NEWSFLASH 4th January 2016
Happy New Year!
Workspace has been granted planning permission for 200 residential units and office space on the site of
the Marshgate industrial estate in Stratford. Marshgate is located in the Pudding Mill area, 400 yards from the Olympic
stadium and close to Pudding Mill station on the DLR. The 2.5-acre site currently consists of 93,000 sq ft of light industrial space and
was valued at £14m in September 2015. Workspace has secured mixed use planning consent to replace the existing buildings with
200 residential units, including a mix of townhouses, apartments and 17% affordable housing, and a new 34,000 sq ft business
centre.
Liverpool City Council has granted planning consent for the mixed-use regeneration of a five-acre site next
to the city’s Chinatown and in the shadow of its Anglican Cathedral. Marketed as ‘New Chinatown’, the development
will include a 140-bedroom hotel as well as residential apartments and office accommodation. Completion of phase one is expected
by the middle of 2017.
Hull City Council has announced the appointment of a contractor to build a new, state-of-the-art music,
events and conference centre in the city. Construction company, BAM Construction Limited, was awarded the contract
following a competitive tendering exercise, having demonstrated that it offered the best value in terms of quality and price.
The company, whose previous projects include the First Direct Arena in Leeds and One Angel Square in Manchester, will begin work
immediately on Stage 1 of the project involving preliminary, pre-construction services. A revised planning application for the 3,500
Hull Venue were submitted to Hull City Council's Planning Committee on Monday, December 21, which will address concerns raised
by the committee earlier this week, when its members refused an initial application. The revised plans will be subject to a further
21-day consultation period and will be considered again by the committee early in February. Plans for the new venue aim to put
Hull on the map as a location for major events, conferences and music concerts and are integral to Hull's legacy planning following
from its year as UK City of Culture 2017. The centre will include a 3,500 capacity concert auditorium, with the flexibility to reduce to
a 2,500 all-seated event and a 2,000m2 exhibition space, plus an 800 capacity conference auditorium. Hull City Council has
committed £36.2m towards the cost of building the complex on the site behind Princes Quay shopping centre, where new retail
facilities and a hotel are proposed. If approved by Planning Committee in February, work on the development will begin later in
2016, with completion scheduled for early 2018.
An office block in Fitzrovia with planning permission for a 100-room boutique hotel has hit the market for
£85m. Agents at JLL have been appointed to find a buyer for the 31,000 sq ft building at 55 Newman Street, which market sources
say is likely to attract interest from some of the hotel world’s largest investors and could be transformed into high-end, luxury
property. Westminster council granted planning permission for a 100-bedroom hotel with ground-floor restaurant and roof gardens
on the site in October 2014. The building is being marketed by its current owners, a company called Mouskos, which lists its
directors as Mouskos & Sons Co, a family trust, and Sussex Gardens Hotels, of which the shareholders are Christopher, John and
Geraldina Mouskos.
Travelodge has partnered with New River Retail, Henry Boot Development and Capital & Regional to
develop hotels in shopping centres in Wood Green, Burgess Hill and Bromley. It will be opening a 78-room hotel at
The Mall in Wood Green, owned by Capital & Regional, subject to planning. It is scheduled to open at the beginning of 2017.
A planning application has also been submitted for a hotel at The Martlets shopping centre in Burgess Hill, which is owned by New
River Retail and will undergo a major refurbishment project that will include a Cineworld cinema and a 63-room Travelodge hotel.
Subject to planning, the hotel is due to open at the end of 2017. Travelodge has also exchanged contracts for a 58-room hotel
within The Mall in Bromley, owned by Henry Boot Development, which is scheduled to open in summer 2017. These three hotels
will join Travelodge’s existing group of seven shopping centre hotels, including at the Trafford Centre, Sheffield Meadowhall and
Gateshead Metro Centre. Travelodge also recently exchanged contracts to build a 74-room hotel at one of Europe’s biggest
shopping centres, Intu Lakeside Travelodge. Following the interest shown by the shopping centres that Travelodge has partnered
with, the company has written to 20 parent companies of shopping centres across the UK to explain the benefits of utilising
underused assets within their holdings.
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Three new restaurants have signed up to Land Securities’ Nova scheme in Victoria.Barbecoa, Franco Manca
and Daisy Green have agreed to join the likes of Jason Atherton, D&D London and Will Ricker when the
897,000 sq ft development opens in September 2016. Jamie Oliver’s barbecue steakhouse Barbecoa will
launch its second site at Nova, adding to its restaurant in One New Change in the City, while popular London
pizza chain Franco Manca’s restaurant will seat 90 covers. Daisy Green is an Australian café which already has
six sites across London.
French hospitality group AccorHotels will acquire FRHI Holdings, the owner of the Fairmont, Raffles and Swissôtel
hotel brands, in a deal worth €768m (£553m). FHRI was sold by the Qatar Investment Authority, Kingdom Holding Company of
Saudi Arabia and Oxford Properties. Its portfolio includes The Savoy in London, Raffles Singapore, Shanghai’s Fairmont Peace Hotel
and The Plaza Hotel in New York. AccorHotels will pay for the acquisition by issuing 46.7m new Accor shares along with the €768m
cash payment, and Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia are to become major shareholders,
owning 10.5% and 5.8% of the share capital respectively. The acquisition means that AccorHotels will now own the operational
business of 155 additional hotels and resorts, of which 40 are under development. It will also give the firm a larger operational
footprint in North America.
Grosvenor and Hongkong and Shanghai Hotels have received planning consent for their 190-room hotel,
The Peninsula London. The partners submitted an application in July to replace the existing 1950s and 1960s offices at 1-5
Grosvenor Place, close to Hyde Park, with a high-quality hotel and residential apartments. The plans include 24-28 residential
apartments with their own leisure and spa facility and a separate entrance on Halkin Street. Separately, 23 intermediate affordable
homes will be built nearby in Buckingham Palace Road. The scheme will also include shops, bars, restaurants and a ballroom.
Construction will begin in summer 2017, with completion due in 2021.
An organisation which wants to preserve Edinburgh’s historic Royal High School has unveiled plans to turn
the building into a new concert hall. The Royal High School Preservation Trust (RHSPT) will submit its detailed planning
application to the City of Edinburgh Council later this week. The former boys’ school, designed by Thomas Hamilton, opened in
1829 but has remained empty since 1968 when the Royal High School moved to Barnton. The trust wants the building to become a
new home for the Edinburgh-based St Mary’s Music School. Central to the trust’s proposals, which would be fully funded by the
philanthropic Dunard Fund, is the creation of three new public performance spaces, including a 300-seat concert hall in the former
debating chamber. Under the plans, a new foyer would be created beneath the concert hall for ticketing, bar and cloakrooms.
When not in use by the public, this would also serve as a multi-function space for the music school. The plans are an attempt to
provide an alternative to proposals submitted by Duddingston House Properties last December to turn the building into a hotel.
The City of Edinburgh Council, which owns the A listed building, granted Duddingston House Properties a conditional ground lease
for 125 years after the company won an open competition in 2010.
US hotels developer Highgate Holdings has been granted planning permission for a Gensler-designed 200room hotel in Shoreditch. The London Borough of Hackney has given the green light for the Shoreditch Highgate Hotel, a
319,000 sq ft building that will comprise a hotel as well as 127,724 sq ft of commercial space. It will replace a Chariots sauna and
Majestic Wine Warehouse on Shoreditch High Street and Fairchild Street. The scheme’s design features predominantly glass fa402
çades framed with black steel in an exposed concrete structure. Roof terraces have been used to provide additional outdoor space.
Shoreditch Highgate Hotel will be Highgate Holdings first hotel in London, and will build on a portfolio of 40,000 hotel bedrooms
globally, that includes iconic New York hotels such as The Knickerbocker on Times Square, The Refinery, The Quin, Westhouse and
Row NYC. The project is due to break ground in the second quarter of 2016 and the hotel is expected to be complete by the end of
2018.
Plans to build a new football ground for Brentford FC have been given the green light after Hounslow
Borough Council granted detailed planning consent for the project. Brentford FC and Prime Place, the residential
development arm of Willmott Dixon, were given the go-ahead to start work on the new 20,000-capacity stadium and 648 new
homes at a meeting last week.
BRIDGWATER £4.9M
Land (4) at, Regional Rural Burough, Market Way North Petherton
Planning authority: Sedgemoor Job: Detail Plans Granted for hotel Client: Zeal Projects Ltd Developer: Aros Ltd, Jerwood Space, 171
Union Street, London, SE1 0LN Tel: 020 7928 2444
Spanish giant FCC has taken the main contract to transform 830 acres of Blaenau Gwent into an
international motorsport circuit, technology park and training facility. Local firm Alun Griffiths will deliver the
ground reprofiling and infrastructure package on the project. Scheme promoter, the Heads of the Valleys Development Company,
received final planning in November and is now aiming to start construction proper by March. The project will bring an
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international motorsport circuit to the site north of Ebbw Vale, near the Rassau Industrial Estate, alongside a 1m sq ft technology
park and training facility.
Plans have been submitted for the £25m luxury hotel redevelopment of a grade II*-listed mansion dating
back to the 17th century and described as "one of the finest houses in Yorkshire". Grantley Hall, which lies five
miles west of Ripon, was purchased last year by Grantley Hall Ltd, a business established by Valeria Sykes specifically to operate the
hotel. Sykes is the wife of multimillionaire Paul Sykes, the financier who bankrolled UKIP's General Election campaign, although the
pair are understood to be currently seperated. Now, plans have been submitted to Harrogate Borough Council for alterations and
extensions to the main hall alongside developments within the grounds. New elements include a spa facility building which will
house a pool, treatment rooms and a gym on the ground floor with space for 28 guest rooms above. If appoval is secured, a link
from the spa to the hall will also be constructed as well as a pavilion structure to create a semi-outdoor dining area and an extension
to a former stables to create staff accommodation. Externally, a 1910 Japanese garden will be restored. The project involves an
investment of £25m to create a 52-bedroom five-star hotel with three restaurants and a spa.
Restaurant group Red's True Barbecue has secured a £9m investment as it aims to continue its national
expansion over the next two years. The company, which has branches in Leeds, Nottingham, Manchester, Liverpool and
Headingly, secured £5m in May and has now received a further £9m. The new investment is understood to be a majority debt
arrangement with bank Santander, which also comprises a secondary round of equity investment from its original panel of industry
leaders. They include industry veteran Ian Neill, Jamie Barber (Cabana), Stephen Wall (Pho), Brandon Stephens (Tortilla), Maurice
Abboudi (K10), Dom Lake (Canteen), and retail entrepreneurs Aarish Patel and Sunny Gill. Scott Munro, co-founder of Red's True
Barbecue, said the latest cash boost would allow the business to open between eight and ten new restaurants over the next two
years.
Staycity open their second aparthotel in Birmingham - Staycity Aparthotel Newhall Square - in the city's Jewellery
Quarter on 1st March 2016.
Curtain Hotel and Private Members’ Club is a new 120-bedroom hotel opening summer 2016 in Shoreditch,
east London. The American-based Gansevoort Hotel Group, behind two of New York’s hippest hotels, is masterminding the
£70million project.
Kew Green Management has just entered into an agreement to manage the Holiday Inn Derby – Riverlights.
This brings to 41 the number of Holiday Inn branded hotels they manage across Europe.
Alexandra Palace in north London has secured the finance to restore the derelict east wing. Alexandra
Palace houses the world’s first television studio and its restoration is part of the project. The east wing was
built 1875 and was the site of the BBC’s first public television broadcast in 1936. The studios will be transformed into an interactive
BBC experience. The east wing’s Victorian theatre, still largely intact, will be restored creating a new 1300-capacity performance
space for a range of cultural and commercial events including corporate entertainment. The £27million project is expected to be
complete by 2017. The park, ice rink and music venue at Alexandra Palace will remain open whilst the works are carried out.
Beannchor Group, owner of the Merchant Hotel in Belfast, look set to get approval for their new £4million
58-bedroom hotel planned in the former Lagan House building between Victoria Street and Ann Street in
the centre of Belfast. The hotel will be named the Bullitt Hotel, possibly inspired by the Steve McQueen film of the same name.
The hotel will be 'technology-led' with work space featuring desk top - plus a restaurant and bar, coffee shop and courtyard garden.
The Bullitt Hotel joins several new hotel developments planned in the centre of Belfast. These include the new £30million Grand
Central hotel in the former Windsor House building in Belfast and the new 190-bedrom hotel planned in the City Quays
development in the city.
Construction work starts early next year on the new 117-bedroom Hotel Indigo Bath. The boutique hotel is being
created by a refurbishment to a number of Grade I-listed Georgian buildings in the centre of Bath. Pratt’s Hotel is among those
Georgian buildings which will form the new Hotel Indigo Bath The Halcyon the alongside is also included. Hotel Indigo Bath is
scheduled to open in spring 2017.
A £2.5million expansion is planned at DoubleTree by Hilton Hotel Lincoln. The plans include an additional
39 bedrooms and a new conference and banqueting suite. The investment will create a new bedroom wing on land at
the rear of the hotel. It will take the total number of bedrooms at DoubleTree by Hilton Hotel Lincoln to 154. The existing ballroom
will be extended to accommodate up to 350 guests for dinner. An additional conference and banqueting suite is planned on the 4th
floor with a skyline terrace with views across to Lincoln Castle and Lincoln Cathedral. The expansion plans are currently before the
City of Lincoln’s planning committee.
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Cubitt House, the firm behind Percy & Founders, is planning to open the Lighterman at London's King's
Cross early this year. The large building on Granary Square has three floors and will offer bars, restaurants and private dining, as
well as canal-side alfresco dining.
The operator of three casinos, Casino 36 is investing in a new £4m casino due to open in Wolverhampton
next year. To create the new casino, the Rubicon Casino in Temple Street will expand into the empty neighbouring building,
formerly The Dorchester/Beach nightclub.
Central London office investment volumes are set to exceed £18.5bn in 2015, while the City and West End
will see record turnover, according to JLL.New data shows that the City and West End sub-markets are on track to achieve
£11.3bn and £6.5bn respectively. Volumes in the Docklands sub-market are expected to fall from last year’s total of £2.8bn to
£700m, though last year’s volumes were significantly boosted by the sale of the HSBC tower for £1.1bn. Overseas sources of capital
have been prominent in 2015, with Taiwanese investors particularly dominant. They first entered the UK market with three deals
totalling £644m in 2014, and this year the total has risen to £934m across a further three deals. Prime yields stand at 3.5% for
smaller lot sizes in the West End and 4.0% in the City, both down 25 basis points over the year. In conjunction with rental growth,
this has driven capital value growth in 2015, with prime City values up by 19% and prime West End values up by 12%.
The amount of vacant central London office space fell further to 4.28% in November as lettings exceeded
their long term average, according to BNP Paribas Real Estate. New research shows that the proportion of central
London office space that was vacant dropped from 4.55% in October, while take-up reached 620,000 sq ft. This brought the annual
total to 12.4m sq ft, exceeding the long term trend of 12m sq ft. The largest deal of the month was Deutsche Bank’s acquisition at
Land Securities’ Zig Zag building in Victoria, which is now close to 80% let one month after completion. Nearby Victoria development
Nova South, which is due for completion in Q2 2016, has attracted occupiers Egon Zehnder and Advent International while Pret a
42Manger is under offer on 30,000 sq ft at Tishman Speyer’s Verde scheme, due to complete in Q3 2016. BNP Paribas say that
office completions in 2016 will total 7.03m sq ft, one fifth of which is already committed. Notable pre-lets at schemes due to
complete next year include One New Street Square to Deloitte, One Rathbone Square to Facebook and Three Pancras Square to
Havas.
Investment turnover in November reached £1.81bn, bringing the overall volume for 2015 to £15.43bn, surpassing the long term
annual average of £13.5bn.
Workspace provider Regus is set to open a new office in Birmingham after agreeing a deal to occupy 16,100
sq ft in Patrizia’s Edmund House in Birmingham. The company will occupy the first and second floors of the building,
which has recently been refurbished. Patrizia bought Edmund House in 2013 for around £8m in a joint venture with funds managed
by Oaktree Capital Management. Regus’s new office will include meeting rooms bookable by the hour, office space, a drop-in
business lounge, day offices and virtual office services. Regus has eight locations in Birmingham, including a Regus Express business
lounge at Birmingham airport.
Bruntwood has taken a new 150-year ground lease of City House, one of Leeds’ largest office buildings,
from freeholder Network Rail. The extension of the ground lease secures Bruntwood’s investment and means the 12-storey
office building can be redeveloped. Bruntwood obtained planning permission earlier this year to undertake a refurbishment of the
vacant 121,000 sq ft office building which will feature a roof garden, business lounge and meeting space.
Take-up in Edinburgh’s office market is expected to surpass 1m sq ft this year as tech occupiers become
increasingly active, according to Savills. The volume marks a 7% increase on 2014 figures and includes approximately
150,000 sq ft currently under offer which is expected to complete before the end of the year. Activity has been largely driven by a
lack of new stock coming onto the market willing occupiers to act now where they would have otherwise waited, said Savills.
Web-based fantasy sports game operator FanDual has pre-let 59,000 sq ft at Quartermile 4 where Cirrus Logic is also expected to
conclude on 70,000 sq ft by the end of the month. Quartermile 4 is currently under construction and due to complete in the second
quarter of 2016. With JP Morgan and HSBC both expanding on Edinburgh Park in 2015, the market has witnessed an overall uptick
in activity across west Edinburgh, including South Gyle Business Park. Savills found that occupier confidence and diminishing city
centre stock are motivators for this, alongside rents sitting at a 40% discount to those of similar grade A quality in the city centre.
Grade A rents in the city centre are now at £32.50/ sq ft. Deals expected to have completed before 31 December include Cirrus
Logic‘s pre let at Quartermile 4, Amazon re-gearing at Waverley Gate and extending to 70,000 sq ft and HSBC on 30,000 sq ft at
Edinburgh Park.
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A Manchester-based construction company has started work on a new multi-million-pound scheme to
increase the provision of student accommodation in Preston. Harbur Construction is building the £13 million project,
which will accommodate 226 students in 44 five-bedroom flats, while an additional 20 studio apartments will be built in a separate
annexe to provide quieter living quarters for more mature students. The en-suite flats will offer communal living with shared
kitchen and dining facilities, while the development will also feature a cinema, games room, laundry room and study rooms to
promote a “balanced study and social life”. The new scheme is expected to be completed in July 2016.
The Univeristy of Glasgow has chosen WSP Parsons Brinckerhoff and Hok Architects to develop plans for its
new £40m research facility. It will be built on the University of Glasgow’s 31 ha Gilmorehill Campus, with Hok named as lead
consultant and WSP Parsons Brinckerhoff as engineering professional services consultant.
Bouygues UK has landed a £18m contract to build a new educational facility in South Wales. The job will see
Bouygues develop a new nursery, primary school and secondary school in Llantwit Major in the Vale of Glamorgan. The secondary
school will consist of a four-storey building, as well as a multi-use games area and an all-weather 3G pitch. The primary school will
be a 2,280 sq m development and able to accommodate 420 pupils. Bouygues will once again team up with HLM and consultants
Aecom and Arup for the project after working with the two firms on the Penarth Learning Community Centre in South Wales, as well
as schools in Newport and Bridgend.
Harvest Partnership, a joint venture between Land Securities and Sainsbury’s, has got the green light to
build a retail park and 18-storey student halls at Selly Oak in the West Midlands. High-rise student halls and
Sainsbury's will spark into life Battery Park scheme. Work is now expected to start next year redeveloping the 30-acre Battery site
when extensive remediation works are due to finish.
A company behind a new wave of retirement villages in Britain has secured £170m in fresh funding to build
1,000 new homes. Audley already has 1,000 properties under construction in 10 villages built for older residents, with on-site
care and restaurants, as well as homes. The firm intends to double in size over the next five years, using cash from a new fund
launched by its long-time backer, Moorfield.
SEVENOAKS £15M
Wildernesse House, Wildernesse Avenue
Planning authority: Sevenoaks Job: Detail Plans Granted for elderly extra care/residential units Client: PegasusLife Developer: Purcell
Miller Tritton LLP, 9 The Precincts, Canterbury, Kent, CT1 2EE Tel: 01227 475375
Rezidor announces the Park Inn by Radisson Brussels Airport in Belgium . The mid-scale property with 163 guest
rooms is scheduled to open in Q1 2017. It is Rezidor’s second Park Inn by Radisson in Brussels, and brings the group’s total room
count in the Belgian capital city to 4 hotels with 735 rooms in operation and under development.
Cristiano Ronaldo and Portuguese hotel group Pestana, have announced a joint partnership to launch four
new boutique hotels. Dionísio Pestana Owner and Chairman of Pestana Hotel Group and Cristiano Ronaldo – who both hail
from Madeira, acknowledge that this collaboration emerges from a great mutual empathy and trust. The joint venture, which is coowned, by both Ronaldo and Pestana will be managed by The Pestana Hotel Group. The total investment in these four new hotels
will be 75 million Euros. The hotels will be located in four iconic destinations: Lisbon (Historic Downton), Madrid (Gran Vía) Funchal
(Cruise Harbour) and New York (near Times Square). The new hotels will have 400 keys in total and will open within the next two
years.
AccorHotels is strengthening its presence in northern China with the announcement of the signing of three
hotels in Beijing with Luneng Group. The three projects, two of them new build hotels, are expected to add a total of 525
rooms to AccorHotels’ network in Greater China when they open in 2017 and 2018. The three hotels include the 300-room Pullman
Beijing Luneng, a 150-room MGallery Beijing Luneng both of which are set to open in Q4 of 2018 and the 75-room Mercure Beijing
Luneng, a renovated project slated to open in Q4 of 2017
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Dubai's Emaar Properties has reportedly appointed Dutco Group to carry out restoration work for The
Address Downtown. Dutco, which is currently working on the nearby expansion of The Dubai Mall, is already on the hotel's
site, and is expected to reopen the hotel "in record time". According to Arabian Business, a clean-up operation is underway on site,
as is a mechanical, electrical, and structural assessment of the building prior to restoration operations. The report added Emaar is
coordinating with government entities such as Dubai Police, Dubai Civil Defence, Dubai Municipality and Dubai Electricity and Water
Authority, among others, to speed up work on the hotel, which caught fire on New Year's Eve.
Trio of Carnival group brands are getting four Fincantieri newbuilds. Among the newbuilds is a fourth Royal Princessclass ship for Princess Cruises. Two ships for Costa Asia, P&O Cruises Australia's largest vessel and a fourth Royal Princess-class ship
for Princess Cruises are part of a €2.5bn order capping 2015. Carnival Corp. & plc signed a memo of understanding with Fincantieri
for deliveries in 2019 and 2020 from the Monfalcone and Marghera yards. Final contracts are expected to be executed in 2016.
The agreement defined which Carnival operating companies are getting additions from a five-ship order with Fincantieri that was
first announced in March. So this leaves one vessel still to be assigned to a brand, and to be delivered in the 2021-2022 period.
The pair of 135,500gt newbuilds for Costa Asia are destined for the China market, while the P&O Cruises Australia vessel will carry
4,200 passengers—way more than the brand's next largest ship, which has capacity for 2,250 passengers. And the Princess vessel is
a 143,700gt ship built on the design platform used for Royal Princess, Regal Princess and Majestic Princess, the latter to be
customized for China and scheduled for delivery in 2017. Carnival Corp. & plc said each of the four new ships will be specifically
designed and developed for the brand and market it will serve. The order means the Carnival group has 17 newbuilds scheduled for
delivery between 2016 and 2020. Along with the five newbuilds from Fincantieri, Carnival in March ordered four ships from Meyer
Werft. Two of the Meyer vessels, from the Turku yard, were assigned to Costa Cruises and two, from the Papenburg yard, to AIDA
Cruises. In a note, UBS analysts pointed out that seven of the total nine ships are for Europe or Asia Pacific, not North America. And
eight of them will be delivered in the first two years of the designated 2019-2022 period. Meanwhile, Royal Caribbean Cruises Ltd.'s
seven ships for delivery in the same period is a slight increase in that company's one ship per year average, Farley noted, with RCL's
new guidance on capacity growth targeted at 3% to 5% annually.
Genting Hong Kong has exercised a call option to buy out shipbuilder Lloyd Werft Bremerhaven (LWB) and
its real estate affiliate Lloyd Investitions und Verwaltungs (LIV) from Germany’s Petram Beteiligungs. Hong
Kong-listed Genting Hong Kong, an arm of Malaysian conglomerate Genting Group, announced that it will pay a total of €16.47m
($17.95m) to acquire Petram’s remaining 30% stake in LWB and its remaining 50% stake in LIV. The investment is expected to be
funded by internal resources of Genting Hong Kong and its subsidiaries and the completion of the deal will take place within 10
business days after the exercise of the call option on December 31, 2015.
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