of Erinaceous have left to set up their own firm
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F&C agrees to fund prelet Arlington warehouse
07 July 2006
F&C Property Asset Management has struck a deal with Arlington Securities to forward-fund a warehouse that is prelet to Direct Wines at Gloucester Business Park.
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Friendly fire
07 July 2006
Sir, The British Retail Consortium may like to position its campaign for monthly rents as ‘friendly’, but unfortunately its accompanying new release was anything but, and was hostile towards our industry.
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Gateshead four submit detailed plans
07 July 2006
Gateshead Quays 2, a key development site in Tyneside, moved a step closer this week with the submission of detailed plans by four shortlisted developers.
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Gazeley gears up for £300m Euro development spree
07 July 2006
Shed developer joins forces with US fund to develop 1.8m sq ft in continental Europe
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German portfolios up for grabs
07 July 2006
A consortium of German and Israeli investors has brought three portfolios of German properties to the market with a price tag of up to €270m (£187m).
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Give yourself a break and get some good advice
07 July 2006
Courts will stick to the letter of break clauses, warns Jon Vivian
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Glos, Herefords, Worcs + Warks
07 July 2006
Easter Group to buy 4m Trelleborg site Herefordshire Council begins restructuring F&C agrees to fund prelet Arlington warehouse The market in minutes Gloucesters new spot Ironing out the grid The science project
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Gloucester's new spot
07 July 2006
Peel Holdings’ Gloucester Quays has at last been given the go-ahead.
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Going places
07 July 2006
LaSalle Investment Management
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Green light for Fife business park extension
6 July 2006
Proposals to extend the John Smith Business Park, one of Fife’s fastest-growing business locations, have been given the green light
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Hampshire, Dorset + south Wiltshire
07 July 2006
Linden heads campus development line up Land Securities The market in minutes The gospel of John Salisbury pain Solent energy
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Hanover square
07 July 2006
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Hat-trick for British Land at Retail & Leisure awards
4 July 2006
British Land triumphed at the Retail & Leisure Property Awards last night with three wins.
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Herefordshire Council begins restructuring
07 July 2006
Herefordshire Council has bought the former HP Bulmer office block from Scottish & Newcastle for £3.8m, in the first phase of a rationalisation process of its property holdings.
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Interest rate fears hit Cushman auction
07 July 2006
Year-on-year sales fall 15% as World Cup blues kick in
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Ironing out the grid
07 July 2006
A revision of Hereford’s masterplan could herald more expansive regeneration.
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JLL wins tackle for Adidas mandate
07 July 2006
Jones Lang LaSalle to be first single retained property adviser to Adidas
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Jones Lang LaSalle grabs planning specialist
07 July 2006
Jones Lang LaSalle has acquired planning specialist Littman Partnership in a bid to increase its expertise in mixed-use projects.
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L&G wins central London mixed-use consent
7 July 2006
Legal & General has won planning consent for the redevelopment of the vacant St Giles Court building in central London, to the south-east of the iconic Centrepoint tower
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Land Securities
07 July 2006
Land Securities has announced the availability of around 10,000 sq ft (930 sq m) of retail at its 1.5m sq ft (139,353 sq m) Gunwharf Quays mixed-use scheme. The extra space at the £200m scheme is part of the 30-storey, East Side Plaza tower, which is being developed by Berkeley Homes, and which will be completed in summer 2008. Twentyretail and Allen Hodkinson Head are the retail lettings agents.
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LandSecs buys back City offices sold in 2001
5 July 2006
Land Securities has bought back an office building in the City of London, which it sold only five years ago
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Large sublet blesses Allen & Overy's Bishops Square
7 July 2006
Law firm Allen & Overy today revealed that it has secured a large sublet at its new London headquarters
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Linden heads campus development line up
07 July 2006
Linden Homes preferred buyer for University of Southampton mixed-use
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Liquid asset
07 July 2006
You know the property market is sweltering when someone pays three times what an asset with zero growth potential is worth.
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Local authorities granted £16.75m for traveller sites
07 July 2006
But council surveyors say funding does not solve problem of obtaining planning permission
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Lots to watch
07 July 2006
Savills, london, 15 July
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Making a Calderbank offer
07 July 2006
Question: My review has gone to arbitration. The tenant will not offer any increase above the passing rent, although I am advised there should be a £10,000-a-year increase. What should I do to make a formal Calderbank offer?
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Martel gives Game up for CBRE business growth
07 July 2006
Property director at computer games retailer to join property services company
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Oppenheim Property Fund Manage
07 July 2006
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Pine Fund in play for nurserie
07 July 2006
The Pine fund, a Jersey-based unit trust that was set up in June last year by Nexus Structured Finance and Electra Partners, has bought seven children’s nurseries.
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Pipe dreams
07 July 2006
As the south-east drought continues, MPs have called on the government to adopt a more strategic approach to providing housing infrastructure.
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Prime minister Brown could pull a surprise out of Iraq
07 July 2006
The politics of property, with Steven Norris
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Private equity player picks Schroders man
07 July 2006
Mogull appoints Irons to oversee UK investments in €1bn European fund
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Private investor buys £10.5m Livingston offices
07 July 2006
A Northern Irish investor has bought two properties at Almondvale Business Park in Livingston from Legal & General for £10.51m.
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Property, not politics
07 July 2006
Sir, Steven Norris’s column ‘the politics of property’ has a fairly straightforward title and, one would assume, remit – to talk about political issues and the implications for property.
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Prudential Property Investment
07 July 2006
Prudential Property Investment Managers head Martin Moore (left) and Berkeley Group chief Tony Pidgley talk to Property Week about the creation of their unique urban regeneration company St Edward Homes.
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Salisbury pain
07 July 2006
A masterplanning initiative is under way in Salisbury to revitalise its retail and office sectors. Deirdre Hipwell reports
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Scarborough buys €300m German portfolio
07 July 2006
Scarborough Continental Partners, the €585m (£400m) joint venture between Kevin McCabe’s Scarborough Property Holdings and Bank of Scotland Corporate Europe, has bought a portfolio of German properties for more than €300m (£208m).
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See Emily play
07 July 2006
London Merchant Securities enlisted the help of former England cricketer and Test Match Special presenter Graeme ‘Foxy’ Fowler to launch its latest building at 28 Dorset Square.
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Sloan, but not square
07 July 2006
Believe it not, property lawyers can actually write interesting and humorous prose.
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Slough Estates lets 1m sq ft across Europe
7 July 2006
Slough Estates today announced that it has let around 1m sq ft (92,900 sq m) of office and industrial space across Europe
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Solent energy
07 July 2006
Developers at Solent Business Park hope their speculative offerings will draw occupiers down the M27.
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Stamp Duty Land Tax
07 July 2006
Yes. A tenant may be liable to pay additional SDLT some years after a lease is granted where the rent payable under that lease increases.
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Swingeing tax hits Italian real estate
6 July 2006
The Italian real estate market has suffered a severe setback with the planned introduction of a swingeing tax on buying property
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Terrace Hill to set up £300m resi REIT
07 July 2006
AIM-listed company to use homes acquired from Nationwide in fund
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The Duke of Edinburgh
07 July 2006
The Duke of Edinburgh last week opened the Crown Estate’s Savill Building at Windsor Great Park, whose roof is the world’s largest timber gridshell structure. The building houses a shop, restaurant, seminar rooms and offices, and was designed by Glenn Howells Architects. Engineer Buro Happold designed the roof.
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The forfeiture of a lease
07 July 2006
Question: My tenant runs a newsagent from the shop I own, and lives in the flat above it. He has not paid me the rent. Can I forfeit his lease and change the locks to the shop and to the separate entrance to the flat?
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The gospel of John
07 July 2006
With John Lewis set to anchor Portsmouth’s new £350m retail development, the sins of the fallen Tricorn Centre should be long forgotten.
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The market in minutes
07 July 2006
Deirdre Hipwell and Gemma Horne give you the lowdown on all the sectors across the region
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The market in minutes
07 July 2006
Tony Watts gives you the lowdown on all the sectors across the region
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The net widens
07 July 2006
What started as an investigation into a West Midlands shed is now turning into a far-reaching property scandal.
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The science project
07 July 2006
Advantage West Midlands wants to create a ‘central technology belt’ in the region.
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Tishman Speyer
07 July 2006
Tishman Speyer is to bring Leadenhall Court, at 1-6 Leadenhall Street, to the market with a price tag of £105m – a yield of 6.44%. The 108,849 sq ft (10,112 sq m) of office and retail is fully let to Alliance Assurance Company until March 2014 at £7.1m a year. The property provides redevelopment potential. BH2 and Jones Lang LaSalle are advising.
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UK profits drive DTZ to record year
07 July 2006
DTZ increased its full-year dividend by 30% this week after reporting a record set of results.
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Vaughan and Mould’s maiden purchases
07 July 2006
Entrepreneurs’ London & Stamford buys in Crawley and Stoke-on-Trent
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Venture into the unknown
07 July 2006
Residential developer Berkeley Group has teamed up with PRUPIM to form a unique urban regeneration partership.
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Wimpey drives into former Coventry car plant
07 July 2006
George Wimpey has negotiated one of its biggest land deals this year with the acquisition of more than half of Peugeot Citroen’s Stoke plant in Coventry, where there is capacity for 1,400 homes worth up to £200m.
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Yes to 160m Liverpool plan
07 July 2006
North-West-based developer Merepark and partner Ballymore have received planning permission for a £160m shopping, residential and leisure development next to Liverpool’s Central Station.
