WeWork's investment arm, WeWork Capital Advisors, has exchanged on 99 Queen Victoria leaving it owning just one office building in London
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We have a new member of staff, James Couse. James brings to us his extensive agency expertise in the City and London niche markets and we are very happy he has joined
As Meta pay £149 million to British Land, to get out of their lease obligations at 1 Triton Square, what are the real costs involved and to whom?
“Never Knowingly Undersold”All gets a bit tricky with that mission statement going into the world of property as John Lewis are finding to their cost after launching into the property sector following the appointment of Dame Sharon White as chairman back in 2020.Their build-to-rent scheme in Ealing is reportedly likely to result in losses of £57m and bids on the sale of the upper floors of its Oxford Street store, for redevelopment into offices, are now floundering, due to rising interest rates and the present economic microclimate.Their venture into property, whilst Waitrose is underperforming, does to seem likely to be on track to generate two fifths of group profit via non-retail areas by 2030. Maybe it would have been prudent to address the problems in the core business rather than introduce more through diversification.
The final countdown for WeWork as stock falls off the edge
The West End investment market is showing some signs of recovery with over £1bn of deals under offer, whilst availability is at over £4bn
Flexible workspace provider WeWork warned that “substantial doubt exists" about its ability to continue as a going concern
Your Content Goes Here Interest rates, quality & sustainability High interest rates are being blamed for a slump in Central London’s office market, in the first 6 months of 2023, with investor spend on buildings dropping by more than 50%. The total investment volumes were 55% lower than a year earlier, and a 42% fall from the ten year average. Rising borrowing costs add further pressure to a market that is undergoing big change, for a variety of reasons. Hybrid working remains popular, post pandemic, and other factors such as “Best in Class” and sustainability are both having their effect On borrowing costs, Julian Sandbach, head of central London capital markets at JLL said: “The extent of the slowdown in capital invested in central London commercial real estate in the first half of 2023 is profound. The effects of rising interest rates have had a material impact on pricing and confidence as investors continue [...]
Your Content Goes Here The 56,000 sq ft office building at 5-10 Great Tower Street has been bought by real estate group Dominus for a reputed sum close to £25 million, against Cushman Wakefield’s guide price of £15 million. The sale comes as the City of London has indicated it may relax the Square Mile's strict planning requirements, that protect existing offices, to encourage alternative uses for secondary buildings. Dominus launched in 2011 and quickly built a hotels portfolio across the UK. It has more recently expanded into residential, student homes and mixed-use development. It is understood that plans for this building is for redevelopment as a hotel. Has this price achieved been influenced to any extent by the City of London’s recently indicated plans and the content of its “The Future of the Office” 2023 Arup Report? Probably the most significant recommendation in the Arup report is the introduction of a "fast track" [...]
Most Prominent Real Estate Leaders to Watch in 2023 Happy Days - it would seem our somewhat low key digital campaign is now reaping benefits as we have recently been informed that we have been shortlisted as Victory Magazine’s "The Most Prominent Real Estate Leaders to Watch in 2023" Whoop! Whoop! Ah, reading the announcing email a little further, the squib dampens. It’s seems that we have been shortlisted to be given the opportunity to appear in a special edition of the magazine running "The Most Prominent Real Estate Leaders to Watch in 2023" as a feature. Furthermore there is a nominal sponsorship fee of $1,200 to appear in said proposed edition. Dollars? Hold the phone where is this mag? Well we have had a look at Victory Magazine and have concluded this may not be the best way to spend $1,200 worth of marketing (we get two years of ed for that - regardless of exchange rate). [...]