In the news this morning, Christian Candy’s CPC Group has decided to sell a site in central London that has planning permission for a number of new luxury homes, rather than develop it. The housebuilding sub-sector was behind an increase in construction PMI in May, pushing both to their highest in 17 months. Research shows that the Conservative party’s promise of one million homes by 2020 actually means that just 9,000 extra homes a year will be built.
This morning’s property headlines from the national press
CPC Group to sell site in London’s Holland Park (FT/£)
WEEKEND PAPERS: Christian Candy’s CPC Group is selling a site in London’s Holland Park rather than developing it.
Construction PMI highest since end of 2015 (The Telegraph/FREE)
WEEKEND PAPERS: The construction purchasing managers’ index rose to 56 in May from 53.1 in April, the highest reading since December 2015.
One million new homes promise will deliver only 9,000 extra a year (The Times/£)
The Conservative party’s promise of a million new homes by 2020 translates into an increase of just 9,000 a year, according to research by Property Partner.
Institutional investors target build-to-rent (FT/£)
WEEKEND PAPERS: Institutional investment in the build-to-rent sector is set to rise to around £70bn in 2022, from £25bn last year, according to a report due from Knight Frank this month.
New development targets residents wanting dynamic life now but care later (The Times/£)
The target market for the one- and two-bedroom apartments in the Bankhouse development in central London are those over-55s wanting a more dynamic lifestyle but with the option of care should they need it.
Labour’s land value tax would affect more than 10m homes (The Telegraph/FREE)
WEEKEND PAPERS: More than 10m households would be negatively affected by Labour’s plans for a land value or garden tax, according to chancellor of the exchequer Philip Hammond.
Drop in footfall amid shopper caution (The Times/£)
WEEKEND PAPERS: UK footfall fell 4.2% on the year in May, and was down 0.8% on the May bank holiday weekend, figures from Ipsos Retail Performance showed.
David Lloyd Leisure buys Park Club (The Times/£)
WEEKEND PAPERS: David Lloyd Leisure has agreed the acquisition of the Park Club in Acton, London, from the Hogarth Group.
Arora brothers reduce stake in B&M (The Guardian/FREE)
WEEKEND PAPERS: The Arora brothers have continued to reduce their stake in B&M, with the latest share sale taking their interest in the discount retailer to 15% from around 21%.
Taveta sees earnings drop 16% (The Guardian/FREE)
Taveta Investments, the holding company for Sir Philip Green’s Arcadia Group, recorded a 16% drop in earnings to £211m in the year to the end of August, according to a person with knowledge of the matter.
Green calls in the consultants (The Times/£)
WEEKEND PAPERS: Sir Philip Green has appointed management consultants McKinsey & Co. to review strategy as online retailers increasingly take sales away from high street stores.
Tonedale Mills on latest buildings at risk list (The Guardian/FREE)
The latest Up My Street list of buildings at risk includes Tonedale Mills in Wellington, Somerset, Old Colehurst Manor in Shropshire and the Birmingham and Midland Skin Hospital.
Sharp increase in companies at risk if rates rise (The Times/£)
Just a quarter of a percentage point increase in interest rates could cause difficulties for 80,000, or one in 25, companies, research by the Association of Business Recovery Professionals, or R3.
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