11 June 2016 – by Louisa Clarence-Smith The Jehovah’s Witnesses is considering a sale of the majority of its UK property portfolio. The organisation, which has nearly 8m followers across the world and is undertaking a similar exercise in the US, is asking for expressions of interest for 29 freehold properties around Mill Hill in north London, NW7. They are formally being marketed by the International Bible Students Association – the registered charity which deals with property, personnel management and magazine distribution for JW in Britain. The properties are generally located in strong residential areas and interest is expected from residential developers and investors, retirement and care home providers, and hotel companies. IBSA was not prepared to put a value on the portfolio but its most recent accounts for the year ended 31 August 2014 reported total fixed assets of £73m. However, a sale would be expected to generate proceeds in excess of that figure. All the content from this weekís magazine, including this article, is available in the new app. Primary assets include Watch Tower House, a 103,334 sq ft mixed-use building on an eight-acre plot which includes 175 studio or one-bedroom flats for IBSA staff. The building is used to publish magazines The Watchtower and Awake!, which JW said had a combined distribution of 117m copies a year and were the two most widely distributed magazines in the world. IBSA House, a 201,285 sq ft building on a five-acre plot which serves as the religious group’s main offices, is also included. The site has planning approval for a further 34,445 sq ft of offices. The phasing of the sale is under review but is expected by 2021 at the latest as the organisation moves to its new purpose-built centre in Chelmsford, Essex. However, IBSA said offices could be quickly vacated if investors requested. IBSA is in the process of appointing an advisor for the residential sites but will use its own in-house property team to market the bulk of the portfolio, which will be officially launched later this month. Its US branch has also separately put up for sale three residential blocks in Brooklyn, New York, 11-storey 107 Columbia Heights, 69 Adams, by the Manhattan Bridge, and The Towers at 21 Clark Street, formerly the 1920s era Leverich Towers Hotel, and sold 124 Columbia Heights in Brooklyn. It is moving to Warwick, New York state. Steve Canning, of IBSA’s London Real Estate Team, said: “We have been contacted by various developers but as a charity we have to go to the market to decide how we can progress.” Source link

Developer MEPC has appointed Wates Construction for a new office development in Leeds. Above: Artists impression of 3 Wellington Place The mixed-use project at 3 Wellington Place has been designed by architect Sheppard Robson. The six-storey Grade A scheme spans a total surface area of 12,800 m2 with a basement car park. Wellington Place is a nine-hectare business park in Leeds City Centre. This is Wates’ third project on the development. It has previously built 5 and 6 Wellington Place – 7,000 m2 and 9,700 m2 of speculative office space respectively. Wates regional director Paul Dodsworth said: “MEPC’s masterplan to deliver premium office space in Leeds has reached new heights in recent months and 3 Wellington Place is set to further complement this vision, whilst also providing versatile commercial space for both domestic and global businesses. To be furthering our role at the scheme is a deserving acknowledgement of our team’s deep understanding of MEPC’s strategy to build upon and subsequently enhance the commercial offering in Leeds.”   Picture above shows the masterplan of Wellington Place   Further Images This article was published on 22 Aug 2016 (last updated on 22 Aug 2016). Source link

The Health & Safety Executive (HSE) has said it is shocked at the lack of precautions taken by retail giant Tesco before sending maintenance employees to work at height. The supermarket chain was prosecuted last week and fined £500,000 for health and safety breaches that led to a worker falling through a skylight. The employee of Tesco Maintenance Ltd was said to be lucky to suffer only minor injuries after falling nine metres through a fragile skylight landing in the shopping aisles of the Tesco Liscard Express store in Liscard Village, Wallasey, on the 13th June 2014. Liverpool Crown Court heard that the worker was part of a team carrying out repairs to the roof and gutters of the store when the incident occurred. Tesco Maintenance Ltd and Tesco Stores Ltd were prosecuted by the HSE after an investigation found that no risk assessment or method statement had been produced prior to carrying out the work. The fragile skylights should have been identified and precautions taken but Tesco Maintenance Ltd had received no information relating to the fragility of the roof from their client Tesco Stores Ltd. HSE inspector Chris Hatton said after the hearing: “I am shocked at a company the size of Tesco failing to take even basic precautions to prevent injury to its employees and further, to risk injury to the public” Tesco Stores Ltd of Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, pleaded guilty to breaching Section 3 (1) of the Health and Safety at Work etc. Act 1974 and Regulation 10 of the Construction (Design and Management) Regulations 2007 and was fined £200,000 with £712.70 costs Tesco Maintenance Ltd of Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, pleaded guilty to breaching Regulation 9 of the Work at Height Regulations 2005, Section 2(1) of the Health and Safety at Work etc. Act 1974 and Section 3 (1) of the Health and Safety at Work etc. Act 1974 and was fined £300,000 with £624.60 costs. Tesco reported sales of £24.4bn in the six months to August 2016 and operating profit of £515m.   This article was published on 5 Oct 2016 (last updated on 5 Oct 2016). Source link

Economic uncertainty has prompted Mace to predict a softening in tender price inflation next year. Above: Mace Cost Consultancy managing director Chris Goldthorpe Mace Cost Consultancy maintains its forecast for UK tender cost inflation in 2016 at 4.0% but it expects this to fall to 3.5% in 2017 and 3.0% in 2018. Previously Mace was forecasting tender inflation of 4.0% for 2017 and 3.5% for 2018. The firm said that there were several factors contributing to economic uncertainty, including the EU referendum in June and the anticipated impact of the introduction of the Living Wage earlier this month. And while demand has softened slightly, UK construction has expanded its capacity to address shortages and meet demand. Mace’s forecast for London also remains at 4.0% for 2016 based on current workloads, but expects this to mirror the national picture during the following two years, falling to 3.5% in 2017 and 3.0% in 2018. Although commercial and residential workloads are robust, Mace said, clients are becoming less confident about future projects. Mace Cost Consultancy managing director Chris Goldthorpe said: “With recovery in both the UK and global economies stalling in recent months and the uncertainty caused by the upcoming EU referendum, we are seeing a growing lack of confidence among several clients. The optimism of some business cases produced only a few months ago are now being called into question, bringing a greater focus on project viability. “Over the next two years, we expect to see more competition in the market with more contractors willing to participate in single stage tenders. However, major and complex projects will always require collaborative procurement to obtain best value on the project.”     This article was published on 29 Apr 2016 (last updated on 29 Apr 2016). Source link

“May you live in interesting times”, so goes the supposed Chinese anti-proverb. The implication being that ‘interesting’ is the direct opposite of stable, harmonious and peaceful. And indeed these are interesting times. Political upsets on both sides of the Atlantic have rocked stock markets and funds. Meanwhile International disputes in the Middle East and the emergence of US shale have led to fluctuations in global energy prices, with knock on effects for domestic economies around the world. And with enquiries ongoing into possible ties between President Trump and the Russian state, and Brexit negotiations about to begin in earnest in Europe and the UK, the uncertainty shows no signs of abating. Elsewhere, tensions continue to rise in the Middle East as both the Saudis and Iran accuse each other of being the weak link in the fight against global terrorism. Another often misattributed piece of Chinese wisdom however states that crisis and opportunity are but two sides of the same coin. So, where does the savvy investor look to grow their wealth in these interesting times? One investment which brings long-term growth, regardless of political and economic fluctuations, is property, and luxury property in particular is becoming a key investment option for high-net worth individuals from across the world. Recent data from Christies International Real Estate reveals that the luxury property market is currently at record levels and, for the first time, the world’s top ten reported property sales were all priced above $100 million1. And with property investment funds promising double digit returns on luxury investments2, combined with a dwindling number of dividend paying shares available3 to would be investors, it’s easy to see why the market is booming in an era where interest rates and returns on savings around the world remain subdued. The question for most investors is not therefore, should I invest in luxury property, but rather, where to begin? With everywhere from Toronto to Hong Kong pitching itself as the next luxury property hotspot, where can an investor learn about the market? A good place to begin would be the Luxury Property Show this October at the Olympia Conference Centre, London. The show, now in its 10th year, consistently attracts the movers and shakers from the luxury property world who can help guide an investor to making the right choice. Likewise, attending the show can save an investor countless hours and air-miles as they’ll be able to get detailed insights into potential properties ranging from mountain and lake retreats in Northern Europe to luxury loft apartments in New York, via beachfront homes in Dubai. Alongside insights into luxury properties and property markets around the world, the show also gives potential investors unparalleled opportunities for networking with fellow investors and property consortiums as well as access to a full programme of seminars aimed at seasoned investors, as well as those who are new to the market. Eddie Sikora, Director, the Luxury Property Show, said: “The luxury property market has enjoyed significant growth in recent years as investors have used property as a hedge against global risk and uncertainty. Beyond this however, investing in luxury property is a statement, and a symbol of prestige and success, hence we have seen an unprecedented number of sales over the last year topping the $100 million mark. “Nevertheless, it’s a complicated market. Investors need to consider not just all the usual things that come with purchasing a property, but also other key questions such as ‘where is the next property hotspot’ and ‘what geo-political dynamics could impact the investment over the medium and long-term’. With many investors now coming to see key western markets such as London and New York as being saturated, these questions are ever more important for potential investors. “The Luxury Property Show presents an opportunity for investors, developers and the real estate community to come together to discuss the key trends and issues and, more importantly, to match those looking to invest with the right property for them.”