Offices news – Page 10
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News
Divergence in performance across property types ‘likely to persist in 2024’, CBRE says
Divergence in performance across property types is likely to persist in 2024 and obsolescence, particularly of older office and retail assets, will be a key challenge for the UK real estate market next year, according to CBRE’s UK Real Estate Market Outlook 2024.
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Edge and Mitsubishi snap up former WeWork West End office
Dutch developer Edge and Japan’s Mitsubishi Estate London have confirmed the acquisition of 125 Shaftesbury Avenue, a 180,000 sq ft office building in London’s West End.
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Milton Keynes office building sells for £4m
Avalon House, a 30,284 sq ft office scheme in Linford Wood, Milton Keynes, has been sold to an undisclosed investor for £4m.
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Gove delays decision on ITV Studios redevelopment for third time
Michael Gove has delayed his decision on plans to redevelop ITV’s former South Bank studios for the third time.
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Trio of leases brings AXA’s 22 Bishopsgate to 92% let
AXA IM Alts has agreed a trio of new leases for more than 65,000 sq ft at 22 Bishopsgate, bringing the 62-storey prime City of London offices to 92% let.
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Criterion splashes £135m on Haymarket House for hotel redevelopment project
Criterion Capital has acquired Haymarket House in London’s Piccadilly Circus for a reported £135m.
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Shaftesbury secures £300m refinancing loan
Shaftesbury Capital has secured a £300m unsecured loan with an initial maturity of three years.
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Sainsbury’s agrees HQ move to The JJ Mack Building
Sainsbury’s has agreed to move its UK head offices to Helical and Ashby Capital’s The JJ Mack Building in Farringdon, London, in the next two years.
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Allied Irish Bank to move offices to St Mary Axe
Allied Irish Bank (AIB) is to move to enlarged head office premises at 70 St Mary Axe in the City of London, also known as the ‘Can of Ham’, from its current site on Undershaft, as it seeks to support sustainability aims.
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Lazari submits plans for office-led scheme at iconic Fenwick Mayfair store
Property firm Lazari Investments has submitted plans to transform the Fenwick department store in Mayfair into an office and retail development.
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Aware Super opens London office to deploy £5.25bn into UK and European markets
Australian pension fund giant Aware Super has opened a new London office that will focus on the investment of £5.25bn into the UK and European markets.
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EY reviewing future in London headquarters
Ernst and Young (EY) has launched a property review of its London headquarters ahead of the end of its lease at the More London offices near London Bridge.
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Helical swings to £93.1m loss as NAV slumps 17.5%
London-based investor Helical swung to a £93.1m loss in the six months to the end of September, against a profit of £17.2m in the same period the year before, as net asset value (NAV) slumped 17.5%.
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UK Commercial Property REIT drops Picton merger
UK Commercial Property REIT (UKCM) has ended merger discussions with Picton because its largest shareholder, Phoenix Life, which controls around 43% of UKCM’s share capital, does not support the terms proposed.
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Workspace value falls lead swing to loss, but trading improves
Workspace Group swung to a pre-tax loss of £147.9m compared to a profit of £35.8m a year before, as it posted a 10.2% fall in net tangible assets (NTA) and a 6.6% fall in the value of the portfolio in the six months to the end of September.
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Landsec gets green light for £500m City office development
The City of London Corporation has approved Landsec’s £500m plans to redevelop 55 and 65 Old Broad Street.
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Regal London secures flex office provider for speculative Watford offices
Regal London has secured its first letting at its 173,000 sq ft speculative office development in Watford, signing flexible office provider YoooServ for 16,975 sq ft.
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Mills & Reeve swaps Colmore Row office for Paradise Birmingham
Law firm Mills & Reeve is swapping its Colmore Row office in Birmingham for a bigger space at MEPC’s landmark One Centenary Way.
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London office development ‘roars back’ with record volume of new starts
The winter 2023 edition of Deloitte’s London Office Crane Survey has recorded its highest ever volume of new office starts since the study began in 2005, with 5.1m sq ft of construction starting across 43 schemes.
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Lloyd’s of London on brink of long-term deal to remain at City HQ
Lloyd’s of London is on the brink of striking a long-term deal to remain in its landmark City headquarters One Lime Square.