Good morning. Here is your AM bulletin, with the latest news and views from EG, as well as a few of the best bits from the morning papers.
More new office buildings are being started in London than ever before, according to Deloitte. Its latest London Office Crane Survey has tracked 5.1m sq ft of new construction starting across 43 schemes in the capital. That’s fewer schemes, but nearly 16% more space than recorded in the previous survey.
Further north, FulwellCain, the global entertainment company co-owned by actor James Corden, has submitted plans for a £450m, 1.6m sq ft film studio on the banks of the River Wear.
And British Land and Savills have drawn up a five-point plan for the prime minister to build more lab space.
Meanwhile, former Tory donor and construction boss Sir James Wates has urged the government to follow Labour’s lead on planning reform and infrastructure investment.
Labour is holding the first meeting of its British infrastructure council, but Blackstone won’t be present following an intervention by the chancellor.
And there is more speculation about what taxes Jeremy Hunt could cut(£) in Wednesday’s Autumn Statement(£), after inflation fell and the government found itself with significantly more fiscal headroom. Stamp duty cuts and business investment incentives are high on the “probable” list.
Sweeping reforms to phase out the “feudal” leasehold system could boost property prices by 10%, a study has found.
And Middlesbrough Council is looking to sell scores of buildings as it fights to avoid issuing a bankruptcy notice.
Business and industrial park owner Sirius is looking to raise £145m to go shopping in Germany and the UK.
Mailbox REIT has been pulled from the short-lived IPSX platform. It was the first to list in May 2021.
London is at risk of missing its housing targets once again after the number of new developments plunged by as much as three-quarters.
And the board of Foxtons has come under pressure from 10% of its shareholders to hoist the for-sale sign.
And finally, this week’s episode of the EG Like Sunday Morning podcast covers the highlights of the week that was – Henry Boot’s first HQ move in almost a century, British Land and Landsec’s plans, the continuing WeWork saga, and the correlation between the tenure of housing ministers and the gestation periods of mammals.
