All Property Week articles in 19 March 1999 – Page 2
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News
Tay Homes compromise
Richard Tice and his band of rebel shareholders in Tay Homes gained a partial victory last week when most of the Tay board resigned. The departees include John Swanson, the chief executive and Trevor Spencer, a founding executive director. Norman Stubbs is stepping down from chairman to non-executive director. The ...
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News
Property shares continue their climb
Property shares had a bumper week and that has not been said for many a moon as the market responded to results from the December year-enders. The Property Share Index was up 5% to 1963, outperforming the All-Share (+1.7% to 2895) by 300% for the second ...
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News
Prudential in clear for Knightsbridge
City & West End Developments bid to take control of the redevelopment of Knightsbridge Green faltered last week as Prudential received planning for the third phase of its scheme. The Pru is now clear to develop its 92,900 sq m (1m sq ft) office, retail and ...
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Markets
Teesland chosen as Moorfields partner
Liverpool City Council has selected Teesland as its development partner for the Moorfields 4 site in the city centre. The council and Teesland are proposing to form a joint venture partnership for this site and others in the Moorfields area. Up to 18,580 sq m (200,000 sq ft) of offices ...
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News
Chesterton still improving
Chesterton continued its slow recovery in the second half of last year, thanks to improved efficiency rather than better trading. Results from the surveyor for the six months to 31 December show pre-tax profits rising 39% to £1m before the one-off £1m gain in 1997 from the sale of ...
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News
Retail slowdown hits Chartwell's returns
Chartwell Land , Kingfisher's retail property company, was hurt by difficult market conditions in the second half of last year, producing returns 28% lower than in 1997. The total return of £129.1m in 1998 was down on the £179.6m the year before because of a halving in the revaluation surplus ...
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News
Loft conversion specialist sets out to challenge conventional homebuilders
Tom Bloxham, chairman of the loft conversion specialist Urban Splash, is to challenge conventional housebuilders at their own game by building his first new house. Earlier this month, he set up Urban Splash Homes which will build a low-cost house designed by an award-winning architect on the ...
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Markets
Starbucks takes unit in Castle Street
Starbucks Coffee Company (UK) has taken a lease on a 135 sq m (1,456 sq ft) unit at 2-4 Castle Street, Liverpool. The lessor is Optimax Laser Eye Clinics. The rent is £30,000 a year after a four-month rent-free period. Richard Ellis represented Optimax, with Jones Lang Wootton and Montagu ...
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News
Sun, sea, sand and excess à Cannes
If the state of the property market can be judged by the number of pinstriped suits guzzling champagne in the plush Martinez hotel last week, then we are back in 1989. Not many years ago, the Martinez in the early hours of the morning was a place for just ...
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News
Cala may go private
Cala, the Edinburgh-based housebuilder, has become the fourth housebuilder in four months to consider going private. The company announced this week that the independent directors have received an approach from the executive directors for a management buy out. The deal, backed by Bank of Scotland, would involve a cash offer ...
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News
Lord Hamlyn buys Mirror HQ
publisher Lord Hamlyn has made his first sojourn into the property market with the purchase of 33 Holborn, the former Mirror Group headquarters. Hamlyn has bought the 29,730 sq m (320,000 sq ft) development site for £40m. Andersen Consulting has taken a pre-let for a new £135m headquarters building ...
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Markets
Business park signals revival
Private sector developers have launched plans for a £30m Merseyside business park. The announcement signals the growth of the formerly industry-dominated east Merseyside area as an office location. Joint developers Enterprise and Westbury have unveiled plans for a 20.2ha (50 acre) business park at Knowsley, Merseyside. The scheme will be ...
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News
Good results boost Hemingway shares
Hemingway Properties shares rose 26% at the end of last week after publication of a decent set of 1998 results and the increasing prospects of corporate activity at the company. Net asset value was up 8% to 55p a share, although pre-tax profits dropped from £7.8m to £5.2m ...
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News
Pru backs Disney distribution centre
Prudential has increased its exposure to the industrial sector by forward-funding a distribution centre for Disney at Gazeley Properties Magna Park in Lutterworth. The entertainment retailer is about to agree terms with Gazeley for the 23,225 sq m (250,000 sq ft) distribution requirement. Once completed, it is estimated ...
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Professional
Transfer pricing change attacks investor shelter
Transfer pricing New rules introduced in the Finance Act 1998 will have significant repercussions on the transfer pricing regime for non-UK investors The new rules will be integrated in the self-assessment framework and the onus for record-keeping will be on the ...
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Professional
Applying the human touch to planning
Human Rights Act The Human Rights Act will ensure that English statutes and regulations will be compatible with European Convention rights Convention rights may be invoked if a person has been compensated inadequately for an infringement of property rights
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News
Rating bill forecast to bring flood of appeals
The Lands Tribunal will be bombarded by appeals from disgruntled landlords if the Rating Valuation Bill becomes law, rating experts have warned. The bill, which passed through the House of Commons last week and is expected to get the thumbs up from the Lords, could lead to substantial business ...
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News
Agent complaints to go direct to Ombudsman
Local authorities have been asked to send complaints about estate agents directly to the Ombudsman for Estate Agents, rather than to local trading standards officers. The advice comes from the Local Authorities Co-ordinating Body on Food and Trading Standards (Lacots), the national group which advises trading standards officers on ...
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News
Agency picks Atlantic Quay
Economic development agency Scottish Enterprise is to site its headquarters at Pillar Property and Bellhouse Joseph s Atlantic Quay office scheme in Glasgow. It is understood that the agency is keen to house its 600 staff under one roof and will take just under 9,290 sq m (100,000 sq ...
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News
Docklands on the up again
Further signs that the Docklands investment market is becoming more established emerged this week when CIT bought the long lease of South Quay Plaza II at a 5.18% yield. CIT paid £27m to LPA Receivers for the 1,350 sq m (145,000 sq ft) office on 185 Marsh Wall, which has ...
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