Good morning,
Those anxiously awaiting details of a “planning reset” from leveling up secretary Simon Clarke will just have to be anxious for a little longer. Clarke’s speech has been pushed back from next week to next month, amid talk of the government’s “supply-side reforms” running aground on “details”. Clarke is thought to want to take a strimmer to environmental regulation that is perceived to be holding back development, and remove affordable housing requirements for smaller schemes.
Further turmoil is feared on the markets as the Bank of England moves to end its bond-buying intervention. Governor Andrew Bailey has said Friday will be the absolute deadline, but bank officials have said privately that there may be flexibility.
Either way, the IMF has warned the “worst is yet to come” as it slashed its growth forecasts for next year.
Westminster City Council has raided more “sham stores” on Oxford Street in a crackdown on counterfeiters and tax dodgers.
And police have arrested a British businessman accused of funding the properties of sanctioned Russian oligarch Oleg Deripaska. Graham Bonham-Carter potentially faces 60 years in jail.
Michael Gove has taken another swipe at Liz Truss, urging the PM to “keep faith” with Boris Johnson’s commitment to end no-fault evictions.
But enough of the infighting! Flexibility and collaboration are not just buzzwords, writes Derek Griffin, head of acquisitions at Whitbread. And they have never been more important than now.
In other news, Dermot Gleeson is stepping down as chair of MJ Gleeson, the housebuilder founded by his family over a century ago.
Hammerson board member Des de Beer has stepped down with immediate effect.
And Target Healthcare REIT has increased its portfolio by a third as inflation-linked leases hold their value.
Helmsley Group has bought the Grade I listed Cumberland House, as part of its regeneration of central York.
OakNorth Bank has acquired 50% of lender ASK Partners’ shares, as it seeks to become the go-to platform for private investment in alternative real estate debt.
And Octopus Real Estate has provided a £22m loan for a residential scheme on the site of the former Derbyshire Royal Infirmary.
And finally, the nights are getting darker and colder, and the supermarket seasonal aisles are full of Halloween merch. Which can mean only one thing: time to get ready for Christmas! But what do you get the millionaire who has everything this yuletide? How about the UK’s largest Christmas tree farm? The 584-acre site in Strathmartine, Scotland has been put up for sale, with offers over £7m sought. Would perhaps suit an angel investor?
