Real estate news

• Wimbledon expansion plan dealt blow as planners advise rejecting it

  13-11-2023 19:36
  Wandsworth council officers snub scheme to build 8,000-seat stadium show court and 38 grass courtsThe All England Lawn Tennis Club’s dream to expand the Wimbledon championships by building 39 new courts on a nearby park was dealt a blow on Monday night when planning officers advised one of the councils affected to oppose the controversial plans.Wandsworth officers recommended that councillors vote to refuse the All England Club’s proposal to build a 8,000-seat stadium show court and
  
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• Rising interest rates wipe £200m off British Land’s property portfolio

  13-11-2023 13:55
  
  Underlying profits, however, up 3.4% to £142m in half year to end of September, driven by higher market rentsSoaring rental rates and increasing demand for office and retail space have boosted profits at the property company British Land, but rising interest rates slashed almost £200m off the value of its portfolio.British Land, which owns sites including the Broadgate Centre in the City of London and the Paddington Central development, reported a 3.4% rise in underlying profits to &
  
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• Landlords sell up in Great Britain as buy-to-let market sours

  13-11-2023 01:01
  
  Owners sell to offset losses from tax changes and rate hikes, meaning fewer homes to rent and thus higher rentsThe great property sell-off by landlords has continued across Great Britain this year, in particular in Scotland, where the buy-to-let bubble appears to have burst.As the property website Rightmove reported that new seller asking prices dropped by 1.7% or £6,088 last month to an average of £362,143, Hamptons revealed that landlords were on target to have bought the fewest nu
  
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• Ikea owner buys Brighton shopping mall, its second in the UK

  13-11-2023 01:01
  
  Firm plans to convert empty Debenhams site in city centre as part of its ‘global expansion strategy’Ikea’s parent company has bought its second UK shopping mall, in Brighton, for an estimated £145m as part of efforts to bring its furniture stores into city centres.The world’s largest furniture retailer plans to convert an empty Debenhams site in the south coast city’s Churchill Square centre, about a third of which sits empty, into a new Ikea store which is ex
  
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