Good morning. Here is your daily round-up of property news from EG and the national papers.
WeWork has seen sales momentum return to pre-pandemic levels, surging to the highest level since its aborted initial public offering.
The flexible working giant said net desk sales for April and May were 10,000 and 17,000 respectively, the best result since September 2019, the month that founder Adam Neumann quit as chief executive.
It comes as a major milestone for the co-working company, which was thrown into turmoil when its attempt to list on the public markets revealed significant losses, eventually leading to Neumann’s resignation.
London-listed Morrisons, on the other hand, is flying on the public markets. Following a failed £5.5bn takeover bid from private equity powerhouse Clayton, Dubilier & Rice, the supermarket chain saw shares rocket by more than a third, making it the biggest rise in the FTSE 350 yesterday.
The low bid has been blasted by top-10 shareholder Legal & General, with fund manager Andrew Koch adding the private equity house “would not be adding any genuine value” to the supermarket chain .
But, as investors brace for an anticipated feeding frenzy, the Business, Energy and Industrial Strategy Committee is preparing to write to the competition watchdog to seek assurances.
And, as Morrisons looks set to de-list, private members’ club Soho House is preparing for a long-awaited New York IPO, expected to value the company at more than $3bn. The company will list under a new name, Membership Collective Group, and is planning an aggressive expansion programme to tap investor enthusiasm and lockdown relaxations post-pandemic.
The UK government is set to announce an overhaul of travel restrictions. While double-jabbed holidaymakers can look forward to quarantine-free travel, prime minister Boris Johnson warned that the industry will not return to normal until next year. He added that the country was “looking good” for 19 July to be the “terminus point” for England’s coronavirus restrictions – but did not rule out the prospect of further lockdowns in the winter.
Housing secretary Robert Jenrick has rebuffed backbench criticism of his controversial planning reform. Responding to Conservative MPs at a Commons debate, Jenrick said the government has “a duty” to the next generation to build more homes.
Meanwhile in Ireland, the industry is calling for a rise in foreign investment to boost housebuilding. According to the Irish Institutional Property some €7bn in international finance is needed, up from from around €1.7bn, to help the Irish government deliver 30,000 new homes every year.
As institutions flock to Ireland, others may be feeling burned by ongoing challenges in Liverpool. In the latest blast to the city council and property industry, Unesco is threatening to strip the city of its world heritage status.
Perhaps Liverpool could take a note from the villagers of Garmouth in Moray, Scotland. Following the closure of the last village shop more than five years ago, the community has banded together in a bid to keep the village trade alive.
When a 19th century cottage, known as the MacLean’s buildings, went on the market a local neighbourhood group acted to save the venue. Rob Wallen, group secretary for the Garmouth and Kingston Amenities Association, said: “The project actually started when the last village shop closed. At that time the people realised that the shop was not just a shop, but it was a part of the fabric of the village.” The group put together a business plan and raised £71,000 in grants from local charities. The venue is already home to “visiting post office”, the grants have allowed the Wallen and the group to create a “flexible energy efficient community venue”, with meeting space, an exhibition room and possible sales area for local traders.
