We’ve decided that we need to give our readers better insight into the industry we work in. That’s why we’re now going to be sharing weekly industry news.
This week we’re going to be looking at the various news stories that interested us the past week or so; surrounding commercial property, bridging, business and UK finance.
So, what’s been happening in our industry?
Network Rail Sell Off Over 5,000 Commercial Spaces
The sale of commercial premises started on 17th November this year, as Network Rail aim to sell up for a potential profit of over £1 billion. The sale of these properties is being advertised by Eversheds Sutherland and the sale itself is being handled by Rothschild & Co.
The impressive portfolio includes over 5,000 properties across the UK, but many of the properties listed are situated in London. The sale even has it’s own code name of “Project Condor”, according to Eversheds.
Find out more about this news story via LegalWeek.
UKCPT Makes First Hotel Sub-Sector Acquisition
The UK Commercial Property Trust have been contracted to forward a fund for the development of a 265 room hotel in Newcastle. The 4 star Maldron Hotel will cost the UKCPT over £32 million, but is predicted to deliver a yield of 5.4%.
The hotel is pre-let on a long term lease to the Dalata Hotel Group, who have agreed a 35 year lease. The hotel, despite the lease, will be operating under the Maldron brand and is set to complete in Q1 2019.
Find out more about this news story via Property Magazine International.
Bracknell Council Raise Extra £30m For Commercial Property Investment
Bracknell Forest Council have committed to an extra £30 million towards commercial investments, raising it to £90 million over the last 2 years. The reason for this extra investment is due to an unexpected fall in returns, from 5% down to 3.5% per year.
Councillor Peter Heydon, Executive Member for Finance and Transformation, said:
“In order to see that annual income rise to £3m, the executive looked at increasing our investment in commercial property by up to £30m last week. The additional income this will generate will be used to benefit local residents and the community via the services we are able to provide.”
Find out more about this news story via Bracknell News.
Industry Groups Fight Scottish Government Over Business Rates
Several groups representing manufacturing, commercial property, retail and tourism have come together to fight the Scottish Government over business rates, claiming that they should rise by no more than the Consumer Price Inflation (CPI) index.
The group itself has made bold claims, claiming that failing to switch rates to match the CPI would result in a disadvantage of up to £30 million per year. This would be in addition to the already increased Large Business Rates Supplement gap of £62 million.
Find out more about this news story via Insider Magazine.
Bridging Lending Surpasses Pre-EU Referendum High
It’s good news as we see the UK bridging sector grow, with Q3 yielding an impressive £4.7 billion in 2017. This is up 10% for the same period in 2016.
The pure strength of the amazing turnaround in Q3 2017 was highlighted by results published by the Association of Short Term Lenders’ members. This showed that £851 million was lent in Q3, despite a quiet summer holiday period for all.
Find out more about this news story via Bridging & Commercial.
Which of these news stories did you find the most interesting? Are there any news stories you’ve found that you think would be great to share next week? Let us know by tweeting us at @VAT_BRIDGE.
Or, if you’d like to find out more about our bridging services, get in touch by emailing email@example.com or calling us directly on 01206 581 520.