January 4, 2024
IS CONSTRUCTION’S DIGITAL REVOLUTION UNDERWAY?

IS CONSTRUCTION’S DIGITAL REVOLUTION UNDERWAY?

NBS’ 2023 Digital Construction Report shows strong appetite for emerging tech NBS, the platform for connected construction information, has revealed the results of its 2023 Digital Construction Report. Focusing on emerging tech and the industry’s approach to digital transformation, the report offers a snapshot of industry professionals’ various views and

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What is Passivhaus and is it the future of social housing?

What is Passivhaus and is it the future of social housing?

Passivhaus is a low energy building standard which provides a framework for designing and building, comfortable and energy efficient homes. Adoption of the standard has been gathering pace in recent years, with more private and social housing developers recognising the ability of Passivhaus buildings to reduce fuel bills and decarbonise

Read More »
British Gypsum gains CCPI mark for all its systems covering 300 products

British Gypsum gains CCPI mark for all its systems covering 300 products

The UK’s leading manufacturer of plasterboard and plaster-based drylining systems has announced that all of its systems have now been awarded the Code for Construction Product Information (CCPI) mark. Earlier this year, British Gypsum announced that its non-loadbearing metal stud plasterboard partition systems, including shaft wall, had become one of

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3,000 'local' businesses benefit from rail work

3,000 ‘local’ businesses benefit from rail work

New figures released today saw over 3,000 small and medium-sized enterprises (SMEs) benefit from £1.3bn worth of business from Network Rail, with SMEs making up a record 75 percent of Network Rail’s supplier base. In November 2019, Network Rail set out its SME action plan, making it easier for small

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Plans announced for Leeds ageing leisure centre site

Plans announced for Leeds ageing leisure centre site

Leeds City Council has submitted plans to transform an ageing leisure centre site into a state-of-the-art and wellbeing hub. The council has had long-standing ambitions for Fearnville Leisure Centre in Gipton to be replaced with a facility that is fit for the 21st century. This could soon become a reality,

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Unite Students starts work on £185M property in London

Unite Students starts work on £185M property in London

Unite Students has started building work on its new £185 million property in Stratford, London. Hawthorne House is being built in Farthingale Walk, Stratford, and is replacing former office block Jubilee House, which has now been demolished. It will open in time for the 2026/27 academic year. The 36-storey property

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Odyssey Developments Extends Multi-Purpose Space in Suburban London

Odyssey Developments Extends Multi-Purpose Space in Suburban London

A mixed-use development in Molesey, Surrey, has been rejuvenated by Odyssey Developments thanks to a seven-figure property development loan from Secure Trust Bank (STB) Real Estate Finance. The property, located within Greater London, is a commercial-residential hybrid with a florist on the ground floor and two, two-bedroom flats above. Molesey,

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Latest Issue
Issue 323 : Dec 2024

January 4, 2024

IS CONSTRUCTION’S DIGITAL REVOLUTION UNDERWAY?

IS CONSTRUCTION’S DIGITAL REVOLUTION UNDERWAY?

NBS’ 2023 Digital Construction Report shows strong appetite for emerging tech NBS, the platform for connected construction information, has revealed the results of its 2023 Digital Construction Report. Focusing on emerging tech and the industry’s approach to digital transformation, the report offers a snapshot of industry professionals’ various views and evolving opinions. One of the most hotly debated topics from this year’s study concerns the industry’s rate of tech adoption and whether it now excels in terms of digital expertise. Despite an overall rise in the use of digital technologies, nearly half (47%) are concerned the industry is behind the times. Moreover, 36% of respondents said they worry that they will be left behind when it comes to digital know-how. However, around a quarter (26%) believe this is an outdated view and is no longer the case, and that construction has finally found its ‘digital feet’. With such a divided split, it could suggest that ‘digitisation’ is more prominent in some areas of construction than others. Further wins for digital twins and off-site NBS also found that the use of digital twins has increased by 50% since 2021 from 16% to 25%. What’s more, just over half (55%) of those that use digital twins, do so to mirror construction from other projects and to create an ‘as-built model’. This could be evidence that building safety and efficiency is now taking precedence. Figures relating to the number of projects using elements of off-site construction also showed an uptick. Over half of professionals (57%) had been involved in a project that used MMC in the past twelve months. In 2021, this figure was hovering at around 50% so an upward trend is taking place. Suppliers were the most likely (70%) followed by contractors (63%) and consultants (58%). The increased uptake of off-site construction has also been reflected in project data from Glenigan. Its industry intelligence shows a value-adjusted percentage of 11% of new-build projects using MMC during the first nine months of 2023. Glenigan predicts further growth to this figure over the next few years, with nearly 9% of new-build projects securing detailed planning approval during the first nine months of 2023 involving an off-site element. Becoming Immersed The study also flagged a growing appetite for the use of immersive technologies, such as AR (Augmented Reality), VR (Virtual Reality), and MR (Mixed-Reality) which are playing an increasingly important role. More than one in three professionals (36%) are already using this type of technology and a further one in five (20%) plans to within the next three years. Overwhelmingly, its main use is for stakeholder engagement (74%), where upcoming or ongoing projects can be digitally generated to present detailed plans. However, for two in three users (62%), immersive tech offers a way to visualise design interfaces, so they can better understand how construction projects fit within existing surroundings. Just over a third (35%) use it for marketing purposes, particularly amongst suppliers (67%) who recognise its value when selling products and systems. Machine learning Interest in AI (Artificial Intelligence) and machine learning has also seen a sharp rise within the past year following the launch of ChatGPT and other algorithm-based language models. Looking back to 2020, two in five (38%) said they were unsure if their organisation was using it, of those who did, just 9% were using AI. Although the use of AI in construction is yet to take its grip (43% said they have no plans to use it), signs of early adopters are already visible. More than one in five (22%) have already adopted AI, and a similar number (20%) said they will do so within a year. Head in the clouds Eight in ten now also use a form of cloud computing as part of their daily workflow. While mainly in the form of storage, including Google Drive, OnePoll, DropBox, etc, the study revealed that over seven in ten use it to share documents and information with clients. Three-quarters (75%) also use it to collaborate with other team members, particularly on 3D models and specifications. Given the industry’s push towards the Golden Thread and focus on digital information management, it shows that the sector is making the essential investment to increase efficiency and reduce risk in the built environment. A point of interest within the report was that despite overall growth in the use of tech, opinions on whether the industry is still lagging behind others remain divided. Nearly half (47%) are still concerned the industry is behind the times when it comes to the adoption of digital technologies, but over a quarter believe it’s no longer the case. Speaking on this year’s report, David Bain, Research Manager at NBS, said: “It’s clear from the results that construction has ramped up digital adoption in recent years and is a far stride from where it was three years ago. “Looking ahead, it will be fascinating to see next year’s report as 2024 is shaping up to be big on AI and machine learning.” Russell Haworth, NBS CEO, added: “Looking at the evidence, we can see that construction is shaking off old and tired misconceptions and now relies on all manner of digital skills to produce building excellence. That said, there are still some areas for improvement and no doubt next year will bring further leaps in tech know-how and application.” Click here for the full report. 723 construction professionals took part in this year’s Digital Construction Survey, which included views from architects/engineers and other consultants, contractors, clients, and suppliers in the UK and beyond. Previously known as the NBS BIM Report, the study is a benchmark for changing attitudes towards tech adoption and new technologies.

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What is Passivhaus and is it the future of social housing?

What is Passivhaus and is it the future of social housing?

Passivhaus is a low energy building standard which provides a framework for designing and building, comfortable and energy efficient homes. Adoption of the standard has been gathering pace in recent years, with more private and social housing developers recognising the ability of Passivhaus buildings to reduce fuel bills and decarbonise the built environment. With awareness of climate change gaining momentum, and more local authorities declaring climate emergencies and net zero targets, Passivhaus is becoming an increasingly vital tool for architects. Here, Adam Vaughan, Director and Certified Passivhaus Designer at JDDK Architects, explores how Passivhaus buildings work to push the boundaries of design, and make the built environment more sustainable. How does it work?  Passivhaus addresses the ‘performance gap’ often seen in traditional builds, through a combination of accurate energy modelling, robust detailing and high-quality construction. Passivhaus Designers use a Passivhaus Planning Package (PHPP) to accurately model the performance of buildings, and to demonstrate that the Passivhaus criteria are met. There are several factors that need to be considered to deliver the Passivhaus standard cost effectively.  What are the key principles of Passivhaus design? Orientation: One of the early design considerations is the orientation of the building. Passivhaus principles require architects to think about the path of the sun across a site to maximise solar gain, as well as what shade is needed in the warmer months. Looking through this lens, architects often place living rooms with bigger windows on the south elevation to make the most of any passive solar gain from the low winter sun and provide external shading to prevent overheating in summer.  Form factor: The next consideration is form factor which is a measure of how compact a building is. Heat is lost from external walls, roofs, and floors, and more compact buildings have relatively lower heat loss areas. Terraces and apartment blocks can often have a lower ‘form factor’ which means we can reduce how much extra insulation is needed. Optimising a building’s orientation and form factor early in the design process can help to deliver Passivhaus cost effectively.   Air tightness and ventilation: The airtight building envelope of a Passivhaus means that heat loss is minimised, and cold draughts are avoided. To further reduce energy use, Passivhaus buildings always have a ventilation unit (MVHR) to provide a constant supply of fresh air and to recover heat from exhaust air. This system ensures excellent indoor air quality, and because the (triple glazed) windows don’t need to be opened for fresh air, Passivhaus homes are typically quieter too Quality assurance: Many people don’t realise that Passivhaus is also a quality standard. Projects are independently certified, and there is a rigorous checking process which continues through the design and construction phases.   What are the challenges?  One of the main challenges when designing a Passivhaus building is meeting the high standards. Due to the focus on energy efficiency, a lot of consideration goes into minimising the energy lost through the junctions between two parts of the building fabric called thermal bridges. Once the heat loss from these thermal bridges is added together, this can significantly impact the energy efficiency of a building. However, Certified Passivhaus Designers can carry out thermal bridge calculations using thermal bridge modelling software to help mitigate the impacts. This isn’t just useful for Passivhaus projects either – building regulations now require thermal bridges to be modelled, albeit to a lower standard. A Passivhaus project requires more ‘upfront’ design, with key decisions made earlier in the process than many designers are used to. This means that stakeholders in the project team who provide technical input, like Engineers and Architectural Technicians, will likely need to be involved at an early stage. It’s also vital to appoint and liaise with the Passivhaus Certifier as soon as possible.  What impact will it have?  The adoption of the Passivhaus standard across the built environment will play a key role in reducing carbon emissions from building stock, including from existing buildings where the Passivhaus Retrofit (EnerPhit) standard is applied. Occupants will benefit from excellent levels of thermal comfort and indoor air quality, alongside lower fuel bills. Landlords will also benefit from higher quality buildings with better longevity.  Passivhaus, and the principles it promotes, offers a tried and tested solution to some of the challenges our society is currently facing. To learn more about the impact of Passivhaus design, watch this video or read the latest edition of Millmount News. Building, Design & Construction Magazine | The Choice of Industry Professionals

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British Gypsum gains CCPI mark for all its systems covering 300 products

British Gypsum gains CCPI mark for all its systems covering 300 products

The UK’s leading manufacturer of plasterboard and plaster-based drylining systems has announced that all of its systems have now been awarded the Code for Construction Product Information (CCPI) mark. Earlier this year, British Gypsum announced that its non-loadbearing metal stud plasterboard partition systems, including shaft wall, had become one of the first products on the UK market to carry the CCPI mark. Now six product sets have been validated by CCPI, a method developed by the Construction Products Association’s (CPA) Marketing Integrity Group to provide assurance that the product information is clear, accurate, accessible, up-to-date and unambiguous. The six product sets listed cover 23 British Gypsum systems, incorporating 300 products. The six product sets are: non-loadbearing metal stud plasterboard partition systems, including shaft wall; non-loadbearing ceiling systems; structural steel encasement systems; ceiling systems below loadbearing timber joist floors; non-loadbearing wall lining systems and proprietary and non-proprietary lining systems incorporating Gypsum products, such as GypLyner Xternal, linings for timber frames and plastering systems. Dave Robinson, Head of Technical Support at Saint-Gobain Interior Solutions, which includes British Gypsum, Celotex and Isover, said: “We’re proud to be working proactively with the CCPI and welcomed the initiative with open arms and were keen to be one of the first to get involved. “In essence, it provides a benchmark for manufacturers and signifies to customers that the product information they’re receiving is trustworthy and adheres to the high standards set out by the CCPI.” Dave, who sat on the CPA’s Marketing Integrity Group, added: “In working with CCPI there was very little difference with what we were doing already. We have always set great store by our data integrity and we ensure that our test data is shared openly and transparently, as evidenced by the fact that we have been publishing the White Book for more than half a century.” In order to ensure a ‘single source of truth’ for its test data, British Gypsum created a  sophisticated Product Information Management (PIM) system, which includes 13,000 test reports, with drylining system tests carried out at the independent, UKAS-accredited Building Test Centre. The PIM system means test data is always up to date, which is why British Gypsum took the decision to stop printing the White Book, making it digital to ensure accurate, timely and accessible data. Dave added: “As the construction industry adapts to a new and improved building safety regime, we hope our partners within the industry and the wider sector join us in securing CCPI accreditation and taking responsibility for building better and safer.”   Building, Design & Construction Magazine | The Choice of Industry Professionals

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3,000 'local' businesses benefit from rail work

3,000 ‘local’ businesses benefit from rail work

New figures released today saw over 3,000 small and medium-sized enterprises (SMEs) benefit from £1.3bn worth of business from Network Rail, with SMEs making up a record 75 percent of Network Rail’s supplier base. In November 2019, Network Rail set out its SME action plan, making it easier for small to medium-sized organisations to do business and increasing the number of tendering opportunities. In the last financial year (2022/23), out of the 4,130 suppliers directly contracted by Network Rail, 3,107 suppliers – 75 percent – were SMEs. Clive Berrington, Network Rail’s Group Commercial & Procurement director, said: “Small and medium-sized businesses make a big contribution to the rail network, and we remain committed to offering them opportunities to work on the railway. “The UK rail network is the lifeblood of the country and vital to moving people and freight around. By supporting SMEs to work on the railway, we increase competition and drive down costs while also increasing efficiency, creativity, and innovation. “We know there is more we can do to further support SMEs and during 2024, we will review and refresh our SME action plan and share it with industry.” The Government set out a target for Network Rail to spend 33 percent of its third-party expenditure with SMEs. In the last financial year, the total spend was 34.9 percent, with £1.305bn directly spent with SMEs, and indirectly it was £1.665bn via Network Rail’s tier-one suppliers. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Leading Yorkshire based interiors business marks anniversary of MBO with a hugely successful year

Leading Yorkshire based interiors business marks anniversary of MBO with a hugely successful year

Just over 12 months after the senior team at specialist commercial interior design business, Ben Johnson, completed a management buyout, the company has gone from strength to strength, expanding into new sectors, as well as opening a new London office. In December 2022, Emma Dodsley, Lee Fleming and Matthew Day led the buyout of Ben Johnson following the retirement of managing director, Adrian Rumble. They were advised on the deal by Susan Clark, partner in LCF Law’s corporate team. Following the MBO, Ben Johnson, which is headquartered in York with another office in Newcastle, has won a string of prestigious contracts both locally and nationally. This has resulted in the company opening a third office in Fitzrovia, close to both Regent’s Park and the landmark BT Tower. Over the past 12 months, Ben Johnson has also diversified the sectors it works in, with major contract wins seeing the company completing fit outs spanning more than 40,000 sq ft on behalf of financial and professional services clients, as well as a further 40,000 sq ft for gaming and technology businesses. The company has also completed projects for engineering businesses, mixed use schemes and fit outs in medical and laboratory environments that cover approximately 30,000 sq ft in each sector. Another high-profile recently completed project includes a 25,000 sq ft fit out of office and laboratory space within London’s iconic Battersea Power Station development. Finance director, Lee Fleming, who has worked at Ben Johnson since 2005, explained: “The MBO followed two years of careful succession planning with Adrian’s support to ensure everyone had clearly defined roles and that each stage of the process was prepared. It’s paid dividends and although businesses often lose people during takeovers, we haven’t lost a single employee from our team, which is ultimately the most important part of our business. “Crucially, Susan also played a vital role in simplifying the whole takeover process and explaining onerous points in plain English, as well as working with us to plan dates and get the details right, to ensure everything ran smoothly. “Strengthening our presence on both the M1 and A1 corridors, spanning the north of south of England, by opening a London office, also stands us in good stead as we grow our national footprint.” Director Emma Dodsley, who oversees sales and marketing, added: “I joined Ben Johnson 13 years ago with the promise of being part of a future MBO team. Since we took over it’s been a privilege to build on what Adrian had created. “Office transformations will always be a big part of our work and especially now with businesses recognising that modern offices must provide a sense of community and not just desks, in order to encourage employees to enjoy being back in the office. As a result, we’ve completed projects for the likes of Reward Finance and Equifax during 2023. “Essentially though, we had ambitions to expand into more sectors, which has been a key focus over the past 12 months. We’re now working with manufacturers that aspire to offer first-class staff breakout areas to aid recruitment and gaming companies that want a genuine wow factor as soon as you walk into their premises, as well as several private hospitals and clinics where patients want to feel indulged. We’re now looking forward to building on this throughout 2024.” LCF Law’s Susan Clark said: “The success of Ben Johnson’s MBO is down to very careful succession planning, and the importance of this can never be underestimated. Adrian had a carefully prepared exit strategy which he implemented over a long period of time and selected and appointed the right people to lead the MBO. “He also recognised the strengths in Emma, Lee and Matthew and mentored them to ensure it would be a smooth transaction and that they would all thrive in their roles. To see the business going from strength to strength and carving out a national reputation is testament to this and it’s exciting to see how Ben Johnson continues to develop over the coming years.” Building, Design & Construction Magazine | The Choice of Industry Professionals

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AI-powered tool to simplify navigating electromechanical repair and maintenance standards

AI-powered tool to simplify navigating electromechanical repair and maintenance standards

The Association of Electrical and Mechanical Trades (AEMT) is working with the British Standards Institute (BSI) and UKRI’s Driving the Electric Revolution Challenge, delivered by Innovate UK, to develop an AI-powered tool to help electromechanical repair specialists ensure they repair hazardous area motors to the correct standard. The tool, which is being developed with some funding and support from Innovate UK, will enable engineers repairing rotating electrical equipment to clarify technical requirements through an easy-to-operate chatbot-style interface. Within the BS EN and IEC 60079 series of standards, various technical standards govern, among other things, the repair, overhaul, reclamation, installation, maintenance, and inspection, plus the design, testing and marking of equipment designed for use in explosive atmospheres. Navigating and interpreting this complex range of standards can be time-consuming and open to error. In addition, these standards are reviewed and updated periodically; however, it can be a challenge to ensure the right standard is used in conjunction with the age of the equipment being repaired. The tool under development by the AEMT and BSI aims to vastly simplify interpreting and complying with these complex standards while reducing the potential for error. Users of the system will be able to ask questions about the repair they are working on and be provided with the technical guidance and information required to ensure compliance and safety. The chat-based interface draws on large language model technology, which allows for further detail or clarification where needed. This is particularly valuable in interpreting a range of cross-referenced documents, where identifying the pertinent parts of various standards is not straightforward. By understanding the year in which the type of hazardous area equipment was certified, which can be established from the first two digits of the certificate number, the chatbot will be able to establish which version of the relevant standard applies. For example, in the 2000 version of the Ex d standard BS EN 50018, the dimensions relating to flame paths differ from those in the 2004 version, IEC 60079-1. However, where IEC 60079-19, which covers the repair, overhaul, and reclamation of equipment designed for use in explosive atmospheres, is concerned, the chatbot will only give information from the latest version. This is because repair procedures improve over the different versions released. For example, a go-no-go test, which helps to check for damaged threads, was introduced in the latest edition, 2019, but this is not referenced in the 2015 version of the same standard. The tool will initially cover ten versions of four different BS EN Hazardous Area standards and is due to be tested by AEMT members and rolled-out from quarter 2, 2024. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Plans announced for Leeds ageing leisure centre site

Plans announced for Leeds ageing leisure centre site

Leeds City Council has submitted plans to transform an ageing leisure centre site into a state-of-the-art and wellbeing hub. The council has had long-standing ambitions for Fearnville Leisure Centre in Gipton to be replaced with a facility that is fit for the 21st century. This could soon become a reality, with good progress being made towards identifying funding for a scheme that would deliver a significant boost to communities facing sizeable social and economic challenges. The council’s plans would see a new wellbeing centre being built on part of the King George V Playing Fields, a 28-acre green space that is home to the current Fearnville facility. Indoor amenities would include a large main swimming pool, learner pool, sports hall, fitness studios, spin room and a 120-station gym as well as a community café and adventure play area. Major improvements would also be made to Fearnville’s outdoor offer, with an all-weather pitch, tennis courts, skatepark and play zone among the proposed features. Tree-planting and soft landscaping would increase the site’s biodiversity, with insects, birds and other wildlife giving people fresh opportunities to get in touch with nature. The new-look centre would encourage more take-up of physical activity among residents in Gipton & Harehills and Killingbeck & Seacroft – densely-populated wards which suffer from low life expectancy and high obesity rates – as well as benefiting wider east Leeds. Local demand for sports and leisure facilities is set to grow in the coming years, with thousands of new homes planned through the East Leeds Extension and related development sites. Fearnville also offers essential learn-to-swim provision for more than 30 primary schools – part of the largest programme of its kind in the city. If plans are approved, it is hoped that work could get under way in the middle of 2024. The existing centre would remain open while the new facility takes shape on a part of the site that at present is occupied by a disused artificial football pitch. Then, once construction is complete, the current building – which dates back to the 1980s – would be demolished. The bulk of the funding for the scheme is proposed to be sourced from a mix of external grant support, the council’s capital programme and developer contributions. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Unite Students starts work on £185M property in London

Unite Students starts work on £185M property in London

Unite Students has started building work on its new £185 million property in Stratford, London. Hawthorne House is being built in Farthingale Walk, Stratford, and is replacing former office block Jubilee House, which has now been demolished. It will open in time for the 2026/27 academic year. The 36-storey property includes a 65,000 sq ft sixth-form academy, the London Academy of Excellence, over eight floors, which will be in place for an initial 35-year term. Unite Students is using a ‘fabric first’ approach, which means the design of the building optimises the materials being used in its construction to give better energy efficiency, such as maximising air tightness and solar gain. The development’s embodied carbon saving is 9,770 tCO2e (tonnes of carbon dioxide equivalent) over 60 years, which exceeds the Royal Institute of British Architects (RIBA) 2030 Climate Challenge baseline. These are voluntary performance targets for operational energy use, water use and embodied carbon. London, which is home to over 300,000 students, hosts three of the world’s top 25 universities. Unite Students is the capital’s largest student accommodation operator and is committed to adding more beds. Unite Students acquired the Farthingale Walk site earlier this year for £73million. RG Group has been awarded the build contract. Tom Brewerton, Group Development Director at Unite Students, said: “Unite Students is leading the purpose-built student accommodation sector in London and Hawthorne House will be a unique offering in the capital. Our rental offer remains very competitive when compared to alternative forms of student accommodation and we are confident our fixed-price, all-inclusive rent provides real value-for-money for our customers. “Hawthorne House will offer high quality bedrooms, social and study areas, and will be home to a sixth form academy. It shows Unite Students’ commitment to deliver high quality student accommodation using sustainable methods. We look forward to furthering our relationship with both University of the Arts London and the London Academy of Excellence.” Building, Design & Construction Magazine | The Choice of Industry Professionals

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Propertymark response to statistic finding a 273% jump in sellers coming to the market on Boxing Day

Propertymark response to statistic finding a 273% jump in sellers coming to the market on Boxing Day

In response to the Rightmove statistic finding a 273% jump in sellers coming to the market on Boxing Day, Nathan Emerson CEO Propertymark comments: “Positivity is clearly resonating on the property market even though Christmas is normally a quiet period for the property sector. Rightly so, sellers are clearly not deterred by the latest inflation figures or interest rates as optimistic signs start to emerge and are demonstrating confidence in the market. This is the positive type of news that Propertymark hopes to see more of throughout 2024.”  Building, Design & Construction Magazine | The Choice of Industry Professionals

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Odyssey Developments Extends Multi-Purpose Space in Suburban London

Odyssey Developments Extends Multi-Purpose Space in Suburban London

A mixed-use development in Molesey, Surrey, has been rejuvenated by Odyssey Developments thanks to a seven-figure property development loan from Secure Trust Bank (STB) Real Estate Finance. The property, located within Greater London, is a commercial-residential hybrid with a florist on the ground floor and two, two-bedroom flats above. Molesey, situated on the south bank of the River Thames, is just minutes from Hampton Court Palace, and takes 35 minutes to reach central London via train. The second floor of the building was recently added using STB’s loan, alongside a further two detached houses built on the remainder of property’s land. The deal was agreed thanks to STB’s approachability and thorough understanding of the real estate market. Signed under an 18-month term, the loan itself is structured as one of STB’s popular residential property development loans, used to support with the heavy refurbishment of residential development sites. STB Relationship Director, Paul Scagliosi, orchestrated the deal with Odyssey Developments, with a LTGDV of 59% and a 74% LTC, taking just six weeks to complete. John O’Neil, Director at Odyssey Developments, said: “It’s important for us at Odyssey Developments to have a trusted financial institution that understands our needs and is able to turn around the necessary requirements and funding for a project in a speedy manner. Secure Trust Bank executed this superbly. “Our new build houses which were constructed through the less desirable autumn and winter months were fully completed and sold in 26 weeks with no delay or overrun. Much of this was only achievable due to our close working relationship with STB. “Our appreciation and gratitude go out to those personnel at STB who worked so closely with us on this very successful project. We look forward to working with STB again soon, on our next housing proposal.” Paul Scagliosi, Relationship Director at STB Real Estate Finance, said: “This development has been rewarding and very fun to work on. We have come away with a great working relationship, and four high-quality homes within touching distance of London. John and the team at Odyssey are brilliant to work with, exceptionally skilled at what they do and are all-round nice people. The tailored approach and process was smooth given its complexity, and I’m glad we were able to contribute to a great, practical development.” For more information about Secure Trust Bank Real Estate Finance, please visit https://www.securetrustbank.com/business-finance/real-estate-finance Building, Design & Construction Magazine | The Choice of Industry Professionals

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