October 27, 2017

Moda's £80m PRS tower block approved in Liverpool

Moda Living and Apache Capita have got planning permission to build a 34-storey apartment block in Liverpool for the private residential sector. Above: The Lexington Liverpool The £80m tower block, called the Lexington Liverpool, will have 304 apartments of varying sizes. It will be the tallest residential development in Peel

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Macro sees upturn in annual turnover of 19%

15 June 2016 | Herpreet Kaur Grewal Macro’s parent company Mace has reported its 2015 figures, which see the company increasing its annual turnover by 19 per cent to £1.77 billion with a pre-tax profit of £36.2 million.   This is Mace’s 25th consecutive year of growth. The company saw a

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Redrow Makes Two Senior Appointments as Part of Expansion Plans

Redrow, one of the leading Housebuilders in the UK has announced that they have improved the strength of their senior team with two new appointments. The appointments have been made at the company’s West Country division in order to support the growth plans that have been made for throughout Somerset,

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Veitchi Group Success With new Metframe Product

Veitchi Group, the Cambuslang-based subcontractor has announced that they have experienced an increase in business for three of their key divisions. The company is one of Scotland’s largest sub-contractors for the construction industry and has seen an increase in business for some of their key services. Veitchi Group has also

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GAZUMPING HOTSPOTS REVEALED ACROSS THE UK

There has been a significant increase in gazumping rates in the UK over the last two years, recent findings show. As average market values rise, the levels of demand and resulting bidding wars have also increased, with gazumping rates at 36 percent this year, from almost a third of that

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Issue 323 : Dec 2024

October 27, 2017

Moda's £80m PRS tower block approved in Liverpool

Moda Living and Apache Capita have got planning permission to build a 34-storey apartment block in Liverpool for the private residential sector. Above: The Lexington Liverpool The £80m tower block, called the Lexington Liverpool, will have 304 apartments of varying sizes. It will be the tallest residential development in Peel Group’s Liverpool Waters regeneration area. Moda Living and Apache Capital will retain ownership and operate it through their PRS joint venture. Lexington Liverpool is the third project to be brought forward by the joint venture. It has previously secured planning permission for the £128m, 466-apartment Angels Gardens development in Manchester and for a £145m, 37-storey block of flats on Birmingham’s Broad Street. Moda Living director Dan Brooks said: “Liverpool is an exciting place to be in right now, with lots of development activity and a real can-do attitude from the council. The Lexington at Princes Dock will help underpin the regeneration efforts there while also providing much needed quality homes for rent. This is the next important step in our ambitious plan to create the UK’s leading rental brand providing a new benchmark for city centre living.” Apache Capital managing director Richard Jackson added: “The Lexington will provide a fantastic legacy for Liverpool and its historic skyline and waterfront, creating from the outset a vibrant community that will be part of the local area.”         Further Images This article was published on 21 Sep 2016 (last updated on 21 Sep 2016). Source link

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Macro sees upturn in annual turnover of 19%

15 June 2016 | Herpreet Kaur Grewal Macro’s parent company Mace has reported its 2015 figures, which see the company increasing its annual turnover by 19 per cent to £1.77 billion with a pre-tax profit of £36.2 million.   This is Mace’s 25th consecutive year of growth. The company saw a substantial growth of its infrastructure business, winning a number of major programmes that helped to secure its long-term future, including National Grid, TfL, Highways England, and Dubai Expo 2020.   The business’s other key deals include the redevelopment of the London School of Economics in the heart of the capital, Macro’s three-year contract with Umm Al Emarat Park (formerly known as Mushrif Central Park) in Abu Dhabi, and Como’s appointment to the Mary Rose Museum in Portsmouth. Work also got under way in Vietnam on Landmark 81, which is set to be the country’s tallest building at 462 metres.   The 2015 results show that Macro has increased its turnover by 3 per cent to £93 million – £3 million higher than in 2014.   Macro’s managing director for UK, Europe and North America, Ross Abbate, said: “Over the past year Macro has won new commissions across our sectors and markets and extended contracts with existing clients, including our work with global software provider Citrix, where we mobilised three further offices as part of their three-year contract.” Source link

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Work Started on New Warwick University Sports and Wellbeing Facility

The excavators have been hard at work on the new Sports and Wellbeing Facility that is being created at Warwick University. The project will see £36 million invested into the creation of this new facility. Carrying out the earthworks services for this projects in Mick George Ltd. The business is working on the site on behalf of the Principal Contractor for the construction work Willmott Dixon Construction. Willmott Dixon has become a familiar face on Warwick University campuses. Recently the company has been involved with the construction of the Oculus Building, an award-winning facility that forms a part of the University’s estate regeneration plans. This regeneration proposal was submitted as a part of the 2007 masterplan for the future developments of the Campus. It is thought that this new Sports ‘Hub’ will be both operationally and environmentally sustainable as well as delivering one of the best sports’ facilities at a UK University by the time the Hub is complete. Construction is expected to be completed by the first quarter of 2019. This development is a part of the target that has been set by the University to become the most physically active campus community in the UK by 2020. This new Sports and Wellbeing Hub will be located off Leighfield Road in the Cryfield Village area of the campus. The facility will be open to staff and the general public as well as students, in order to encourage the local area to get more active. The creation of new world class sports facilities will lead to a healthier University as well as new facilities to be enjoyed by the community. This new Sports Hub will replace the old existing facilities and will include a swimming pool, fitness suite, climbing and bouldering wall and flexible studio spaces as well as squash courts outdoor 3G sports pitches and netball courts. Also created as a part of this new project will be a Café offering refreshments.

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Redrow Makes Two Senior Appointments as Part of Expansion Plans

Redrow, one of the leading Housebuilders in the UK has announced that they have improved the strength of their senior team with two new appointments. The appointments have been made at the company’s West Country division in order to support the growth plans that have been made for throughout Somerset, Devon and Cornwall. These new appointments include a new Head of Sales and a Head of Land. Annie Williams has been appointed by Redrow to be the new Head of Sales for the West Country Division. Annie has previously worked as the Area Sales Manager for the company and also offers around 18 years’ of experience in this field. In the past Annie has worked as Sales and Marketing Manager for Linden Homes. As a part of her new role as Head of Sales for Redrow, Annie Williams will be an essential part of the firm’s brand within the region as well as being responsible for improving the sales across the West Country. Chris Rorstad has been promoted to the Head of Land. Chis previously occupied the role of Senior Land Manager. Chris will also be an asset to the company due to his wealth of experience in this area. As part of his new responsibilities as Head of Land, Chris will be committed to securing a pipeline of prime land situated in desirable locations. This new role carried out by Chis will be essential to Redrow’s development plans as they look to incorporate themselves further into the market in Cornwall as well as solidify their presence in the Devon market. The Managing Director of Redrow West Country, Nigel Palmer has said that these two new appointments will be vital to the strategy that has been created for Redrow in order to help them gain prominence in the West Country. It is great news that the appointments for these two senior management positions have been sourced internally as it shows that commitment to the development of their staff at the UK Housebuilders.

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Veitchi Group Success With new Metframe Product

Veitchi Group, the Cambuslang-based subcontractor has announced that they have experienced an increase in business for three of their key divisions. The company is one of Scotland’s largest sub-contractors for the construction industry and has seen an increase in business for some of their key services. Veitchi Group has also recently celebrated their 100th anniversary in March, and the company has attributed their recent increase in success to their ‘Metframe’, an award winning construction solution as well as a number of other significant flooring projects that the company has been involved in. Veitchi Interiors is the group’s most rapidly expanding division. This division is Scotland’s only approved installer of Metframe, which is a lightweight steel structure that is constructed offsite and delivered for each project in a pre-panelised form. Over the course of the past 24 months, 14 projects have been carried out across the UK, with a combined value in excess of £8 million have been carried out by the Veitchi Interiors division. These projects include a student accommodation block located in Edinburgh which was 7-storeys high when completed. The company has also completed a 2-storey hotel extension in Glasgow and 3-storey hotel in Oxford as well as projects that have been located in London and Cambridge. Metframe is a construction solution that has become attractive to contractors who are working on projects in tight city locations. The solution offered by Veitchi Interiors is beneficial as it can significantly reduce construction time. The Haddington Place accommodation in Edinburgh was awarded a Silver in the Judge’s Category of the Scottish Finishes and Interiors Sector Awards Ceremony recently, further helping to promote the company and their construction system. This product has seen a great amount of initial success, and the company are hoping to build on this going forward. The company is at the moment working through an order book of contracts worth £7 million.

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GAZUMPING HOTSPOTS REVEALED ACROSS THE UK

There has been a significant increase in gazumping rates in the UK over the last two years, recent findings show. As average market values rise, the levels of demand and resulting bidding wars have also increased, with gazumping rates at 36 percent this year, from almost a third of that in 2015 at 13 percent. The term gazumping refers to the act of a property purchaser having had their previously accepted bid knocked out of play from a higher bidder. When the seller approves the higher value, the original buyer is gazumped from the sale. Mayfair Guru, Peter Wetherell, explains that the very frustrating, but legal aspect of the property market in the UK happens most often on properties with the highest levels of demand. The properties can be sought after for their exceptional quality, affordable price, or convenient location, meaning they could be either end of the scale, from cheap but well-situated starter home or student pad to the utmost luxury, either of which people are willing to pay more money for to secure the sale. The only sure way to avoid being gazumped is to ensure all elements of the sale are completed in an orderly and speedy fashion. LONDON HAS THE HIGHEST RATES OF GAZUMPING The past two years have seen a cloud of uncertainty lingering over the nation from a political and economic viewpoint. Although house prices and demand for new properties have been increasing, hesitation among vendors has seen fewer and fewer homes entering the real estate market, leading to a falling number of transactions. The data outlining gazumping rates around the country revealed London to be the worst hit. 35 percent of property buyers in the capital have been knocked out of a sale due to a higher bid being accepted since 2015. This rate is more than double that seen in the South East, which has the second highest rate at 16 percent. It is not unexpected that these two locations are at the top of the list, with some of the most luxurious properties in the UK gracing the streets here. Currently, the average property value in London is £481,345 and in the South East is £315,807, both of which are notably greater than the £220,084 national average. At almost half again, the North West has the third highest rates, at nine percent, with the West Midland and Yorkshire following closely at seven and six percent, respectively. The average market values are significantly lower in each of these regions compared to the south. Scotland is at the bottom of the list. Commonly thought to be illegal in this country, gazumping rates since 2015 are only one percent here. It is in fact still a legal act in Scotland, yet the law does prohibit solicitors acting on behalf of the vendor if they choose to accept a higher offer after already accepting a lower bid. The seller would need to find a new solicitor bound by the law in England & Wales, and this could cause significant delays, duplicate fees, and inconvenience due to location and lack of face to face paperwork completion. In this instance, the higher bid would need to be substantial for a vendor to gazump a buyer from their sale, hence the exceptionally low rate in Scotland. The figures highlight that gazumping most definitely affects cities with higher property values and levels of demand. These areas are where people are more likely to fight for their ideal property and put in top offers to push someone else off the ladder and secure their new home. AS A HOMEBUYER, YOU CAN REDUCE THE RISK OF BEING GAZUMPED Buying in cash will almost always guarantee a quick sale and minimise most risks of being outbid. However, the majority of purchasers require a mortgage, and so the best approach is to obtain a mortgage in principle before making an offer on a property. Upon receiving a go-ahead, the mortgage application should be completed as soon as possible to avoid any delays and close the gap between offer and sale close as this entire period is at risk of a higher bidder coming along. In addition to fast paperwork completion, additional properties should also be considered. If the buyer has a property to sell and experiences delays on that side, this opens the gap for others to swoop in and so property chains should be avoided at all costs. Always make sure everything is good to go on the property and expect everything to move quickly once an offer has been made and accepted. Not to be underestimated, the final point to consider is the relationship built between vendor and consumer. The person selling the property is likely to feel quite attached to it, they have memories and sentimental value within their home, and so a good rapport with this person can do wonders. Some vendors have been known to accept a slightly lower offer if they feel the home will go to a family who will care for and live in the house as well as they have previously done.  

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