Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals.
Another day, another large shopping centre pushed to market. Savills has been instructed by Nuveen to offload a half-share in the 630,000 sq ft Princesshay estate in Exeter. The sale will end a decade of ownership for Nuveen, which acquired the centre through a swap with Landsec.
Princesshay is the fourth large mall to be pushed to market this week, with Frenchgate in Doncaster, Coopers Mall in Burton-on-Trent and Swan Walk in Horsham all also being put on the block.
Collectively the four centres total more than 2m sq ft of shopping space and £100m of asking prices. Could malls be this year’s hot market?
It’s all about beds in the world of planning at the moment with thousands of student beds, BTR and homes set to get the green light across the country.
In Glasgow, Dandara is hoping the council follows through on a recommendation to consent plans for its City Wharf development on the banks of the River Clyde. The scheme will offer more than 500 build-to-rent flats and 491 student beds across three buildings.
It would be a welcome approval for Glasgow’s students with demand outstripping supply of new PBSA beds by 2.5 to 1. More than 20,000 new beds are needed in the city to bring that ratio down to 1.5 to 1.
In London, Hurlington Capital has just got the go-ahead for its fourth student scheme in the capital. This time, with Alumno, it will deliver 316 new beds in Stratford, E15. Some 35% of the beds will be affordable.
And in Bristol, plans are finally set to fly at Filton Airfield. Proposals to transform the birthplace of Concorde into a new neighbourhood have nudged closer with an updated masterplan approved. The site will eventually deliver more than 6,500 new homes across all tenures from student and BTR, to starter homes, family homes and later living. There’s just the Section 106 sign…
Property news in the national papers this morning was centred around the Body Shop announcing plans to close 75 more stores, a strong set of results from Schroders and a rebased Hammerson preparing to flex its muscles. All stories you will have ready yesterday on EG, of course.
And for your big read of the morning, why not settle down with the EG Interview and Primera’s Ruth Duston as she reminds us about the power of business improvement districts. There are hundreds of BIDS across the country, 70 in London, 12 of which are managed by Duston.
But Duston believes there is little understanding of the ways BIDs can be used to transform an area. She wants the real estate industry in particular to learn and get involved through the creation of property owner BIDs in which landlords and investors also dig into the coffers.
“I’d like to think we make an impact that leaves a legacy in London, that builds on what our future generations need from a more sustainable and resilient city,” Duston tells EG. “I do it because I love it, because of my regen background. It’s all about opportunity and giving people chances. There’s no real margin in running BIDs – you either love it or hate it. It’s a Marmite thing.”
All of the news from EG, plus a selection of headlines from the nationals:
Tritax toast resilient growth
Nuveen puts 50% stake in Exeter mall up for sale
EG Interview: Primera’s Ruth Duston on two decades of BIDs
Dandara set for nod on 1,000 beds in Glasgow
AEW submits plans for Bristol office revamp
Filton to finally take off as masterplan approved
Alumno and Hurlington bed down in Stratford
Salford council set to approve £60m Ordsall resi scheme
Savills raises £71m from record-breaking catalogue
Kingsbridge gets green light for green sheds
England’s regional divides widening despite ‘levelling up’ (£)
Will student landlord stay top of the class? (£)
Zara returns to Ukraine (£)
UK mortgage approvals surge to highest level since October 2022 (£)
Plans for 99% mortgages scrapped after backlash from banks (£)
The hell of having a Banksy on your house (£)
Funding for regional firms ‘no better than 1930s’ (£)
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