Fund insight promised at event

A seminar for property professionals in the North East of England, on bidding for the region’s multi-million pound Growing Places Fund, has had to change venue due to high interest in the event.

Month-on-month results remain flat

Performance in the UK's commercial property sector in August changed little on the previous month, with total returns of 0.2%, and values falling by 0.3%. Year to date, capital values are down 2.9% with total returns at 0.9%. Central London remains the key performer, with values still growing whereas elsewhere values continue to fall, according to CBRE’s latest Monthly Index.

Property group in the red

Property group, UK Commercial Property Trust, tumbled into the red in the first half  of the year, with the firm posting a pretax loss of £4.43m, against a profit of £32.8m the same half the previous year.

Gap widens for buyers

The cost of buying a home in England has risen by over three times the rate of the average salary within 10 years, new research reveals. The National Housing Federation reportedly said that in 2001 the typical price of a house was £121,769, while the average salary was £16,557. But 10 years later the price of a home had increased to around £236,518, a 94% rise, despite the sluggish state of the housing market in recent years.

Guildhall deal awarded

Redevco has awarded a £1.05m new contract to AKP to refurbish the first floor of The Guildhall, one of Glasgow’s most centrally located offices, as part of an overall £1.2m package of improvements. AKP, headquartered in East Kilbride, will revamp the entire first floor of the historic The Guildhall in Queen Street, which was Scotland’s first ever atrium office scheme.

Hotels confront the elements

Property investor and developer Lugano Group has agreed lease terms with Motel One, an ascendant European hotel group. The budget operator has 40 hotels in Germany and Austria and two coming up in Edinburgh, but Newcastle will be England’s first. It will retain existing frontage of High Bridge and create a new build block behind the street in Half Moon Court.

AkzoNobel has a home

The sale of land where AkzoNobel will build its new £100m UK paint making centre at Ashington has been completed. Onsite North East, a private/public partnership between Langtree and the Homes and Communities Agency, has completed the 25 acre deal at Ashwood Business Park.

£9bn uplift for Newcastle

Newcastle is one of six English cities awarded a financial package from the Government to foster development zones, boost regeneration and hopefully create 13,000 jobs.

Old Printworks becomes new opportunity

The former Old Printworks public house building at 36 North Frederick Street in Glasgow is on the market after its private owner instructed Jones Lang LaSalle Hotels to sell it.

Leeds portfolio snapped up

Eldon Square upgrade

Capital Shopping Centres (CSC) has submitted a planning application for the Northumberland Street entrance of Eldon Square in Newcastle.

Charlotte House Sold

Curo Property Funds LLP in a joint venture with SCOT Sheridan has purchased Charlotte House in the heart of Glasgow City Centre for £5m with plans to fully refurbish the building. Jones Lang LaSalle sold the 12 storey office building to the property management and development firms on behalf of LaSalle Investment Management. Charlotte House is prominently located on the east side of Queen Street in Glasgow. The 1960s office building has excellent communication links with close access to Queen Street and Central Railway Stations, as well as surrounding bus routes. Glasgow’s premier shopping district of Buchanan Street and Argyle Street can be accessed by a two minute walk from the building. The building is in need of significant refurbishment to meet the demands of modern day office occupiers, however it is understood the purchasers intend to convert the building into a hotel.