Building costs will increase by a predicted 14% over the next five years to 2Q2030, while tender prices will rise by 15% over the same period, according to the latest construction forecast data from the Building Cost Information Service (BCIS). New work output is expected to grow by 18% between
Aviva Capital Partners and Moda Group have completed a landmark investment deal with NatWest, Homes England, and the West Midlands Combined Authority (WMCA) to unlock a 1,000-home rental community in Digbeth, Birmingham. The funding agreement for the £200m+ Stone Yard project in Digbeth showcases the strength of opportunity for regeneration
Facilities management specialist Bellrock has acquired Summers-Inman Construction and Property Consultants LLP, marking a strategic move to bolster its position within the UK’s property consultancy sector. The acquisition supports Bellrock’s ambition to become one of the UK’s top 15 building consultancy firms. Summers-Inman brings considerable expertise to the table, offering
The latest analysis by West One Loans, a leading provider of property finance and specialist mortgages, has revealed that the nation’s biggest housebuilders have been utilising their £200bn landbank to deliver more homes to market in the face of growing buyer demand spurred by improving market confidence and greater mortgage affordability.
Ranger Fire and Security has expanded its presence and services in Scotland with the acquisition of leading security specialists IRN Security – the latest business to join the rapidly growing Ranger Group. With over 14 years of experience serving businesses across and beyond the Highlands, IRN Security has built a
Praxis Group has made a significant move back into the retail sector with the acquisition of St Enoch Shopping Centre in Glasgow. The landmark 12-acre scheme, located at the junction of Buchanan Street and Argyle Street, spans more than 800,000 sq ft of retail and leisure space. Anchored by a
Aberdeen Investments, on behalf of the Standard Life Pooled Pension Property Fund, has acquired a major retail park in the West Midlands for £69.6 million. The latest addition to the fund’s portfolio is Sears Retail Park in Solihull, a 136,300 sq ft scheme anchored by high-profile tenants Next and Marks
Australian property giant Lendlease is on the brink of sealing a landmark joint venture with The Crown Estate to deliver six transformative UK developments, with an end value exceeding £20 billion. The proposed 50:50 partnership signals a bold new chapter in UK urban regeneration, with wide-ranging implications for housing, commercial
Hammerson is set to take full control of Brent Cross, one of Greater London’s most prominent shopping centres, as part of its ongoing strategy to strengthen its retail portfolio. The real estate investment trust has announced its intention to acquire the remaining 59% stake in the centre, currently held by
Supermarket Income REIT has launched a strategic joint venture with funds managed by Blue Owl Capital, a leading US asset manager with more than $250 billion (£188 billion) in assets under management. The partnership marks Blue Owl’s first major investment into the UK grocery real estate sector. The joint venture,
Building costs will increase by a predicted 14% over the next five years to 2Q2030, while tender prices will rise by 15% over the same period, according to the latest construction forecast data from the Building Cost Information Service (BCIS). New work output is expected to grow by 18% between 2025 and 2030. Dr David Crosthwaite, chief economist at BCIS, said: “At the mid-point of the year, the construction sector is still stagnating, with output growth subdued. Confidence continues to be weighed down by a combination of domestic uncertainty and wider global pressures. “That said, the 27% quarterly rise in new orders we saw in the first quarter, particularly in infrastructure and industrial sectors, offered a welcome indication that demand could be starting to recover. “How far that optimism carries through will depend heavily on the translation of the government’s Spending Review and 10-year strategies into actual activity. For all the announcements made by the government in the last few weeks, we still don’t have sight of the long-promised updated project pipeline. A greater degree of certainty around funding and delivery timelines remains key to lifting the sector out of its current malaise.” The BCIS All-in Tender Price Index, which measures the trend of contractors’ pricing levels in accepted tenders, i.e. the cost to client at commit to build, saw annual growth of 2.3% in 2Q2025, the same as was recorded in the first quarter of the year. On the input costs side, labour remains the main driver of project costs, with increases to employers’ National Insurance Contributions and the National Living Wage feeding into an expected 7.1% annual increase in the BCIS Labour Cost Index in 2Q2025. The index is forecast to increase overall by 16% through to 2Q2030. Dr Crosthwaite added: “The risks to this forecast remain on the upside, as skills shortages remain prevalent in the market and continue to impact projects. Similarly with our materials costs forecast, the expected uptick in market activity could put inflationary pressure on the cost of construction materials.” Materials cost inflation has been moderating since peaking in 2022 and annual growth in the BCIS Materials Cost Index was in negative territory from the third quarter of 2023 to the second quarter of 2024. BCIS expects the index to grow by 13% over the forecast period. Total new work output fell by 5.1% between 2023 and 2024 and BCIS is predicting subdued growth in new work output throughout 2025. ONS data showed a 0.9% increase in new work output in the first quarter of 2025 compared with 4Q2024, and a quarterly increase of 1.7%. The greatest annual increases in 1Q2025 were in public non-housing, which includes education, health and justice projects, and in private industrial. Dr Crosthwaite said: “We are expecting more robust output growth from next year and over the rest of the forecast period, much of which will be fuelled by a recovery in housing. Private funding for infrastructure projects will be crucial, especially with the state of public finances putting much public spending at risk.” For more information about BCIS, please visit www.bcis.co.uk. Building, Design & Construction Magazine | The Choice of Industry Professionals
Aviva Capital Partners and Moda Group have completed a landmark investment deal with NatWest, Homes England, and the West Midlands Combined Authority (WMCA) to unlock a 1,000-home rental community in Digbeth, Birmingham. The funding agreement for the £200m+ Stone Yard project in Digbeth showcases the strength of opportunity for regeneration through collaboration between the private and public sectors driving the delivery of high quality new homes. The funding package includes debt financing from NatWest and Homes England via the Home Building Fund. This will support the delivery of phase one of the build-to-rent (BTR) community, which will comprise 605 high-quality homes across four blocks. In addition the West Midlands Combined Authority has provided brownfield grant funding, enabling the project to increase its affordable housing provision to 20%, which will be offered at a Discounted Market Rent. This provision will be dispersed throughout the development, enabling community led regeneration whilst delivering the highest quality of place and accommodation. A future development phase will deliver a further three blocks, bringing the total number of homes at Stone Yard to 995. Last year, Homes England signed a Strategic Place Partnership (SPP) with the WMCA, setting out shared ambitions to advance locally-led housing growth and regeneration in key locations in the region, including the East Birmingham & North Solihull corridor which is anchored by Digbeth in the city centre. Homes England has supplied debt funding of around £40m to the Stone Yard financing package. The development will champion social and environmental sustainability, targeting top level certification from leading accreditors including Fitwel, Home Quality Mark and BREAAM. The new homes will be complemented by a range of amenity spaces for all residents, including co-working spaces, 24/7 gyms and studio spaces, lounges and private dining rooms. Alongside new homes, the scheme will include community-focused features such as commercial units, landscaped public areas, and links to local attractions will contribute to Digbeth’s emergence as a vibrant, inclusive neighbourhood. The buildings and new public realm will be operated by Moda with its signature focus on service, technology and health and wellbeing, ensuring the curation of a professionally managed, diverse community in the heart of Birmingham. Caddick Construction, Moda’s sister company, will build the neighbourhood and has commenced initial work on site. Completion of phase one is expected in 2028. Located on a prominent four-acre brownfield site, Stone Yard is in a highly accessible location on Deritend Road. The site sits at the heart of the city’s creative quarter, adjacent to the Custard Factory and directly opposite the new Eastside Metro extension and the forthcoming HS2 Curzon Street Station. Sophie White, Regeneration Sector Lead at Aviva Capital Partners, said: “We’re delighted to be working with Moda to provide high quality accommodation in Birmingham, helping to support the local economy and beyond. The partnership with NatWest, Homes England and WMCA has been critical in getting the scheme underway for this key brownfield site in Digbeth. Sustainability is at the heart of this development, with community and affordability critical elements helping to ensure it supports the local area to get ready for the future.” Tony Brooks, Executive Chairman of Moda Group, said: “This milestone is a powerful demonstration of what can be achieved when the public and private sectors work collaboratively to realise a shared, long-term vision for regeneration. “Aligned, we will be able to deliver much-needed new rental homes, at pace. With high quality new public realm completing the neighbourhood, Stone Yard will be a pivotal part of the wider regeneration of Digbeth, transforming a brownfield site into a thriving urban community.” Michael Goode, Director and BTR Lead, NatWest, said: “Stone Yard is an exciting project for Birmingham. The delivery of much needed new homes, with enviable sustainability credentials, is aligned to NatWest’s ambitions in BTR. “It was a pleasure working with Aviva Capital Partners and Moda, alongside our funding partners at Homes England and WMCA, in delivering an innovative financing solution.” Marcus Railing, Chief Investment Officer at Homes England, said: “As the government’s housing and regeneration agency, our aim is to support public and private sector partners to unlock strategic housing sites, and we are committed to supporting stakeholders of all sizes to achieve their ambitions. “Stone Yard is a prime example of how the Agency works collaboratively with both public and private partners to achieve our mission to build much needed new communities that people can be proud to call home. “This funding agreement also represents how Homes England works with Mayoral Strategic Authorities by aligning investment, unlocking opportunity and delivering at scale through Strategic Place Partnerships.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Facilities management specialist Bellrock has acquired Summers-Inman Construction and Property Consultants LLP, marking a strategic move to bolster its position within the UK’s property consultancy sector. The acquisition supports Bellrock’s ambition to become one of the UK’s top 15 building consultancy firms. Summers-Inman brings considerable expertise to the table, offering cost management, quantity surveying, project management, and building surveying services across both the public and private sectors. Notable clients include global brands such as Pepsi and McDonald’s. Summers-Inman employs 130 staff across eight regional offices, including Birmingham, Edinburgh, Leeds, Leicester, London, Manchester, Newcastle (head office), and Teesside. Commenting on the acquisition, Carlo Alloni, Chief Executive Officer of Bellrock, said:“Acquiring Summers-Inman marks a significant milestone in our journey to expand Bellrock’s capabilities and accelerate our growth. This acquisition reinforces our commitment to delivering exceptional service as we strive to be one of the leading property consulting businesses in the industry. I’m delighted to welcome the Summers-Inman team to Bellrock. Together, we will continue to drive success and create unique value for both our clients and teams.” David Cronje, Managing Director of Summers-Inman, added:“This acquisition represents a transformative step for Summers-Inman. By combining our expertise and resources with Bellrock, we are enhancing our capabilities and broadening our service offering nationwide. This partnership opens new avenues for growth, allowing us to better support our clients and strengthen our presence in the market. We are excited about the opportunities this collaboration brings and look forward to continued innovation and success.” Building, Design & Construction Magazine | The Choice of Industry Professionals
The latest analysis by West One Loans, a leading provider of property finance and specialist mortgages, has revealed that the nation’s biggest housebuilders have been utilising their £200bn landbank to deliver more homes to market in the face of growing buyer demand spurred by improving market confidence and greater mortgage affordability. West One Loans analysed the latest company reports for eight of the nation’s biggest housebuilders to see which currently boasts the strongest pipeline with respect to their individual landbanks and the value of these plots in the current market. The government has been vocal in its demands for the nation’s housebuilders to ‘roll up their sleeves’ in order to help achieve the ambitious target of 1.5m new homes by 2029. So much so, it recently announced tough new rules forcing them to commit to delivery time frames to get planning permission, with those caught slacking risking losing their land to local authorities. However, the latest analysis by West One Loans shows that the majority of the nation’s major housebuilders are already rising to the task, having reduced their landbank pipelines as a result of delivering more homes. The analysis shows that across eight of the nation’s biggest housebuilders, some 488,620 land bank plots were recorded within their 2024 reports. Based on the current average UK new-build house price of £406,390, this means that the total pipeline of these eight developers alone is worth an estimated £198.6bn. It’s Bellway that currently boasts the most robust pipeline, with 95,292 land bank plots reported in its 2024 figures, holding an estimated market value of £38.7bn. Persimmon ranks second, with 82,084 plots in its pipeline worth an estimated £33.4bn, whilst Taylor Wimpey sits third at £32bn in market value across 78,626 landbank plots. However, whilst these developers have maintained a robust pipeline of plots, further analysis by West One Loans shows that there has been an increase in activity with respect to developing their land banks, no doubt driven by improving market conditions and increasing buyer demand as a result of a stabilising mortgage market. Across all eight major housebuilders, total land bank volumes have fallen by 3.6% over the last year. In fact, all but one of the developers analysed by West One Loans has reduced the size of its land bank. Vestry Group has broken the most ground in this respect, with a -7.9% year on year reduction in land bank volumes. Berkeley Group has seen a -6.8% reduction, whilst Crest Nicholson has seen an annual drop of -6%. Just Miller Homes has seen an increase in this respect, although a marginal one, with its land bank volumes up by 0.1% on an annual basis. Co-Head of Short-Term Finance at West One Loans, Thomas Cantor, commented: “It’s clear that whilst many of the nation’s developers have been sure to maintain a robust pipeline of land bank plots, they have also been pushing forward and breaking ground in order to bring more homes to market to meet growing demand. This is despite the fact that the current landscape still presents a range of challenges but, as interest rates have stabilised, we’ve seen more housebuilders turn to the specialist finance sector to help them facilitate their ambitions This has largely taken the form of a greater reliance on bridging in order to help part fund their initial project, as well as utilising development finance in order to exit existing builds in order to push forward with the next. We’ve seen numerous examples over the last 12 months whereby developers have utilised us to help them in both instances and, finding a finance specialist that can do so will ensure a far smoother process throughout.” Data tables and sources View the full data tables and sources online here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Ranger Fire and Security has expanded its presence and services in Scotland with the acquisition of leading security specialists IRN Security – the latest business to join the rapidly growing Ranger Group. With over 14 years of experience serving businesses across and beyond the Highlands, IRN Security has built a strong reputation for delivering high-quality, technology-driven solutions across CCTV, fire alarms, access control, and intruder detection systems. The acquisition will further enhance Ranger’s footprint in Scotland, while providing IRN Security with access to the Group’s wider expertise, resources, and opportunities, including opening up new cross-selling prospects and cross-delivery across all Ranger companies. IRN Security will operate alongside Motherwell-based Secureshield – which was acquired by Ranger in November 2024. A specialist in fire, security and critical services, the geographical locations of both businesses will enable Ranger to provide a broader, more integrated set of fire and security (F&S) maintenance services across the whole of Scotland. Founded in 2011, IRN Security has a strong history of providing high quality security and fire services within both the private and public sectors. It boasts a wide range of high-profile clients including hospitals and educational facilities through a growing loyal team of full-time engineers. With a hugely loyal customer base, IRN Security has high levels of recurring revenue based on maintenance contracts that align closely with Ranger’s guardrails. As part of the acquisition, the founders of IRN Security will stay in their roles and become part of the senior management team at Ranger, driving long-term strategic initiatives for the Group in Scotland. All IRN Security employees will also stay in their current roles, with the opportunity for further growth. As part of this acquisition, and as with previous businesses that have joined the Ranger Group, IRN Security will continue to operate under its current name and will work closely alongside other Ranger businesses, in particular Secureshield, to further Ranger’s mission to deliver a one-stop shop for F&S needs in Scotland and beyond. Mark Bridges, CEO of Ranger Fire and Security, said: “The addition of IRN Security to the Ranger Group marks a significant step in the expansion of our services across Scotland. “With their strong regional presence, technical excellence, and a leadership team committed to delivering a first-rate customer experience, IRN Security is a natural fit for Ranger, complementing and improving the services offered by other Group businesses. “IRN Security’s joining the platform alongside our platform in Scotland, Secureshield, gives Ranger the unique ability to deliver high-quality, integrated fire and security solutions to customers across Scotland through our integrated cross-delivery of service model, enabling us to not only be more efficient, but to deliver an even better service for our customers.” John Hunter, Regional Chairman and Managing Director of Secureshield, said: “We are absolutely delighted to welcome IRN into the Ranger Group. The business and team are well known to me and have an excellent reputation. I see real benefit in IRN and Secureshield working closely together across Scotland to cross-deliver services and can’t wait to formally begin working with the team”. Kenny Smith, Director of IRN Security, said: “Becoming part of the Ranger Group is a fantastic opportunity for IRN Security that will benefit both our team and our customers. “We know John and Billy Hunter from Secureshield well and, knowing their characters and approach, that was a strong pull to join the Group too. Mark and the team have made such great progress that it was an easy decision to join and between IRN and Secureshield we now have the geographical footprint and resources to offer a true turnkey solution for Scotland”. Malcolm MacDonald, Director of IRN Security, said: “IRN has a bright future and with access to an extensive network of expertise and resources, we’re well-positioned to expand our service offering while continuing to operate with the same local knowledge, trusted relationships, and high standards that have helped make us such a success to date. We look forward to collaborating with Secureshield to ensure that we are providing our combined customer bases with an even more efficient service.” The acquisition announcement builds on Ranger Fire and Security’s previous purchases of eight leading F&S businesses throughout 2024 and 2025. Together, these acquisitions have helped Ranger to enhance its offering in all key areas of fire and security services, such as fire detection and alarms, extinguisher maintenance, passive fire and security services. Since launching in Q1 2024, with backing from the private investment firm Hyperion Equity Partners, Ranger has embarked on a mission to establish itself as the leading one-stop solution provider in the fire and safety sector, offering a comprehensive range of services through both regional and national operations, and providing a seamless customer experience. Building, Design & Construction Magazine | The Choice of Industry Professionals
Praxis Group has made a significant move back into the retail sector with the acquisition of St Enoch Shopping Centre in Glasgow. The landmark 12-acre scheme, located at the junction of Buchanan Street and Argyle Street, spans more than 800,000 sq ft of retail and leisure space. Anchored by a strong tenant line-up including Tesco, WHSmith, Next, JD Sports, HMV, Boots, and Superdry, the centre also benefits from 900 car parking spaces, making it one of the city’s key shopping destinations. This purchase marks Praxis Group’s first major direct investment into the retail market in eight years. The acquisition was made from a consortium of lenders including M&G and Morgan Stanley. James Hewitt, chief operating officer at Praxis, commented: “The purchase of the St Enoch Centre is our first significant balance sheet investment into the retail sector in eight years. We are acquiring the asset against a backdrop of an improving tenant mix, footfall growth and increasing average basket spend throughout the scheme. Praxis has waited patiently to re-enter a sector where we have a market leading track record and we are now seeking to invest at scale into a number of discrete opportunities.” Property consultancy GCW acted as adviser to Praxis Group on the acquisition. Building, Design & Construction Magazine | The Choice of Industry Professionals
Aberdeen Investments, on behalf of the Standard Life Pooled Pension Property Fund, has acquired a major retail park in the West Midlands for £69.6 million. The latest addition to the fund’s portfolio is Sears Retail Park in Solihull, a 136,300 sq ft scheme anchored by high-profile tenants Next and Marks & Spencer. The site also hosts well-known retailers including TkMaxx, Homesense, Boots, and Mountain Warehouse. This marks the fund’s second retail park acquisition in the past year, following its purchase of the Tandem Centre in Colliers Wood in 2024. David Stewart, fund manager at Aberdeen Investments, commented: “There remain some good opportunities in retail parks where occupational costs have been rebased. Retailer demand for key locations is robust and yields remain relatively attractive. “This asset has all these attributes and reflects our strategy of acquiring prime assets where we can add value through our proven asset management capabilities and strong retailer relationships. It is an excellent addition to the fund’s portfolio.” The acquisition reinforces Aberdeen’s ongoing confidence in the out-of-town retail sector, particularly in strategically located, well-let schemes with potential for future value enhancement. Building, Design & Construction Magazine | The Choice of Industry Professionals
Australian property giant Lendlease is on the brink of sealing a landmark joint venture with The Crown Estate to deliver six transformative UK developments, with an end value exceeding £20 billion. The proposed 50:50 partnership signals a bold new chapter in UK urban regeneration, with wide-ranging implications for housing, commercial real estate, and sustainable city planning. The collaboration will target major regeneration sites across London and Birmingham, including the £4.9 billion Silvertown Quays scheme in the Royal Docks, the extensive Thamesmead and High Road West housing projects, and the ambitious £5.5 billion over-station development at Euston. Also included are Stratford Cross at the Olympic Park and Birmingham’s 42-acre Smithfield Market site. Together, the developments promise to deliver over 25,000 homes and more than nine million square feet of commercial, life sciences, and office space. A strong focus on sustainability and future-ready infrastructure underpins the vision, aligning with both partners’ long-term strategic priorities. This potential deal comes as Lendlease shifts its global strategy, concentrating on capital recycling and scaling back its international exposure in favour of a renewed focus on its Australian operations. The UK partnership, however, represents a continued commitment to key global projects through capital-light models such as joint ventures, land sales, and development management agreements. Lendlease is expected to limit its future investment to around AU$125 million, primarily focused on early-stage site development and planning. The company will act as master developer, earning cost-plus and performance-based fees, with the right to invest in vertical build-outs if public approvals are secured. Development costs are anticipated to be largely offset through land sales within the portfolio, allowing projects to progress without additional capital strain. For The Crown Estate, the deal marks a significant expansion of its development activity. Known for its high-profile holdings on Regent Street and St James’s, the Estate is positioning itself as a central player in long-term, high-impact urban transformation. The move is also noteworthy given that its current CEO, Dan Labbad, previously led Lendlease’s European operations before joining The Crown Estate in 2019. As negotiations approach their final stages, this partnership stands to become a defining force in shaping the future of several of the UK’s most high-profile urban sites. If finalised, the agreement could serve as a model for how public and private sector collaboration can unlock long-term economic value while tackling housing shortages, supporting green growth, and reimagining the fabric of Britain’s cities. An official announcement is expected once a binding agreement is concluded. Building, Design & Construction Magazine | The Choice of Industry Professionals
Hammerson is set to take full control of Brent Cross, one of Greater London’s most prominent shopping centres, as part of its ongoing strategy to strengthen its retail portfolio. The real estate investment trust has announced its intention to acquire the remaining 59% stake in the centre, currently held by Abrdn’s UK Shopping Centre Trust (SCUT), in a deal valued at £200 million. Hammerson already holds a significant interest in Brent Cross and, including the SCUT units it has purchased or agreed to purchase, now controls more than 90% of the asset. The acquisition process is still underway, with Hammerson confirming that further updates will be provided in due course. Brent Cross boasts over 914,000 square feet of retail space across two floors, featuring more than 120 shops and 30 cafés and restaurants. Anchor tenants include M&S, Fenwick, and Zara, with a diverse line-up of brands such as Miele, Superdrug, Reserved, Phase Eight and Ray-Ban also present. This move follows Hammerson’s acquisition of the remaining 50% stake in Westquay, Southampton, last autumn, signalling a continued focus on consolidating ownership of key retail destinations within its portfolio. Building, Design & Construction Magazine | The Choice of Industry Professionals
Supermarket Income REIT has launched a strategic joint venture with funds managed by Blue Owl Capital, a leading US asset manager with more than $250 billion (£188 billion) in assets under management. The partnership marks Blue Owl’s first major investment into the UK grocery real estate sector. The joint venture, which aims to scale to £1 billion over time, begins with a seed portfolio of eight supermarket assets from Supermarket Income REIT’s existing holdings. These properties were transferred into the venture at a 3% premium to their December 2024 book value, representing a combined worth of £403 million. The portfolio delivers an average net initial yield of 6.6% and a weighted average unexpired lease term of 11 years. Supermarket Income REIT retains a 50% stake in the venture and has received approximately £200 million in cash from the asset sale. The company will continue to manage the assets, earning a management fee of 0.6% per annum on the gross asset value, along with a performance-based fee if financial targets are achieved. The REIT, which specialises in grocery-anchored property investment, views the partnership as a platform for future growth, offering access to third-party capital and building on its recent strategic progress. Robert Abraham, CEO of Supermarket Income REIT, commented: “The joint venture with Blue Owl’s managed funds brings a high-quality strategic partner that shares our belief in the strength and resilience of UK grocery assets. With ambitions to scale to £1 billion, this venture is a major endorsement of our expertise and track record in the sector.” He added that the move forms part of a broader strategy announced in late 2024, which includes renewing key leases, reducing operational costs through internalised management, and undertaking further capital recycling to enhance shareholder returns. Marc Zahr, co-president and global head of real assets at Blue Owl, said: “SUPR stands out as the UK’s leading investor in grocery real estate. We are pleased to partner with a company that brings deep knowledge and proven performance in this space. Our collaboration will allow us to tap into an attractive pipeline of assets in what we see as a resilient and growing sector.” Building, Design & Construction Magazine | The Choice of Industry Professionals
