Posted on February 27, 2012 by Rob Powell
A LARGE property developer has announced it will sell its entire office portfolio.
The news from Hammerson came as it published its full year results for 2011. Like for like rental income was up by 2.5% but it would dispose of its offices over the medium term and instead focus on its retail portfolio.
Hammerson’s offices include several major City of London developments including 99 Bishopsgate, valued in excess of £200million, 125 Old Broad Street and 1 Leadenhall Court.
David Atkins, Chief Executive of Hammerson, said:
“Hammerson has created a retail business delivering outperformance from prime assets in winning locations. We now intend to sell our standing office investments over the medium term to maximise returns, redeploying capital into the retail sector to exploit our expertise and build on our existing scale. This will create efficiencies that lead to further cost savings and income growth from our portfolio.”
The company’s retail portfolio includes Brent Cross Shopping Centre, the Bullring in Birmingham and Cabot Circus in Bristol.
Posted in Bristol, London, West Midlands |
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Posted on February 20, 2012 by Rob Powell
NEW research has shown the vast amount of office space in London’s West End that has been “lost” to the residential market.
Over 200,000 sq ft of office space in the West End was converted to homes in 2010, and figures from the first quarter of 2011 show the rate of conversions increasing.
The research comes from property consultants H2SO and is an update to a report they first carried out last year. Using data from Westminster Council’s planning office, HS20 has calculated that 3.1million sq ft of office space was converted to residential use between 2001 and 2010.
The strength of property prices in the West End is thought to be a key driver behind the change.
H2SO partner, Paul Smith, comments: “As high-end residential values continue to outstrip their commercial counterparts, it is inevitable that an increasing number of property owners will continue to explore the option for residential conversion. This update demonstrates that the rate of conversion is not abating and is, in fact, due to start accelerating.”
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Posted on February 16, 2012 by Rob Powell
AN HISTORIC country house in Somerset which has been used for fifty years as office space is set to be turned into a visitor attraction.
Hestercombe House, near Taunton, is being handed over by Somerset County Council to the Hestercombe Gardens Trust who plan to renovate the building and open it to visitors.
The impressive country home, which has been enlarged and rebuilt since a house was first built in the 16th century, has been owned by the county council since the 1950s. It has been used as administrative offices and as the emergency call centre for local fire and rescue services.
The council, who can’t afford to maintain the building, will now licence Hestercombe House to the Trust, who already maintain and open the gardens to visitors.
Somerset county councillor, David Huxtable, commented:
“This is great news for the council, great news for Somerset residents and great news for the Trust. The building needs improving and investment – money we just do not have in these tight financial times. The Trust has a bold plan to carry out improvements. It will be great to see part of our Somerset heritage fully restored and thriving once again. We wish success to all concerned with Hestercombe’s future.”
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Posted on February 8, 2012 by Rob Powell
THOUSANDS of O2 employees will take part in a home working trial as the company prepares for London 2012.
The initiative by the mobile phone giant aims to “push the boundaries” of what’s possible though home working, the company says.
This summer’s Olympic games are expected to put a major strain on the capital’s transport network and companies are being encouraged to make contingency plans.
O2 says it will share findings from its pilot with other organisations as 3,000 employees take part as the doors to its Slough HQ are closed for a day.
O2 Business Director, Ben Dowd, commented: “Today’s office-wide flexible working initiative is an opportunity for us to take the next step on our flexible working journey and tangibly demonstrate the opportunity and potential available to British businesses today.
We practice what we preach, and by asking O2 employees to work together as a team to test the company’s flexible working practices for themselves, we want to show that there are no limits – no matter how big or small your business is.”
Posted in Berkshire |
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Posted on February 8, 2012 by Rob Powell
FORMER council offices in East London could soon be demolished to way for new homes.
Fairview Homes has applied for permission to knock down Chingford’s old municipal offices.
The locally listed old town hall, built in the 1920s, which forms part of the site will not be knocked down if permission is granted by the local authority.
Waltham Forest council issued a briefing note to prospective bidders last year where it started that the land, about 5 minutes walk from the town’s shopping area, would be suitable for a residential development.
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Posted on January 27, 2012 by Rob Powell
SERVICED office provider i2 Office has announce yet another new business centre – this time in Watford.
The Milton-Keynes based company is showing no signs of slowing down as it announces the deal just weeks after new business centres were announced in the City of London and Manchester, and the Greenwich centre has just opened for business.
The Watford business centre will be based at Meridien House adjacent to Watford Junction station and fitting out is already under way.
Philip Grace, CEO of i2 Office, said: “Watford is an important business centre for the North of London and our new business centre will be perfectly located for rail and road access.”
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Posted on January 24, 2012 by Rob Powell
DAVID CAMERON has announced a new campaign to inspire entrepreneurs including an initiative to make available spare government office space.
The Prime Minister launched the ‘Business in You’ campaign yesterday in Yorkshire, and told invited business people that he wanted to offer unused government office space to start up businesses.
“It’s a very simple, very practical idea. It’s about using the spare space that we have in the public sector to help businesses to grow in the private sector.”
The ‘Business in You’ scheme is a partnership between the government and organisations such as Startup Britain, the CBI and the Federation of Small Businesses. A new website provides startup success stories and aims to put entrepreneurs in touch with business mentors.
Earlier this month, it was revealed that the government owns hundreds of offices around the country that are not being used.
Posted in Misc |
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Posted on January 16, 2012 by Rob Powell
AN ALLEGED burglar dropped his iPod after breaking into an office – giving police a vital clue.
Local police found the iPod Touch after the intruder was disturbed by security guards at the office in the City of London, early in September 2011.
He fled the scene but police found a photo of a man (pictured below) on the device and believe identifying him may help solve the crime.
DC Siân Astley, of the City of London Police, said: “Initial enquiries have failed to lead us to the person responsible for this break-in.
“I believe discovering the identity of the man in this photograph may prove vital to solving this crime.”
Anyone with information should call DC Siân Astley on 020 7601 2690
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Posted on January 13, 2012 by Rob Powell
SERVICED office provider i2 Office has announced its third business centre in the City of London.
The new offices will be on the ground and first floors of 40 Gracechurch Street, right in the heart of the financial district.
Philip Grace, CEO of i2 Office, commented: “Gracechurch Street will be a welcome addition to our nationwide network and further strengthens our London City offer. We have seen high demand for our other centres in London, most recently with Aldersgate, filling up rapidly; we anticipate strong interest in Gracechurch Street.”
i2 Office’s existing serviced offices in the City of London are in Aldersgate and Lloyds Avenue.
The fast-growing company has just opened a business centre in Greenwich, south-east London, and announced a new one in Manchester city centre.
Posted in London |
Tagged i2 Office |
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Posted on January 13, 2012 by Rob Powell
HUNDREDS of offices owned by the government around the UK are lying empty, new data has revealed.
The Cabinet Office has published for the first time a comprehensive list of the government’s property assets, with over six hundred properties currently vacant.
A “computer control” room in Crewe has lain empty since the last century – having become vacant in 1999. Almost 800 square metres of office space with an acre of land in Buckinghamshire has gone unused for a decade.
Minister for the Cabinet Office, Francis Maude, said:
“We are getting a grip on the Government estate – introducing greater transparency has not only shown the true scale of what we own or lease, it has enabled us to see the scope for savings and to push ahead with making them. In our determination to find savings for taxpayers, we have introduced tight controls and saved over £100 million in the first nine months of this financial year.”
“We expect even greater savings by the end of this Parliament, as we make better use of space and put an end to the days where the government estate was bigger, inefficient and went without scrutiny. Governments will always need property, but it can only be right that the public can see what property is held and how efficiently it is being used.”
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