Property News – Page 3
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NewsMarket Halls launches CVA
Market Halls, the London-based food market hall operator, has launched a Company Voluntary Arrangement (CVA) proposal for four group entities.
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NewsGrowing optimism amid returning footfall
Shaftesbury, the Real Estate Investment Trust, has reported more than 90% of its food & beverage operators have reopened their doors since indoor dining returned on 17 May.
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NewsShaftesbury seeing return of footfall in West End
Shaftesbury has reported seeing an encouraging increase in demand for space and lettings, as well as a return of footfall and spend across its locations as the West End begins to bounce back.
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NewsReconsider rates cap, or systematic closure of pubs will continue
The government must reconsider the £2 million cap on business rates relief it is proposing to implement when the rates holiday comes to an end on 30 June, according to Colliers.
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NewsHawthorn CEO: Rent debt issue is ‘very complex’
Hawthorn boss Mark Davies, who also sits on the board of parent company New River real estate investment trust, has sympathised with the landlord position, saying the situation with rent debt is “very complex”.
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NewsInflux of property interest in London
London is seeing a new influx of international and UK restaurant operators looking for property as lockdown is eased, Colliers reports.
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NewsGrosvenor backs JKS concept
Landlord Grosvenor has announced its first investment in a new tenant, with a loan to JKS Restaurants’ latest concept, Bibi, at 42 North Audley Street in Mayfair.
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NewsLandlords urge ‘compromise on all sides’
Hospitality operators and landlords should “share the pain” and split rental arrears 50-50 if unable to pay outstanding rent, according to a new proposal drawn up by institutional landlords.
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NewsFootball experience joins O2 line-up
A new football dining experience will launch at the O2 this summer, joining a host of F&B names announced at the complex last week.
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NewsHammerson: Footfall 80% of pre-pandemic
Landlord Hammerson has reported 90% of operators in its UK estate are currently able to trade, with footfall is “competitive with pre-pandemic levels”.
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NewsCeru relocates over landlord impasse
Levantine restaurant Ceru has exited its Soho site and is relocating to Queensway, MCA understands.
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NewsBig firms commit to London
British Land has hailed the letting of a large chunk of office space at 1 Broadgate as a “vote of confidence in London”.
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NewsPub investment market gains momentum
Coffer Corporate Leisure is expecting a “very active summer” as investors look to the stability and resilience of the freehold pub sector.
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NewsShaftesbury looks to ‘revival of West End economy’
West End landlord Shaftesbury has collected less than half of owed rents for the quarter to December 2020, but has heralded the upcoming “revival of the West End’s economy” with the relaxation of restrictions in months ahead.
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NewsRates review final report postponed until Autumn, Treasury confirms
Publication of the Government’s final business rates review report will be delayed until Autumn 2021, the Treasury has confirmed.
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NewsLandsec: £35m of December rent outstanding
Land Securities has updated on its December quarter rent collection, with £35m outstanding.
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NewsBritish Land collects less than half of retail rents in December
British Land has so far collected 46% of due December rents in its retail division, with just 32% of its stores able to trade in some way through the latest lockdown.
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NewsTrafford centre taken over by lenders as Intu fails to find buyer
Manchester’s the Trafford Centre has been taken over by Canada Pension Plan Investment Board (CPPIB), the country’s biggest pension fund, after previous owner Intu failed to find a buyer.
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NewsTasty achieves rent reductions and concessions on more than half of estate
Wildwood operator Tasty has achieved rent reductions and lease concessions on more than half of its estate, two months after it announced it was exploring a potential company voluntary arrangement (CVA).
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NewsShaftesbury reports loss as pandemic has “significant impact” on portfolio
West End landlord Shaftesbury has reported a loss after tax of £699.5m for the year to 30 September 2020 as the pandemic has a “significant impact” on the business. In the six months to the end of September, the group collected 53% of contracted rents, with 34% deferred or waived and 13% outstanding. Net property income was down 24.2% to £74.3m (2019: £98.0m), with a 3.5% like-for-like decline in rental income, and charges for expected credit losses and impairments of £21.9m.