Here’s a look ahead to what is happening in the world of commercial real estate this week. Make sure to check back with EG for the full analysis as we deliver your daily news agenda.
Tuesday
The planning sub-committee at Westminster City Council will decide on Stanhope and Mitsubishi Estate London’s proposals for the redevelopment of a 1960s office block at 1 Victoria Street, SW1. If approved as per recommendations, the partners will deliver a 10-storey building comprising retail, restaurant, leisure and medical offerings and almost 640,000 sq ft of office space alongside a pocket park.
Wednesday
Housebuilder Barratt Developments will report its financial results for the year to 30 June 2024, a week after closing its £2.5bn takeover of rival Redrow. Analysts predict the company to deliver single-digit revenue growth on the £5.3bn posted a year ago. In its trading update last month, the company itself slightly lifted its annual adjusted pretax profit expectations, thanks to “strong” operational performance so far this year.
Cairn Homes, a developer of sustainable communities, is set to reveal its interim results, which it described as “record” in its trading update last month. The company is forecast to deliver 66% revenue growth year-on-year to €365m (£307m).
Irish hotel group Dalata will share its interim results on Wednesday too. Will it be able to follow in PPHE‘s footsteps and report record results too?
Thursday
Cherwell District Council’s planning committee has been recommended to approve Oxford University Development’s plans to bring forward 1,800 homes and 1.7m sq ft of life sciences space in Begbroke, Oxfordshire. The mixed-use scheme, which sits on a 421-acre site adjacent to Begbroke Science Park, also features 226,000 sq ft of amenity space, a farm shop, a nursery, a school, a community building and a sports pitch.
In Birmingham, Lavender Property Group’s plans to build a 317-bed purpose-built student accommodation scheme have been tipped for approval. The developer is looking to bring forward two blocks of five and six storeys on a car park fronting Cecil Street and Cliveland Street.
Elsewhere in the city, Ryland Estates Investments is expected to receive planning approval for its £130m Trifecta build-to-rent scheme. The plans, filed in January, will see 550 homes developed across three blocks of seven, 11 and 41 storeys, on a 1.46-acre site on Bristol Street.
Further north, planning officers have recommended that City of York Council approves the development of a new neighbourhood in Huntington. Barratt Homes and David Wilson Homes have teamed up to create the new 280-home neighbourhood on a 28-acre site at New Lane.
Salford City Council has been recommended to back the construction of the city’s first co-living tower, to be delivered by Manchester-based Progressive Living Developments. The building, split into 39 and 42 storeys, comprises a total of 568 studios, alongside communal amenity spaces and a landscaped roof terrace at level 38.
In the capital, the redevelopment of Bromley-by-Bow Industrial Park, E3, is expected to be given the green light by Tower Hamlets Council. London-based investor and developer Fabrix plans to deliver 136,045 sq ft of flexible workspaces on a 4.7-acre site at Empson Street.
The UK’s largest self-storage company, Safestore, is expected to update its shareholders on its financial performance over the three months to 31 July. The company demonstrated robust performance over the six months to 30 April 2024, with 68% pretax profit growth to £173.7m year-on-year despite revenue slipping by 0.8% to £109.2m.
EG will be publishing August’s Demand Barometer, in which we take a deep dive into the latest data from PropertyLink to understand exactly which property types and which locations are generating the most interest from potential customers.
And housebuilder Vistry will be delivering its interim results. The group is expected to announce a circa 10% uplift in operating profits, an 8% increase in completions and continuing improvements in sales rates as demand grows.
Friday
The latest UK house price data from Halifax will be revealed. In July, the average house price rose by 2.3% year-on-year to £291,268, marking the sharpest annual growth rate since January this year. Month-on-month growth was 0.8%.
EG’s must reads, delivered to you every Friday at 3.25pm, lands, wrapping up the news from the week, making sure you stay ahead in the world of commercial real estate.
If you’d like to get your big news of the week featured in EG’s news agenda, drop us an email at newsdesk@eg.co.uk
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