Friday 28 May, 9.30am; back in the Zoom. Team P has voted to WFH on a Friday. The office resembles the Mary Celeste that day. The rumour is GBH will go all Goldman Sachs and order us to haul our sorry selves in on Fridays.
Until then, TGIF! Today I bring Team P news, not rumour, from the Eighth Floor. The hunt for under-rented gas-guzzler office blocks with fag-end leases is on. Landsec, British Land, Great Portland and Derwent London have got it into their heads that tenants will only rent jolly green giants in future.
They wish! The Eighth Floor reckons the Big Fish have exposed themselves as forced sellers of what Landsec boss Mark Allan dismisses as ‘subscale’ stock. GBH feeds from the school of sharks now cruising the South East seeking bargains. Landlords more interested in profit than the planet.
“Heads up guys! GBH is offering double bubble bonus for deals on ‘clunker’ blocks this year. Anything built in the last century. Anything with plenty of land around. Anything that can be levelled/converted to flats, or upgraded and let at irresistibly low rents. Go!”
Silence. ‘For heaven’s sake,” says Charlie Boy, eventually. ‘CBRE, JLL, C&W, Knight Frank and my old firm Savills have been quietly on this for months.’ He can be SO haughty.
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