Savills, on behalf of London Brewing Company, an independent pub and brewery business, has sold the free of tie interest in The Bull in Highgate, London to Gorgeous Pubs for an undisclosed sum. The Grade II listed, 5,000 sq ft (465 sq m) brewpub venue is set over two storeys
The group said it was on course to meet its target of “£200m cash in and £100m of cost out” through its Build to Last programme, implemented last year following years of profit warnings and under-performance. Underlying revenue declined by 2 per cent to £8.3bn, while its order book declined by
Demand for property in London’s most prestigious locations has fallen a few weeks after a new stamp duty charge of 3% was introduced on buy to let and second homes, new research shows. Property demand in the prime central London sector is at just 10% on average, having fallen 23%
A 23-storey block of flats for the private rented sector in Greenwich is to be built from modules made in a factory in Shropshire. Elements Europe, a modular construction specialist, has begun work in Telford on the 249 homes it is putting together for Essential Living’s Creekside Wharf scheme in
Energy suppliers need to “rethink” their business model to attract and satisfy the demands of millennials who are driving change in the industry. New research found that 81 per cent of millennials (aged 18-34) would be discouraged from signing up for additional products and services if their energy
Developer Urban&Civic has signed up Redrow to build out 200 plots under licence at Alconbury Weald in Cambridgeshire. Above: The Alconbury Weald site Redrow gets the third parcel of infrastructured land to be put out under licence, comprising 6.7 hectares. The first two parcels are being developed respectively by Hopkins
A raft of construction jobs in South Yorkshire looks set to be created after a ground-breaking £1 billion deal was struck with a Chinese building firm. Sheffield City Council has entered into a 60-year partnership with Sichuan Guodong Construction Group in the biggest deal of its kind outside London. The
Category: Construction Industry Today | Subscribe to Construction Industry Today Feed Published Wed, May 4th 2016 Invisible Connections will be exhibiting at PRECAST 2016 at the Leicester Tigers Stadium on the 12th of May 2016. Posted via Industry Today. Follow us on Twitter @IndustryToday Invisible Connections, leading manufacturer and
TMW announces cuts across BTL range The Mortgage Works has announced that from tomorrow (Friday 9th Sept) it will be reducing rates on 2 year, 3 year and 5 year fixed rate BTL products and will open up the range of options for landlords. All fixed rate mortgages up to
Contractor Heron Bros is holding a Meet the Buyer event in Glasgow next week to meet prospective suppliers and subcontractors for its two school building projects in the city. East Renfrewshire Council has appointed Heron Bros as the principal contractor for the £18m new Faith Schools’ Joint Campus and a
Savills, on behalf of London Brewing Company, an independent pub and brewery business, has sold the free of tie interest in The Bull in Highgate, London to Gorgeous Pubs for an undisclosed sum. The Grade II listed, 5,000 sq ft (465 sq m) brewpub venue is set over two storeys and benefits from two trading floors with customer seating for 140 and external terrace seating for 70. It also has a midnight licence for the sale of alcohol. Dating back to around 1730 as a public house, The Bull is an attractive building located on the edge of Highgate Village. London Brewing Company, which is headed by Dan Fox, acquired the venue in 2011 and carried out a substantial refurbishment. The business has an on-site microbrewery producing various cask ales for sale in The Bull and for distribution. London Brewing Company also operates the The Bohemia, an O’Neills pub, in Finchley. Gorgeous Pubs is led by former Geronino Inns employee Rob Laub and entered the London pub market in 2014 with the acquisition of The Prince Arthur in London Fields, Hackney. It also acquired The Shillibeers in Islington in late 2015, which was recently sold to West Berkshire Brewery. Chris Bickle, director of licensed leisure at Savills, comments: “London Brewing Company took The Bull as a closed venue and developed a highly successful business over a short period of time. We are delighted to have secured an off market deal to Gorgeous Pubs. Quality assets such as this, which are free of tie, unaffected by MRO issues and with substantial unexpired lease terms, are highly desirable.” Rob Laub of Gorgeous Pubs adds: “We are delighted to have secured the acquisition of The Bull and look forward to continuing the development of the business and becoming the heart of the community.” Paul Tallentyre, executive director at Davis Coffer Lyons which acted for the purchaser, says: “Free of tie leases are increasing in value due to the uncertainty surrounding the leasehold market. The Bull is a great site with good potential to develop trade already established. Gorgeous Pubs is now looking to grow the group with further free of tie and freehold sites in London.” Dan Fox of London Brewing Company adds: “We are extremely proud of what the team has achieved at The Bull over the last five years, which would not have been possible without the support of our loyal customers. We wish Rob all the best with his new venture.” Source link
The group said it was on course to meet its target of “£200m cash in and £100m of cost out” through its Build to Last programme, implemented last year following years of profit warnings and under-performance. Underlying revenue declined by 2 per cent to £8.3bn, while its order book declined by 4 per cent in 2015 to £11bn, which Balfour said was the result of “improved controls and disciplines on bidding, together with the decision to withdraw from certain types of work in non-core areas”. Balfour Beatty had underlying losses in Construction Services of £229m (2014: £209m) which were largely caused, it said, by “historic issues in the UK, US and Middle East”, while the Far East performed in line with expectation. Underlying revenue in the UK fell by 14 per cent to £2bn, predominantly due to a decline in the regional construction business. The group’s total loss in the UK was £195m, an improvement on 2014’s loss of £317m. Balfour Beatty said that of 89 historic contracts identified as having a negative impact on profitability and cash, 60 per cent of these projects were at practical or financial completion by the end of 2015, with that number expected to reach 90 per cent by the end of 2016. The group hinted at further shake-up in the UK to come. “The UK Regional construction business is in the process of rationalising its management structure and offices,” it said. Balfour is also increasingly walking away from bids in the tender stage. “Today across the UK and US approximately 14 per cent of bids are known to be terminated before Gate 4 – the final stage before bid submission,” the group said. Despite the loss, chief executive Leo Quinn said Build to Last had made “significant progress in transforming Balfour Beatty”. Among the actions taken were the reduction of 846 indirect employees, as well as the standardisation of working practices to make £60m of annualised savings in the year, comprising £39m from centralising back office and support functions, £13m from IT and £8m from indirect procurement. Excluding the impact of Parsons Brinckerhoff, the group’s cash performance improved by £357m in 2015, compared with 2014. By the end of 2016, Balfour Beatty said it will have achieved its phase one targets, and over the following 24 months the group expects each of its businesses to reach “industry-standard” margins. Leo Quinn statement “We have upgraded the leadership team and set out a clear direction. We are implementing consistent processes to integrate our businesses into a group with greater transparency and control. “Our main markets are providing a positive backdrop, so that with stronger governance we can both win and deliver business on the right terms. Looking to the future, we are investing to maintain Balfour Beatty’s expertise and assets. “By the end of 2016 we will achieve our phase one targets: our costs are coming down, our cashflow has improved substantially and we expect to reinstate our dividend later this year. “Over the following 24 months, I am confident we can reach industry-standard margins. But above all, Build to Last is putting in place the foundations to build a Balfour Beatty with market-leading strengths and performance over the longer term.” In 2014 Balfour Beatty recorded a £59m loss, with a £317m loss in its UK business alone. The group’s losses would have been an eye-watering £293m had it not been for the sale of its US business Parsons Brinckerhoff. Balfour Beatty’s construction arm was hit particularly hard, with its 2014 losses totalling £391m – up from £103m in 2013. Following the 2014 results, Mr Quinn pledged to cut costs by £100m over two years. Source link
Demand for property in London’s most prestigious locations has fallen a few weeks after a new stamp duty charge of 3% was introduced on buy to let and second homes, new research shows. Property demand in the prime central London sector is at just 10% on average, having fallen 23% since the new surcharge was introduced, according to the PCL index from fixed fee estate agent eMoov. It is now at its lowest since the firm began recording its data over a year ago in the index which records the change in supply and demand for property above £1 million across London’s most prestigious areas, by monitoring the total number of properties sold in comparison to those on sale. On the run up to the stamp duty deadline eMoov found that the rush to complete had revived the capital’s top end market, with demand bucking the prime central London’s downward spiral and increasing for the first time since May last year. However, it seems that this resurrection was short lived as just one month since stamp duty deadline day, demand has plummeted to its lowest level on record. In fact, just one area across the prime central London market has maintained March’s upward trend of demand growth. Fitzrovia is the only locations where demand hasn’t dropped or remained static since March. Year on year the area is joined by Belsize Park, Maida Vale, Primrose Hill, Holland Park and Marylebone as the only other areas to have seen a positive movement in property demand since May last year. Where current demand levels are concerned, Islington is the most in demand area at present, with demand at 21% followed by Belsize Park at 19%, Chiswick at 18%, Maida Vale at 16% and Notting Hill at 12%. At the other end, at 4%, St Johns Wood and Mayfair are not only the coldest spots in prime central London but are suffering from some of the lowest demand levels recorded. ‘It’s now abundantly clear that the brief resurrection of London’s prime central London market witnessed in March, was an artificial skew as many scrambled to complete a sale before April’s stamp duty deadline,’ said eMoov chief executive officer Russell Quirk. ‘It seems the extra 3% levy has slowed London’s top end market and this will inevitably lead to further, sizable reductions in property values,’ he added, and pointed out that other potential threats include the UK voting to leave the European Union, economic slowing in countries like Russia and China and low oil prices. BOOKMARK THIS PAGE (What is this?) Source link
A 23-storey block of flats for the private rented sector in Greenwich is to be built from modules made in a factory in Shropshire. Elements Europe, a modular construction specialist, has begun work in Telford on the 249 homes it is putting together for Essential Living’s Creekside Wharf scheme in Greenwich. It is one the first build to rent schemes being built this way and will be one of the tallest modular buildings in the UK. From February 2017 Elements will send 632 modules to Creekside Wharf at a rate of 20 a week. At its 200,000 sq ft Telford-based factory, Elements can complete each module within seven days. The steel-framed modules will fit around the scheme’s concrete core. This gives the project lateral stability while the stacked modules carry its weight back to the ground – exactly the same as a conventional office block, the developer says. The factory approach will halve the time spent on site to 32 weeks. Enhanced energy efficiency and the ability to refurbish buildings more easily also make off-site construction attractive, said Essential Living. Ray Theakston, construction director at Essential Living, said: “We’re pleased to be able to appoint Elements, veterans of the modular world, on what promises to be an innovative scheme in Greenwich. Having the potential to collect rent six months earlier than a traditional build is appealing. This is achievable because you can commence work on the modules off site at the same time as constructing the traditional concrete core on site – which the steel-framed modules then plug into. “We’re creating a portfolio of 5,000 rental homes across London and the southeast. Modular may well play a role in some of our future schemes, but it’s important to stress that we remain committed to working with traditional contractors who will continue to play a key role in delivering our projects.” Elements Europe managing director Simon Underwood said: “Modular solutions have been used for many years throughout the hotel and student accommodation sectors and our entry into the build-to-rent market is just a natural progression, bringing homes forward sooner, reducing capital construction costs, and improving the quality and safety of delivery.” Russell Pedley, director of project designer Assael Architecture, said: “It’s great to see Essential Living push forward with modular construction for what promises to be a forward-thinking project in Greenwich. Offsite methods are ideally suited to build to rent, offering faster delivery, higher energy efficiency and complementing a longer term outlook not constrained by the absorption rates of build for sale.” This article was published on 25 Aug 2016 (last updated on 25 Aug 2016). Source link
Energy suppliers need to “rethink” their business model to attract and satisfy the demands of millennials who are driving change in the industry. New research found that 81 per cent of millennials (aged 18-34) would be discouraged from signing up for additional products and services if their energy provider could not provide a seamless experience. Additionally, 22 per cent of global respondents said they wanted to experiment with new technologies, compared to 15 per cent for 35-54 year-olds and six per cent for those aged 55 years or over. The data has sparked calls from the report author, Accenture, for suppliers to change their business models to accommodate more demanding customers. Accenture utility customer services UK and Ireland managing director Toby Siddall said: “Our energy companies, whether large or small need to rethink their operating model for the future – really over the next five years they’ve got to understand and offer new propositions.” The report also found that millennials in the UK are three times more likely (46 per cent) than those aged over 55 to sign up for solar panels in the next five years. Globally, 87 per cent would consider distributed energy resources products. Siddall added: “It is an exciting time for organisations and customers to change the service and propositions that come out of the energy sector. “The millennials are more engaged in their energy supply and services. They provide more opportunity to grow through value added propositions. The real challenge is that the energy providers and suppliers really have to make sure that they are responding to them and improving both the effortless and seamless service that they provide and also the propositions and the creativity they are offering.” The report, which considered the views of 10,000 respondents across 17 countries showed that 70 per cent of UK millennials would be interested in an online personalized marketplace to buy energy-related products and services, and 24 per cent of the demographic in the 17 countries surveyed are classified as early adopters for new technology and energy products. Siddall said that energy companies now must utilise the new information available for individual customers and focus on value added services rather than the commodity price per unit. “That takes real design thinking from the energy companies and a real sophistication around customer and operations analytics, and a willingness to leverage and collaborate to scale up with new technologies that are out there. But the exciting thing is, we can do that,” he added. Source link
Developer Urban&Civic has signed up Redrow to build out 200 plots under licence at Alconbury Weald in Cambridgeshire. Above: The Alconbury Weald site Redrow gets the third parcel of infrastructured land to be put out under licence, comprising 6.7 hectares. The first two parcels are being developed respectively by Hopkins Homes (on site now) and Morris Homes (scheduled to start building in September 2016). Redrow is also expected to start construction in early autumn. In total, Urban&Civic has so far contracted on almost 500 plots across 41 developable acres at Alconbury Weald, with full infrastructure all the way down to tree planting. Buyers area also emerging, the developer said, and 29 private housing reservations have been taken by Hopkins since coming on site in mid-April, all of which appear to be owner occupiers. The first primary school, designed by architect Allford Hall Monaghan Morris and built by Morgan Sindall, opens in September 2016. Urban&Civic CEO Nigel Hugill said: “Redrow are reputed for the quality of their housing offer. The fact that they are prepared to complete arrangements at the current time is both a reflection of our shared aspirations for Alconbury and the strength of the Urban&Civic licence model. We have established a reputation for providing housebuilders with exactly what suits them at the moment; the ability to recycle capital rapidly in a carefully crafted sales environment.” John Mann, managing director of Redrow Homes (South Midlands), said: “Alconbury Weald is a great location for us, given our existing developments in St Neots and Hauxton, near Cambridge. We plan to build a mix of three, four and five-bedroom homes inspired by our Heritage Collection, which will complement and enhance the existing offering.” This article was published on 4 Jul 2016 (last updated on 4 Jul 2016). Source link
A raft of construction jobs in South Yorkshire looks set to be created after a ground-breaking £1 billion deal was struck with a Chinese building firm. Sheffield City Council has entered into a 60-year partnership with Sichuan Guodong Construction Group in the biggest deal of its kind outside London. The first lot of funding was said to be worth around £220 million and will finance four or five projects in the city centre over the next three years. However, it has not yet been confirmed exactly what the nature of the developments will be. Despite this, Sheffield Council Deputy Leader Leigh Bramall said that the projects would be built by British workers. “We are clear that this will create hundreds, if not thousands, of additional jobs for the people of Sheffield. The investment comes from China, but the workforce on these projects will be British,” Mr Bramall said. “This agreement is ground-breaking. It will see the resources made available to deliver the vibrant, growing city centre our city needs. This will make Sheffield even more attractive to inward investment, create jobs and enable us to compete with other big cities. Mr Bramall added that the agreement demonstrated the council’s ambition for the city. The deal between Sheffield City Council and Sichuan Guodong Construction Group has been negotiated over 18 months. It was announced after council leaders returned from Chengdu, which is Sheffield’s sister city and is the fifth largest in China. Council leader Julie Dore said: “This is the biggest Chinese investment deal to be made by a UK city outside of London. And perhaps more importantly it is first deal of its kind to be made by a UK city. This is a real partnership. “The projects funded by this investment will be determined by Sheffield City Council, and the 60-year commitment secures a stream of investment into our city for the next generation, and means a whole range of projects become viable because of the long-term nature of the relationship. “At a time of unprecedented uncertainty and turmoil on the national political scene, we have taken the bull by the horns and led by example here in Sheffield.” To find out more information about all the opportunities on offer in the construction sector, visit Go Construct. Source link
Category: Construction Industry Today | Subscribe to Construction Industry Today Feed Published Wed, May 4th 2016 Invisible Connections will be exhibiting at PRECAST 2016 at the Leicester Tigers Stadium on the 12th of May 2016. Posted via Industry Today. Follow us on Twitter @IndustryToday Invisible Connections, leading manufacturer and supplier of Telescopic Stair and Beam Connectors, is pleased to announce they will be exhibiting at PRECAST 2016 at the Leicester Tigers Stadium on the 12th of May 2016. www.invisibleconnections.co.uk Following last year’s success, Invisible Connections will be exhibiting at the biggest precast concrete show of the year for a second time. The show takes place at the Leicester Tigers Stadium, Aylestone Road, Leicester, and is open for one day only, the 12th of May from 08:30 – 16:00.PRECAST 2016 is hosted by British Precast, the trade association of precast concrete manufacturers. It welcomes over 60 exhibitors showcasing their products and services as well as a range of seminars on key industry topics.Seminar topics include: The show will also host a speed networking session for those who wish to make appointments with manufacturers and lunch is included with your registration. If you would like to register, click here. Invisible Connections is the registered trademark of SB Produksjon AS, Norwegian developer and manufacturer of the telescopic connectors range for nearly 30 years. In this time, hundreds of thousands of connectors have been used in construction projects around the world. The ETA-approved telescopic connectors solve two key construction applications; ‘invisible’ connections for precast staircase construction and ‘invisible’ connections for precast beam construction. If you would like to set up a meeting with the Invisible Connections team on their stand, click here. Or simply come and visit Invisible Connections on stand number 15. ENDS.About Invisible Connections™ Invisible Connections is the registered trademark of SB Produksjon AS, Norwegian developer and manufacturer of the telescopic connectors range for nearly 30 years. In this time, hundreds of thousands of connectors have been used in construction projects around the world. The ETA-approved telescopic connectors solve two key construction applications; ‘invisible’ connections for precast staircase construction and ‘invisible’ connections for precast beam construction. Products RVK TSS Support Inserts http://www.invisibleconnections.co.uk/product/rvk-tss-support-inserts/BSF Support Inserts http://www.invisibleconnections.co.uk/product/bsf-support-inserts/FERBOX http://www.invisibleconnections.co.uk/product/ferbox/ Invisible Connections Ltd Unit 6, Thame Forty Jane Morbey Road Thame Oxfordshire, OX9 3RR +44 (0)1844 266000 sales@invisibleconnections.co.uk www.invisibleconnections.co.uk Contact information Invisible Connections is the registered trademark of SB Produksjon AS, Norwegian developer and manufacturer of the telescopic connectors range for nearly 30 years. In this time, hundreds of thousands of connectors have been used in construction projects around the world. The ETA-approved telescopic connectors solve two key construction applications; ‘invisible’ connections for precast staircase construction and ‘invisible’ connections for precast beam construction. Source link
TMW announces cuts across BTL range The Mortgage Works has announced that from tomorrow (Friday 9th Sept) it will be reducing rates on 2 year, 3 year and 5 year fixed rate BTL products and will open up the range of options for landlords. All fixed rate mortgages up to 5 years across all loan to value (LTV) tiers are being reduced, offering customers the lowest ever fixed rates in the 2 year and 5 year tiers. In addition, TMW is also widening product choice. The range of mortgages is being increased, with expanded choices on 2 and 5 year deals with a 2.00% fee, down from the previous 2.5%, as well as £0 options that are often preferred by customers with smaller loans. This is in addition to the existing £1995 and £995 flat fee options. New mortgage products will be introduced, including a 2 year fixed rate mortgage with a 2% fee at both 65 per cent loan to value (LTV) and 75 per cent LTV. The 2 year 65 per cent fixed rate deal now starts at 1.79%, making it the lowest headline rate that TMW has ever offered. In addition, while the existing 5 year fixed rates with a £1995 and £995 fees will be reduced by up to 0.10%, new 5 year fixed rate products with a 2% fee and £0 will be introduced, with rates starting at 2.79% – again, TMW’s lowest ever rate in this tier. Paul Wootton, Managing Director of TMW, said: “TMW is looking to increase the competitiveness of its fixed rate mortgages for 2 year, 3 year and 5 year terms, helping to support landlords maintain a positive cash flow and help manage their costs. We are also expanding the options for landlords with a variety of new products and varying fees, minimising upfront costs where needed with zero fee options and free valuations and legals, while offering increased payment security.” At 75 per cent LTV fixed rates are reduced by up to 0.20%, starting at 2.14%. There are also new remortgage products, with rates for the 2 year fixed rate mortgage now starting at 1.99% with free standard valuation and free legals. New 65 per cent and 75 per cent 2 year tracker products with a range of fees are also being introduced, with tracker rates starting at 1.74%. Selected tracker rates will increase by up to 0.15%. Source link
Contractor Heron Bros is holding a Meet the Buyer event in Glasgow next week to meet prospective suppliers and subcontractors for its two school building projects in the city. East Renfrewshire Council has appointed Heron Bros as the principal contractor for the £18m new Faith Schools’ Joint Campus and a £7m extension and refurbishment works at Crookfur Primary School. Next week’s meeting, hosted by Constructionline at Fairweather Hall, Glasgow on the 14th June 2016, will provide attendees with the information needed to bid for work on the schemes. Each project will require extensive indoor and outdoor work, and Heron Bros is keen to meet SMEs specialising in various trades at the event, including painting, bricklaying, cladding, plastering, joinery, metalwork, partitions, and external windows and doors. (Click here for the full list.) Heron Bros commercial manager Cathal Heron said: “We’re eager to build a network of contacts in the area so that we can make our local supply chain as robust as possible. Our procurement staff will be on hand to discuss these projects in further detail and give advice on how our bidding process works. The free event will run from 8am until 10:30am. Suppliers do not have to be a Constructionline member to attend. To register or get further details, see www.constructionline.co.uk This article was published on 9 Jun 2016 (last updated on 9 Jun 2016). Source link