Here’s a wrap-up of some of the top stories on EG from the past week.
Real estate professionals found Rachel Reeves’s Budget this week lacking, saying that if the government is to deliver on its 1.5m homes pledge it needs to go “much bolder and much further”. Business rates reform also left much to be desired, with a promise to deliver a fairer business rates system labelled as “robbing Peter to pay Paul” and “absolute madness”. More welcome were moves to boost capacity across local planning authorities in a bid to speed up development and improve what one real estate professional called a “hostile environment”. Extra funding for local authorities should enable an extra 300 planners to be recruited.
Lacklustre Budget leaves industry wanting more
Budget moves to address ‘hostile environment’ of planning authorities
Reeves’ rates reforms branded ‘absolute madness’
Insulation giant Rockwool is in talks to acquire 1m sq ft of industrial space from Birmingham City Council for a major new manufacturing hub. The Denmark-based manufacturer is in advanced negotiations to buy a slice of land at Peddimore in Sutton Coldfield.
Rockwool spins deal for major Brum manufacturing hub
The City of London Corporation’s planning committee has signed off three projects in one sitting that highlight a trio of trends shaping the Square Mile’s built environment: the need to revamp some of the area’s tired market stock; the desire to turn some of that tired office stock into residential; and giving a lift to the City’s leisure space.
Controversial Tenter House City tower approved
Fleet Street student scheme given green light
City bank-to-crazy golf scheme lands on green
Occupier activity across the Golden Triangle so far this year is lagging 2023 levels, according to DTRE, with a lift in London failing to offset falls in Cambridge and Oxford.
Lab take-up slows across the Golden Triangle
Time Out has raised fresh funds to back its first London site. As EG revealed last week, the company is in talks with the Crown Estate to take a space on Piccadilly Circus for its long-awaited first site in London. Time Out has now raised £8.4m through a new share sale to fund that project as well as a new site in New York.
Time Out taps shareholders for London food hall
Other stories you mustn’t miss:
Northern Group’s ‘born and bred’ Manchester expansion plans
‘The flow is coming’: London dealmakers hope for strong end to year
M&G asks for offers over £37m for West End estate
Reuben brothers plan revamp of former John Lewis HQ
Stockport MDC begins search for permanent chair
Boxpark to launch first Boxhall site at London Liverpool Street
Nuveen and Leon Capital go for Longevity with ‘strategic investment’
LadBible looks for new London office
For your listening pleasure from EG Property Podcasts
Dealmaker of the Month: Elise Evans, Lambert Smith Hampton
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