Barratt’s Mark Clare waits for the post
There was a rather pleading note about Barratt’s stock market announcement this week, reminding investors about the postal strike. Barratt urged shareholders to check the Royal Mail website before posting documents taking up their share entitlement as part of its £720m rights issue.
The company, led by chief exec Mark Clare, reminded shareholders that they only had until 3 November to return their acceptance forms and suggested they should consider alternative couriers. Hmm, any worries about take-up, Mark?
Law firm’s shortlist a bit on the long side
The lettings market in the City of London may well be picking up, with three tenants preparing to sign for a total of 450,000 sq ft last week (EG, 24 October).
However, here’s a sign of just how far the market has swung in favour of the few tenants out there considering a move. Over the past two weeks, law firm Field Fisher Waterhouse has been interviewing agents to spearhead a 150,000 sq ft search for office space in the Square Mile. But rather than adopting the usual practice of asking four agents to pitch for the job, FFW decided to interview 12.
Given that a pitch of this size takes about a week to assemble, the decision to interview 12 candidates has caused much grumbling in City agencies. Firms are miffed at having to dedicate so much time to a contract they have a one in 12 chance of getting – instead of the usual one-in-four chance.
As for FFW, after gathering a wealth of knowledge on the market through the interviews, it has whittled its shortlist down to four agents, with DTZ widely tipped to bag the contract.
The ins and outs of parking for Halabi
There was a running joke in the property industry that, at £50m, Simon Halabi’s purchase of the former In and Out club on Piccadilly in 2000 represented the most expensive parking space in history.
Although there was never much progress in revamping the property as a luxury hotel and private members’ club, Halabi’s Hummer was often seen parked in the drive outside, presumably because it was handy for Buckingham Securities’ office nearby.
But with Buckingham Securities now being wound up and large chunks of Halabi’s London portfolio in the hands of administrators, Halabi has appointed Jones Lang LaSalle to sell the In and Out.
Our people on the ground say the distinctive motor has not been seen on the Piccadilly drive since the announcement of JLL’s appointment last week. So, what we want to know is, where is Halabi parking now?
‘Positive’ remark was banker’s rebuff
Tony Pidgley has been sharing his knowledge of the banking industry.
Speaking at the Movers and Shakers Breakfast at the Dorchester in London last Friday, the event’s chirpy chairman, David Jennings, regaled delegates with the general outcome of a meeting he had recently had with Ian Marcus, managing director in the investment banking division of Credit Suisse.
Apparently, Jennings, on behalf of a property client, was tapping Marcus up about the possibility of raising bank finance. Jennings said he had left the hour-long meeting feeling upbeat, particularly as Marcus’s last words had been: “I’ll be in touch.”
But his elation was short-lived. Jennings had passed on the story to Berkeley chief Pidgley, only to be advised that “I’ll be in touch” is in fact banking speak for “bugger off”.
Holy orders for an unconventional move
Knight Frank’s institutional consultancy division gets a lot of interesting calls. It specialises in selling institutional properties such as colleges, conference centres and old care homes for alternative use.
But head of the division Emma Cleugh says the most interesting instruction she has received was from a nun who said she wanted to move house.
Turns out the house she wanted to leave was a sprawling convent in Windsor, Berkshire, with more than 100 bedrooms and six dining rooms. Praise be.
Castle besieged by excited investors
Readers flicking through the auction catalogue bound with the 17 October issue of EG have been getting very excited about one particular lot.
Lot 56 (p36) of the Clive Emson catalogue is for a medieval castle just north of Bluewater in Kent. The castle, dating from 1065, is let with an income of £54,800 pa, which would equate to a yield of 7.3% at its £750,000 guide price.
More surprisingly still, the current owner is none other than Land Securities, which acquired the castle as part of its Ebbsfleet deal in 2001.
At the same price as a small three-bed flat in many parts of London (but with a far better yield), investors just hope the castle isn’t actually made of sand.
Move to take the biscuit crumbles
When it comes to the crunch, one of the most contentious cost-saving measures in the property industry has been some firms stopping free biscuits at meetings.
At Invista Real Estate Investment Management, a decision earlier in the year to axe the complimentary snacks caused open revolt. Staff complained that the lack of free biccies looked crummy and took their complaints all the way up to the board.
Fortunately, the highest echelons of the company have now agreed to a U-turn, deciding it was the best way to keep staff sweet.
