26 March 2016 – by Amber Rolt The largest hotel chain in the Netherlands, Fletcher Hotel Group, is exploring options for its €350m (£274m) hotel business, including a possible sale. The Dutch hospitality firm has been in discussions with JLL regarding the future of the 3,200-bedroom business. Fletcher Hotel
BTL advisers cautioned over providing tax advice Mortgage advisers offering advice in the buy-to-let space have been warned not to get drawn into providing informal tax advice to clients which may ultimately impact negatively on their future tax position. Speaking at today’s FSE Cardiff which is taking place for the
The London rental market is finally starting to cool after a year of record breaking growth. For the third successive quarter, rents across London plateaued or saw relatively conservative rental value growth. This follows a frenzied 2015 which saw unprecedented growth for the first two quarters before finally slowing as
New £10m Technology Centre opens Published: 24 June, 2016 TV presenter George Clarke formally opened a new £10 million Technology, Engineering & Construction (TEC) Centre in South East London on 23 June. The TEC Centre, based at Carshalton College, has been created to consolidate the construction, engineering and motor vehicle
A report has shown that coal-fired power plants may be allowed to run past 2025 providing they make some use of carbon capture and storage (CCS). Amber Rudd, Energy Secretary, promised in November’s ‘energy reset speech’ to remove all unabated coal generation in the next 10 years. There was originally
Concerns over traffic are holding up the planning application of a proposed £2 billion theme park in North Kent. Instead of submitting a planning application this year, the developers of the theme park which is said to rival Disneyland, are to go back for a fifth consultation with the public.
ThinkTank members have been asked if their companies would benefit from a delayed introduction of the Apprenticeship Levy in order to have more preparation time. The Apprenticeship Levy is set to come into force in April next year and the government last month outlined its guidelines for employers. The Department
Stepnell has started the £13.5 million second extension of St John’s College library at Oxford University. The firm has begun construction of the development and was awarded the contract after it extended and refurbished the New Library at Magdalen College last year, with Wright & Wright Architects designing both schemes.
Fossil fuel companies are being told that if they ignore the latest climate change deal they will face financial turmoil. The warning comes from British economist Lord Nicholas Stern who emphasised the importance of the Paris climate change agreement as well as insisting that companies should be required to inform investors
The Federation of Master Builders has said that the majority of builders will base their decision to vote in or out of the European Union on their own beliefs. The latest poll by the FMB shows that over 80% of small construction firm chiefs will base their vote on the
BDC 319 : Aug 2024
26 March 2016 – by Amber Rolt The largest hotel chain in the Netherlands, Fletcher Hotel Group, is exploring options for its €350m (£274m) hotel business, including a possible sale. The Dutch hospitality firm has been in discussions with JLL regarding the future of the 3,200-bedroom business. Fletcher Hotel Group owns 69 three- and four-star resorts across the Netherlands and has built up its portfolio since its 1998 inception by acquiring and developing assets. A sale of the firm would likely include the operational business as well as its assets. The portfolio is a mixture of leased, owned and franchised hotels in secondary locations in Dutch cities including Amsterdam, Utrecht and Hertogenbosch. In 2010, Rabo Private Equity, the private equity arm of Dutch bank Rabobank Group, acquired a 10% stake in the business to help fund its growth. All the content from this weekís magazine, including this article, is available in the new app. Chief executive Rob Hermans has stated his intention to expand the business outside its home market and into other European countries. The Netherlands’ investment market has attracted large private equity capital over the past year, with investors looking to take advantage of higher yields unavailable in most other parts of Europe. At the end of 2015 Tristan Capital Partners acquired 15 shopping centres from Amsterdam-based insurer Delta Lloyd NV for €273m. PwC has projected a 1.6% GDP growth for the Netherlands in 2016, as well as RevPAR growth of 3.6% to €98m in Amsterdam’s hospitality sector – the best figure since 2007. Source link
BTL advisers cautioned over providing tax advice Mortgage advisers offering advice in the buy-to-let space have been warned not to get drawn into providing informal tax advice to clients which may ultimately impact negatively on their future tax position. Speaking at today’s FSE Cardiff which is taking place for the first time at the SSE Swalec Stadium at Sofia Gardens in the Welsh Capital, both Roger Morris of lender, Precise Mortgages, and Liz Syms of Connect for Intermediaries urged advisers not to discuss the potentially complex tax positions of their buy-to-let clients. Morris, in outlining the changing tax situation for landlords, following the Government’s impending cuts to mortgage interest tax relief which will begin next year, said that advisers could be inadvertently straying into taxation advice. He said: “Mortgage advisers are not tax advisers however any mortgage you do now is a ‘tax vehicle’ for those buy-to-let clients. Think about the advice process – you can’t say we don’t give tax advice but then carry on doing buy-to-let mortgages because any mortgage you arrange will directly affect the client’s tax position and tax coding.” Morris and Syms both said that advisers have to understand the tax implications for clients, and they should be insisting that clients take professional advice from tax advisers and accountants before they proceed. Morris outlined the potential tax savings that those clients utilising a limited company vehicle to house and purchase new properties within, might expect. Syms suggested that when it comes to the recommendations advisers are providing clients with, they might wish to offer illustrations for both limited company and individual mortgages. “We know some advisers are providing two illustrations, one for an individual buy-to-let mortgage and the other for a limited company,” she said. “They are then keeping these illustrations on file, along with the recommendation, and the proof that they asked the client to seek the necessary tax advice.” Syms urged advisers to understand the criteria of lenders’ operating in the limited company and HMO market. “Brokers need to know exactly what the lenders’ criteria is around limited companies and HMOs,” she said. When asked if landlord clients might think moving to a limited company structure was too much ‘hassle’, Morris replied: “I would say it’s a question of hassle or tax. Is it too much hassle to spend an hour creating a limited company when the alternative is that you could end up paying thousands of pounds in tax?” Syms added that for portfolio landlords in particular, they were likely to see that utilising a limited company was the way forward. Source link
The London rental market is finally starting to cool after a year of record breaking growth. For the third successive quarter, rents across London plateaued or saw relatively conservative rental value growth. This follows a frenzied 2015 which saw unprecedented growth for the first two quarters before finally slowing as the market paused to absorb the changes. Many parts of prime central London saw rents fall, reflecting a trend which has seen demand increase in the inner suburbs. As demand from wealthy non-nationals wanes in the face of Brexit and currency controls put in place by foreign governments, the demand for luxury property in Belgravia, Knightsbridge, Chelsea and surrounding areas seems to have peaked. However, it is still anticipated that the fall in Sterling’s value will make prime central London more attractive over the coming months so this decline is likely to be temporary. Rental growth in the inner suburbs continues as the domestic market gains further confidence. Wandsworth saw strong growth as did most of the trendy parts of east London. Would-be Notting Hillbillies are seeking properties in Bayswater, Queen’s Park and Kensal Rise where larger homes offer comparative value. However, it was far north London – particularly Colindale, Golders Green and Hampstead Garden Suburb that saw the most substantial growth. This was widely anticipated as rental growth had been supressed in recent quarters while Crossrail works closed the Northern Line interchange at Tottenham Court Road. With the station now fully open, rental demand in these areas has seen a resurgence. Marc von Grundherr of Benham & Reeves Residential Lettings, said: “This is a much needed pause for breath after such huge gains in rental values. Unfortunately for tenants, this pause may only be temporary. With increasing restrictions on buy-to-let, more amateur landlords will be exiting the market, leading to a drop in supply in the face of a growing population. Over the long term, rents will inevitably go up.” Source link
New £10m Technology Centre opens Published: 24 June, 2016 TV presenter George Clarke formally opened a new £10 million Technology, Engineering & Construction (TEC) Centre in South East London on 23 June. The TEC Centre, based at Carshalton College, has been created to consolidate the construction, engineering and motor vehicle curriculum areas into a single, central location for over 900 students. The building provides state-of-the-art workshops to deliver plumbing, plastering, electrical, bricklaying, carpentry and motor vehicle lessons to students. Respected TV presenter, architect and writer George Clarke gave an inspirational speech to assembled businesses, students, staff and dignitaries about being an ambassador for vocational learning, and the importance of education. He described the TEC Centre as an amazing space for students who will be the trade people of tomorrow. Also present at the opening were representatives from the Construction Industry Training Board (CITB), outlining the demand for this type of teaching facility. Visitors were then given tours of the workshops before visiting an Employer Trade Fair. Year 10 and 11 learners from local schools also attended the Trade Fair to meet employers and take part in ‘have a go’ sessions in the TEC Centre. College Principal Peter Mayhew-Smith said: “Our new TEC Centre should transform learning for our students: we now have industry-standard spaces and equipment on a huge scale with opportunities for them to immerse themselves in the crafts and trades they love. “The builders, plumbers, electricians, carpenters and mechanics of tomorrow will learn their skills here today and we can’t wait to throw our doors open to them all.” Source link
A report has shown that coal-fired power plants may be allowed to run past 2025 providing they make some use of carbon capture and storage (CCS). Amber Rudd, Energy Secretary, promised in November’s ‘energy reset speech’ to remove all unabated coal generation in the next 10 years. There was originally meant to be a consultation on the proposed cut off in spring of this year but this is still yet to take place. An unnamed source from Whitehall is reported to have said that there are many points related to the coal industry that the consultation will address as well as gauging public opinion. The source also said that the consultation will also outline what will happen to all coal power stations after the 2025 date and that is you choose to fit it with CCS, this will set a level which will not be permitted. However, the government may yet choose to stop any coal generation that has any amount of carbon emissions but any discussion on this topic are still said to be purely speculative at this moment in time. The coal forum had a meeting in February this year and the minutes of that discussion show that Andrea Leadsome, Energy Minister, is encouraging the coal industry to ‘engage in consultation’ by raising any questions or concerns they may have. A Department of Energy and Climate Change (DECC) spokeswoman said that unabated coal is the most polluting and dirtiest method of electricity generation. Due to this, she said that the government is fully committed to removing unabated coal power production by 2025 and that there is no alternative. She said that this way made clear last year and that the department has not changed its outlook in this regard, before adding that the coal closures consultation will be outlined in the next few months.
Concerns over traffic are holding up the planning application of a proposed £2 billion theme park in North Kent. Instead of submitting a planning application this year, the developers of the theme park which is said to rival Disneyland, are to go back for a fifth consultation with the public. The proposed project will be called the ‘London Paramount Entertainment Resort’ and is the brain child of Abdulla Al Humaidi, a merchant from Kuwait. The theme park is planned to be built on the Swanscombe Peninsula between Dartford and Gravesend. Al Humaidi’s ‘London Resort Company Holdings’ already has a licensing contract with Paramount film studios to base themes for some of its rides on films including ‘Star Trek’ and ‘Mission Impossible’. However, the latest set back means that the LRCH now envisages submitting a planning application at some point in 2017, with the initial 2021 target opening date now looking too ambitious. David Testa, Chief Executive at London Paramount, said that more important that submitting an early application is ensuring a comprehensive and robust evidence base in order to make sure the project is a success, resulting in a longer preparation time. Mr Testa insisted that funding for the project remains in place to properly bring it through the planning process. He admitted that transport and traffic continue to prove to pose a significant challenge, with work set to continue on the traffic modelling scheme. The park is expected to receive more than 15 million visitors a year once it has been properly established. He added that they received a host of feedback at last year’s consultations which, on top of fresh information from other studies in the area, has allowed them to make alterations to their ultimate goal. He concluded by saying that the firm remains well aware of the need to share specific information related to ecology and transport.
ThinkTank members have been asked if their companies would benefit from a delayed introduction of the Apprenticeship Levy in order to have more preparation time. The Apprenticeship Levy is set to come into force in April next year and the government last month outlined its guidelines for employers. The Department for Business Innovation and Skills released the document which will apply to all employers in all sectors who have a pay bill in excess of £3 million per year. In its latest report – ‘BIFM’s FM Business Confidence Monitor’ – managing director of Mitie FM, Martyn Freeman, said that there is much more information needed on how the levy will work and how it will be delivered and funded. He said that they are still in the opening stages of any potential changes to legislation and that there is much work ahead in order to fully comprehend how it will affect employers. The report also suggests that the FM sector is not sure about the new levy, therefore indicating that the government still has a lot to do to make sure the legislation is accepted. Among those to express serious concerns about the design of the scheme are the Engineering Employers’ Federation. A 77% majority of ThinkTank participants said that they do not feel adequately prepared for the introduction of the levy and that there are numerous problems associated with the policy. The research shows that there is still a long way to go before employers come to terms with apprenticeship schemes in the sector. However, 23% of those surveyed said that they saw no problems with the levy and that they feel adequately prepared for its introduction. One respondent commented that there are no problems with the principle of the idea and that they welcome the proposal, before admitting that there are flaws in the scheme that must be addressed.
Stepnell has started the £13.5 million second extension of St John’s College library at Oxford University. The firm has begun construction of the development and was awarded the contract after it extended and refurbished the New Library at Magdalen College last year, with Wright & Wright Architects designing both schemes. This extension will equip the site with a central archive in the President’s Garden and a two storey study centre. It will also connect the site to the college’s Canterbury Quadrangle, which is home to three of its four libraries – the 15th century Old Library, the Paddy Room and the Laudian Library. Andrew Parker, principal bursar at St John’s College, said that a number of Fellows from St John paid a visit to the construction at Magdalen in the project’s final phases and were all impressed with the work that they hope will be replicated at St John’s. The extension, which will be adjoined to the first floor of the Laudian Library, will increase the present seating facilities two fold and raise the book shelving capacity significantly, as well as featuring a number of study areas. The College’s collections of rare and special books will now be located in one central location in the library’s basement, providing an area devoted to climate controlled archives. Meanwhile, the heating and power of the latest construction will be generated by renewable energy sources through ground source heating. The college has commissioned artist, Susanna Heron, to create an engraving that will be carved on the study centre’s external stone wall. Steve Burgess, regional director at Stepnell, said that the firm are pleased to have been chosen to construct such a challenging and exciting new project for the college and to be working in partnership with Wright & Wright Architects. He added that the new study centre and library will give students an improved environment for learning as well as more flexible space arrangements.
Fossil fuel companies are being told that if they ignore the latest climate change deal they will face financial turmoil. The warning comes from British economist Lord Nicholas Stern who emphasised the importance of the Paris climate change agreement as well as insisting that companies should be required to inform investors of how they will evade these threats. Lord Stern made his address at a climate task force organised by Mark Carney, Bank of England governor, and also commented that there is an alarming gap between the details of the December Paris agreement and what fossil fuel firms are taking from it. In his submission to the task group which was chaired by former New York City mayor Michael Bloomberg, Lord Stern says that the difference is alarming for both central bankers and policy makers. The task force is set up to advance voluntary, uniform standards that organisations can present to investors, insurers and banks to illustrate the ways they are coping with financial risks relating to the climate. Given that fossil fuels contribute to almost 80% of the world’s primary energy use, it is clear that the world economy is still massively dependant on them despite being a major contributor to greenhouse gases. The latest Paris agreement states that almost all world countries have agreed to regularly disclose the ways it will deal with greenhouse gases with the ultimate aim of bringing net emissions for the year to zero. Author of a UK study conducted 10 years ago into the economic implications of climate change, Lord Stern said that unless the shift is handled with caution, assets in fossil fuels could be hit with ‘stranding and mass scrapping’. His submission states that from the perspective of investors, it is one thing for businesses to think that governments were not being serious in the Paris agreement, but it is too far for them to plan their whole strategy in the hope that this is true.
The Federation of Master Builders has said that the majority of builders will base their decision to vote in or out of the European Union on their own beliefs. The latest poll by the FMB shows that over 80% of small construction firm chiefs will base their vote on the upcoming EU referendum solely on their personal opinions rather than business interests. The research also revealed a number of other interesting facts about the building trade in relation to the EU vote. Builders say that the biggest benefit of a possible Brexit is that the UK government would be able to more freely legislate in order to meet the specific needs of businesses in Britain. Whereas, builders say that more economic stability would be the biggest plus of remaining a member of the EU. However, over half of small construction business owners say they are not informed well enough about issues that could affect them and their businesses in terms of the EU referendum. FMB Chief Executive, Brian Berry, said that the result of this month’s EU referendum will significantly impact construction SME’s, which ever way the result goes. Mr Berry said the fact that over 80% of members will be voting on personal beliefs is interesting as it shows that most business owners are making the decision based on more factors than just financial gain. However, he continued by saying that a recent ‘Ipsos MORI’ survey has shown that the British public are keen to hear the views of more SME’s than any other business sector. Mr Berry added that the construction industry is more sensitive to economic uncertainty than most other sectors. He warned that there are already signs of a reduced confidence in the industry caused by the unpredictability surrounding the EU vote and that explains why most have cited economic stability as the primary reason to remain in the EU.
