Good morning. Here’s your morning round up of the latest news and views from EG and some industry-relevant headlines from the nationals.
After last week’s local elections, Labour is attempting to build on the impression that it can fix the housing crisis. The party is piecing together its manifesto for the next general election, with plans to restrict foreign buyers snapping up new homes and hitting them with increased stamp duty.
Meanwhile, the PM is convening cabinet today following the loss of more than 1,000 council seats. At the top of the agenda is the rift within the party over housing policy.
Resi’s CEO and director of planning have written in The Times (£) calling for an overhaul of the broken planning system.
And in Caernavon, Wales, more than 1,000 people gathered to protest against second homes.
Turning away from resi, occupancy for flex workspace has reached record levels, according to the Instant Group.
Wellcome has approved a £1bn investment into the first phase of expansion at its genome campus in Hinxton, Cambridgeshire. Urban & Civic was named as the development partner for the 315-acre site after plans were approved in early 2021.
Interest rates are expected to rise to 4.5% this Thursday, the highest level since 2008. But Goldman Sachs says we should expect 5% by August.
And Canary Wharf will soon be wind-powered, after striking a deal with its majority owner Brookfield. (Brookfield also happens to be the world’s biggest provider of renewable electricity.)
Meanwhile, Brookfield’s Bruce Flatt thinks that a recession could help knock some sense into people, and get them back to the office.
Vistry’s board is in further disarray after its SID quit following a “bust-up” with Inclusive Capital’s Jeff Ubben.
David MacLellan has been appointed to the board of Custodian, ahead of becoming the REIT’s chair in August.
Urban Logistics REIT has hired former M&G manager Justin Upton as CIO.
And Olivia Hewitt and Alice Bolton-Gough have joined MEPC in Manchester.
Hospitality company Convene has signed to operate a new 45,000 sq ft meeting and events venue at Greycoat and Mitsui Fudosan’s Sancroft redevelopment in EC4.
Prezzo’s landlords are owed £32m on the 47 sites that it closed last month.
But fashion retailer Mango has said it wants to open more stores, saying: “There are many more opportunities there. We have great expansion plans for the UK.” Good to hear.
And the broadcaster Stephen Fry has thrown his weight behind the opposition to Sellar and Network Rail’s £1.5bn plans for Liverpool Street Station.
