There has been a lot of great commercial property news over the last few weeks, including many development deals as well as encouraging growth within the sector.
Last time we looked at property predictions, hotel investments, Google HQ and EU investment.
This week we’ll be looking at MP’s moving from Westminster, a portfolio of 51 assets, a rise in heritage investments and new train stations.
MPs Vote To Move Out Of Westminster For 5 Years Or More
This week MP’s will vote for a final time on whether to move out of Westminster for much needed repairs. If they do leave, it will be the first time since 1941.
Although to the public it may seem well kept, in truth the building has a wide range of issues. From asbestos to roof and sewage leaks. It’s in desperate need of repair – but it certainly won’t be cheap. It is estimated that it will cost taxpayers between £3.5bn and £5.6bn.
Find out more about the move via BBC News.
Investor Warehouse REIT Agree To Acquire 51 Asset Portfolio
Specialist property investor Warehouse REIT has taken on a portfolio of a whopping 51 assets, which are located in and around South England and the Midlands.
The deal itself, with Hansteen Holdings, cost REIT a sum of £116 million. The assets in question are all warehouses, with 500 leasable units covering a staggering 1.65m sq ft. There are already nearly 400 tenants in the units, with rents bringing in £8.5m per year.
Find out more about this portfolio via Insider Media.
Developers See 60% Return On Heritage Property Investments
A new report by Historic England (in partnership with U+I) reveals that for every £1 spent on heritage developments the average return of approximately £1.60 is recorded.
The full report (undertaken by Lichfields) was released at a free event held at the U+I headquarters on 6th February. Those speaking included Richard Upton; director of planning at Historic England.
Find out more about the report via Estates Gazette.
Bidders Shortlisted For £3 Billion HS2 London Stations
HS2 have revealed the joint ventures and 1 standalone bidder in line for 2 contracts involving 2 London and 1 Birmingham station. The 2 London stations in question are Euston and Old Oak Common.
As a result of these deals it’s estimated that over 4,000 jobs will be supported during the build of both London stations. WSP and Arup (working alongside architects Grimshaw and Wilkinson Eyre) will design the stations in phase one.
Find out more about this news story via Construction Enquirer.