News Archive: commercial property: 2009

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18, 2009 December:

France finally gets 5 star

A cliched recipe for success is to aim for the stars. France's luxury hotels say they need to reach for just one more - the world's largest tourism destination has introduced a five-star category to its hotel ranking system and the country's gilded establishments are flocking to apply, believing the upgrade will reel in higher rollers...

14, 2009 December:

What's next for UK commercial?

Cautious real estate investors should resist the temptation to join a stampede for UK commercial property in 2010 as the market treads a precarious path between a new boom or a second bust...

11, 2009 December:

Dubai: Sinking fund

2009 has undoubtedly been an annus horribilis for Dubai - not only has the once glittering empire been hit hard by the global credit crisis and the billions of dollars of debt, now comes news that one of its most iconic developments could be sinking into the sea...

Dubai merger called off

The merger between Dubai Holding, one of the emirates' biggest holding companies and Emaar Properties, developer of the world's tallest skyscraper, has been called off...

10, 2009 December:

Gatwick expansion plans still on

A second runway could still be built at Gatwick after an all-party committee of MPs said the plans should be resurrected instead of expanding Stansted...

09, 2009 December:

King saves his pennies

King Sturge's partners gave up half of their remuneration last year so that the money could be retained for use as working capital - the foregoing of nearly £10m in the year to 30 April 2009 came after a similar amount was retained in the previous year, equivalent to 30% of that year's remuneration for partners...

08, 2009 December:

Japan developer looks abroad

The number of new properties set to be built in Japan next year could drop to a 48 year low as economists warn of a double dip recession- not only is the economy likely to be sluggish but fewer young couples are buying houses, according to Takeo Higuchi, chief executive of Daiwa House Industry, Japan's largest house builder...

UK commercial looking strong

Strong demand and supply shortages has reversed eight months' of yield compression for prime UK commercial property assets as bank also reduce their exposure to commercial real estate debt, new reports show...

04, 2009 December:

Fund to buy Dubai distressed properties

An Irish property firm has launched a fifteen million dollar fund to take advantage of the downturn in the Dubai real estate market and buy back properties from investors...

Commercial defaults double

The amount of commercial property loans in the UK which are in default doubled in the first half of 2009, according to the latest De Montfort bank lending survey...

03, 2009 December:

Emaar will complete Egypt homes

Dubai property development firm Emaar Properties has announced that it remains completely committed to completing all its proposed Egypt property projects, despite reports to contrary- a recent report in an Egyptian newspaper claimed that the Dubai real estate developer was going to put to Egyptian housing projects on hold, in light of the recent financial debacle that has surfaced in Dubai...

02, 2009 December:

Tesco loses Liverpool appeal

Tesco has lost an appeal to build a supermarket in Liverpool which was in competition with a 45-acre St Modwen and Liverpool City Council scheme...

01, 2009 December:

US hit by Dubai debt crisis

The fragile US commerical property market could suffer badly as a result of the debt problems in Dubai, it is claimed - ‘With a global economy we are all attached at the hip financially in some way, shape or form...'

Retail kickstart called for

The British Council of Shopping Centres is calling on the Government to make a firm commitment to measures that kick-start the retail property development pipeline in its pre-Budget Report next week...

UK hotel ‘overcharging?'

Budget hotel operator Premier Inn has hit back at claims that its hotel offers are misleading after a rival told customers that they may have been overcharged for their rooms - rival hotel firm Travelodge has said that Premier Inn, who launched a high profile Christmas campaign with Lenny Henry to advertise up to 1 million rooms for the low price of £29-per-night, were misleading customers who visited its website as it did not include the offer in its Quick Book booking engine...

27, 2009 November:

Builders warn on public spending

Europe's leading construction companies have warned that rising government debt and the need to cut capital spending will lead to significantly lower levels of state-funded contracts - the continent's 100 largest building companies by revenue have issued a stark assessment of the industry's prospects, with many predicting a halving of government investment, according to a report published today by Deloitte...

26, 2009 November:

UAE developer hits South Africa

Abu Dhabi property developer, Royal Group, owned by royal Sheikh Tahnoon bin Zayed al-Nahyan, plans to build thousands of affordable residential properties in South Africa, the country's ambassador to the UAE has announced...

New York land-grab approved

A New York court has ruled that it is lawful for the state to seize private land for use by private developers wishing to build property in New York, among a range of other facilities, if it is considered to be in the "public good", reports the Wall Street Journal...

24, 2009 November:

World's ugliest buildings

Poor old Federation Square in Melbourne has made it onto VirtualTourist's annual list of the ‘World's Top 10 Ugly Buildings,' alongside New Zealand's Parliament building ‘The Beehive' and Center Georges Pompidou in Paris...

Brum library unlisted

Birmingham Central Library has been granted immunity from listing, opening up major development opportunities in the city - Mike Whitby, leader of Birmingham City Council, said: "Today's decision helps pave the way for a multi-million pound redevelopment of Paradise Circus, which will allow people to enjoy a spectacular long-view from our Council House up to the new Library of Birmingham..."

23, 2009 November:

Jumeirah hits Brazil

Dubai's Jumeirah Group plans to open its first hotels in Brazil as rising incomes in Latin America's largest economy and the 2014 World Cup and 2016 Olympic games generate demand, according to a report...

20, 2009 November:

Burg Dubai to open in Jan

The eyes of the world will once again focus on Dubai on 4 January 2010 as the emirate unveils its latest landmark and high-profile addition to its iconic skyline: Burj Dubai. Standing at over 818 metres, the tower is the world's tallest building, almost 200 metres ahead of its nearest completed competitor - and yet another symbol of Dubai's architectural pre-eminence. With over 160 storeys, Burj Dubai has the most floors in any building anywhere in the world...

Bahrain commercial ‘held back'

There are significant opportunities for investors in Bahrain's commercial real estate sector, but the market is being held back by construction delays and problems with traffic access, according to a new report...

Chile warming up

There are signs the 300-metre (984-foot) Costanera Center in Santiago tower may resume construction, signalling an economic recovery is also under way in Chile...

19, 2009 November:

Rain dance in Malaysia

Praying for rain isn't the first activity that springs to mind whilst on a tropical holiday in Malaysia - but that could be about to change following news that one luxury Malaysian beach resort has come up with a novel way for guests to benefit from a torrential rainstorm on holiday - they get a free night if the rainfall exceeds 3 cms...

Space-saving tactics

A quarter of occupiers have cut the amount of space they own in the last six months, business lobby organisation CBI and GVA Grimley said in their latest Corporate Real Estate Trends survey...

South Africa: met its match?

With 450,000 visitors expected in South Africa for the World Cup next year, organisers are at pains to reassure that fans will find enough hotel rooms -- but not always in smaller host cities on match days...

HSBC to sell up in Paris?

HSBC, Europe's largest bank, is in exclusive talks with an unidentified property fund to sell its Paris headquarters...

18, 2009 November:

Holiday like a celebrity

For those wanting to experience the lifestyle of the rich and famous, the glamorous Palazzo Versace Gold Coast in Australia is the perfect holiday destination - boasting an enviable guest book of A-list celebrities, from international music and film stars, such as the Rolling Stones and Kate Hudson, to the European ‘I'm a celebrity get me out of here' contestants, Palazzo Versace has become synonymous with the degree of exquisite luxury demanded by the most discerning high-profile guests...

17, 2009 November:

World's first vintage theme park

Margate on the Kent coast is in dire need of a makeover - and it may be about to get one to the tune of £3.7 million as plans are afoot to turn its tired old Dreamland into the world's first vintage theme park...

Palazzo Versace facing glass ban

Palazzo Versace, one Australia's most luxurious hotels, is facing a potential glass ban after a glassing attack at a staff Christmas party - Queensland liquor licensing officials have promised to take a "commonsense" approach when they assess the Gold Coast venue, which has been threatened with "high risk" classification over the incident...

Tesco hits China

Tesco has set up the first of a series of joint ventures that will develop shopping malls in China - the supermarket giant has signed an agreement to set up a 50/50 joint venture with a series of Asian investors including HSBC Nan Fung China Real Estate Fund, Singapore's Metro Holdings and Nan Fung Group from Hong Kong...

Peasants push up Shanghai Disney cost

The cost of building Disney's theme park in Shanghai is being inflated by wily Chinese peasants, who have started a construction spree of their own on the site - after almost 20 years of negotiation, Disney won approval to build its new park in Shanghai this month. The entertainment group will spend between £2.4 billion to £3 billion on building a 3,000 acre park...

Canada Square sold

HSBC Bank has confirmed today it has agreed the sale of its tower at 8 Canada Square to the National Pension Service of Korea (NPS) for £772.5m - NPS, through a wholly-owned subsidiary, NPS 8CS Holdings Sarl, will purchase HSBC's 100 per cent shareholding in Project Maple II B.V., the sole asset of which is the 998-year leasehold interest in 8 Canada Square...

13, 2009 November:

James Bond hotel sold

A private investor has bought the Midland Bank headquarters in the City of London for around £40 million...

Pop-up hotels are ‘the future'

Pop-up hotels, in which pre-built units are incorporated into a steel frame that can easily be demolished, could be the future for UK tourism, a travel trends report said today...

12, 2009 November:

London hotels: worst in Europe

London's hotels are the most unpopular in Europe, according to new research -a survey by the price comparison website www.trivago.co.uk has revealed that from more than 2.7 million online reviews, hotels in the British capital had the lowest average rating, 69.9 per cent...

Debenhams goes Danish

Debenhams has bought Magasin, a leading department store chain in Denmark for £12.3 million - t has bought the entire share capital of Wessell & Vett, Magasin du Nord, the holding company for the chain, from Magillum...

09, 2009 November:

Fight for UK commercial

Competition from investors for a limited supply of prime UK commercial real estate assets is leading to increasingly aggressive bidding with yields falling 35 basis points in October, the largest monthly fall since at least 1993...

06, 2009 November:

Commercial valuations ‘more accurate'

The accuracy of commercial property valuations improved in parts of Europe during the credit crunch despite ‘unprecedented circumstances' and growing market uncertainty, according to a new report...

05, 2009 November:

‘Snow nut' buys resort

Struggling Glencoe Ski Centre is now expected to open for the winter season following the completion of the sale. Falkirk businessman Andy Meldrum confirmed that he had bought the resort from David Campbell, who owned it for five years...

Thames Gateway hit by cuts

Joe Montgomery, director general of Communities and Local Government, gave warning at the Thames Gateway Forum in London today that the region would be hit by the current public spending squeeze...

04, 2009 November:

Sun shines on Italian commercial

The commercial property market in Italy is showing signs of stabilisation and recovery with high levels of investor interest and activity, according to a new report - even the summer period which is traditionally quieter from an investment perspective saw levels of activity reach €1.3 billion, over 40% up on the same quarter in 2008, the report from property analysts CB Richard Ellis shows...

02, 2009 November:

Full house - monarch beats market

The Queen seems to have the midas touch when it comes to property - the British monarch has beaten the market over the past six months with her eclectic portfolio - she has seen a huge rebound in its overall value despite the credit crunch and is now pressing ahead with a number of major redevelopment schemes...

27, 2009 October:

A load of piffle?

In a bid to ensure a lasting legacy for London, Mayor Boris Johnson is in the middle of planning a £15 million monument to rival the Eiffel Tower, which will be built in the Olympic Park in time for the 2012 Games - but the tower already has its critics, who say that its design is going against Boris' former pledges not to litter London's skyline with any more tall buildings...

25, 2009 October:

London ‘leading commercial'

London is leading the commercial property market recovery in the UK with the majority of surveyors reporting rising enquiries and lettings activity for the first time in over 2 years, according to a report from the Chartered Institution of Chartered Surveyors...

23, 2009 October:

Developers turn to housing

Developers who traditionally have built shops and offices are turning to housebuilding to take advantage of a market in which the residential sector looks more compelling...

Big loss for commercial

Investors in the first U.K. commercial mortgage bonds to be liquidated since the financial crisis began may lose as much as £1 billion after values of properties backing the two deals collapsed...

22, 2009 October:

World's worst airport

Heathrow has topped a recent poll - but sadly it's nothing to celebrate - the international airport has been voted the worst airport in the world by a global survey of airline passengers...