Good morning,
China’s new embassy in London has been refused planning permission following a two-and-a-half hour debate over the controversial scheme. Tower Hamlets’ strategic development committee voted unanimously to ignore the planning officer’s recommendation and reject the 70,000 sq ft redevelopment of Royal Mint Court, EC3. The refusal comes just days after the prime minister vowed to get tough with China at a speech just down the road in Mansion House.
Meanwhile, John Lewis has teamed up with Abrdn for a £500m deal to develop 1,000 build-to-rent homes across three sites in Bromley, West Ealing and Reading. The deal will account for 10% of the partnership’s ambition to build 10,000 BTR homes over the next decade.
Blackstone has limited withdrawals from its $125bn real estate investment fund following a surge in redemption requests. Only 43% of redemption requests, totalling $1.3bn, from Blackstone Real Estate Income Trust were approved in November, with further restrictions announced for this month.
Leveling up secretary Michael Gove has insisted housing targets will stay as he seeks to thrash out a compromise with Tory rebels over the Levelling Up Bill.
“There are two things in the world you never want to let people see how you make ’em – laws and sausages,” says Leo McGarry in The West Wing. The latest episode of EG’s Office Politics takes a closer look at the how the Levelling Up Bill is faring in the Westminster sausage factory.
Meanwhile, Rishi Sunak has suffered the first electoral defeat of his premiership after Labour not only held on to its Chester seat(£) in the north-west of England, but increased its majority.
And in Gwynedd, Wales, councillors have voted for second-home owners to pay a 150% council tax premium.
Maybe think twice before signing up that former housing minister to a cushy directorship. Planned anti-sleaze rules could mean penalties up to two years after leaving government.
Then again, 40 potential breaches of the ministerial code were never investigated, including those involving donations from property developers to Michael Gove.
In other news, Leeds has approved Glenbrook’s plans for a 500-home build-to-rent scheme at Whitehall Riverside. The £135m development forms part of a wider £280m masterplan, which is being brought forward with Town Centre Securities.
Conygar has submitted its plans for the next phase of the Island Quarter in Nottingham – a 249,000 sq ft lab and office building.
Around 10m sq ft of life science space is set to be delivered in the UK’s Golden Triangle over the next five years, but CBRE says more public investment is needed.
And Carter Jonas has hired JLL’s Tom Roundell Greene as head of sustainability.
Industrials REIT’s revenue rose by 23.5% during the six months ended 30 September, from just over £20m to £24.7m.
Vue Cinemas has said it is poised to swoop on Cineworld in a “huge consolidation play” ahead of a possible stock market flotation.
French leather trunk maker Maison Goyard is packing its bags for Mayfair, W1, to launch its new flagship UK store.
Next has joined forces with the founder of troubled chain Joules to buy the business out of administration, including £7m for its head office building in Market Harborough, Leicestershire.
And Godwin Developments has secured planning for Cathedral Green, its first single-family housing development, in Ely, Cambridgeshire.
Meanwhile, a solicitor at the heart of the fraudulent sale of a Scottish castle has been jailed for 12 years. Stephen Jones managed to con a US buyer out of millions of dollars after persuading it to pay for the castle twice.
Appropriately, this week’s EG Interview talks to new Property Litigation Association chair Dellah Gilbert about the importance of good legal frameworks, as well as training, tenants and tractors.
And while the cigar-chomping fat-cat image may be outdated, The Guardian is far from convinced that tenants can rely on the kindness of landlords.
