Here’s a wrap-up of some of the most popular stories on EG from the past week.
As news broke in Australia that development and construction giant Lendlease was restructuring its business and selling off its international construction arm, EG sat down with European chief executive Andrea Ruckstuhl (pictured) to understand the implications for the UK business. Ruckstuhl said the business remained fully committed to its projects in the UK, including at Euston station, where it is master developer for the proposed 60-acre scheme, and the £1.9bn Smithfield development in Birmingham.
Lendlease Europe boss commits to UK projects
Nine markets across the South East have become the main focus of office occupiers and investors, accounting for almost two-thirds of transactions over the past three years, according to Knight Frank. Simon Rickards, head of national offices capital markets, said: “Undeniably, the marketplace retains many challenges, but investors are now beginning to see price, project and timing in a more favourable light.”
‘Momentum markets’ drive South East office deals
The British Property Federation has criticised the Leasehold and Freehold Reform Act, which achieved royal assent last week and will increase the standard lease extension term from 90 years to 990 years for both houses and flats. Ian Fletcher, director of policy in real estate, described the act as “possibly be one of the least celebrated laws ever”, adding: “It has left few freeholders or leaseholders satisfied. It has not received proper scrutiny, as many peers in the House of Lords expressed passionately.”
BPF: Leasehold Reform Act will be ‘one of the least celebrated laws ever’
Cadillac Fairview and Stanhope have launched plans to develop a new office-led tower in the City of London. The pair’s joint venture bought 70 Gracechurch Street, EC3, from Hong Kong’s Tenacity in April 2022, and now envisage a partial demolition of the existing eight storey building and the development of a 32-storey tower comprising office and retail space.
Cadillac Fairview and Stanhope launch City tower project
Mapletree Investments has fallen into the red, with elevated interest rates and “prolonged working from home” trends in the US, Europe and Australia markets cited as the main causes.
Mapletree posts loss as office values decline
Other stories you might have missed:
West Midlands’ new mayor: ‘It’s about we, not me’
How real estate markets can get a kick from the Champions League
Stoke begins hunt for partner on 10-year city centre revamp
Bristol’s EQ office on the market for £116m
Columbia Threadneedle eyes lab conversion in Oxford
WeWork to exit Chapter 11 within weeks
Thriving seeks to raise £2bn for PRS and affordable housing funds
City fringe benefits: Belcor’s Rob Elman on selling the submarket
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Photo © Lendlease
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