Business : Finance & Investment News
VAT Rebate in UK's Heritage Sector Could Unlock £7M Benefit

VAT Rebate in UK’s Heritage Sector Could Unlock £7M Benefit

New findings show changes to the VAT rebate scheme for the heritage sector would better safeguard the country’s fragile historic attractions, widen public access, and provide an economic boost. Historic Houses, the association that represents Britain’s independently owned historic houses, castles, and gardens, urges government to make simple changes to

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Government, UK plc and Britain’s top universities commit to doubling Oxford-Cambridge economy in boost to Chancellor’s growth mission

Government, UK plc and Britain’s top universities commit to doubling Oxford-Cambridge economy in boost to Chancellor’s growth mission

Marking a significant step in the government’s growth mission, the Department for Science, Innovation and Technology, together with some of the sector’s leading FTSE 100 and privately owned companies including AstraZeneca, GSK, Airbus and AVEVA, investors, and Britain’s top universities, have welcomed a plan to double the economy of the

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BCIS reports tender prices up for civil engineering

BCIS reports tender prices up for civil engineering

Civil engineering tender prices increased by an average of 1% in the final quarter of 2024, according to a panel newly established by the Building Cost Information Service (BCIS). The BCIS Civil Engineering TPI panel has been formed to advise on the latest movement in tender prices, i.e. prices agreed

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Johnson Controls Announces Strategic Acquisition of Webeasy, Expanding Smart Building Capabilities in the Netherlands

Johnson Controls Announces Strategic Acquisition of Webeasy, Expanding Smart Building Capabilities in the Netherlands

Johnson Controls, the global leader for smart, healthy and sustainable buildings, today announced the acquisition of Webeasy, a prominent Dutch provider of building automation and control systems. This strategic acquisition reinforces Johnson Controls’ commitment to driving innovation, sustainability, and energy efficiency, while expanding its capabilities in the growing market for

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LondonMetric Seals £124m in Strategic Property Transactions

LondonMetric Seals £124m in Strategic Property Transactions

LondonMetric Property Plc has announced a series of acquisitions and disposals totalling £124 million, marking a significant reshaping of its portfolio. The company has divested ten non-core properties for £74.2 million (LondonMetric share: £69.4 million) at a net initial yield (NIY) of 6.9% and acquired seven properties for £50.1 million,

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£1.2bn redevelopment of 75 London Wall breaks ground

£1.2bn redevelopment of 75 London Wall breaks ground

Today, Malaysian engineering, property and infrastructure group Gamuda Berhad and London-based real estate investor Castleforge marked the next stage in their £1.2bn redevelopment of 75 London Wall in the City of London, with a groundbreaking ceremony and the signing of one of London’s largest property development loans in recent years,

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Council seeking additional funding for Fletton Quays bridge

Council seeking additional funding for Fletton Quays bridge

The Cambridgeshire and Peterborough Combined Authority (CPCA) is set to consider and approve additional funding of £2 million so that construction of a new bridge at Fletton Quays can start this year. The request for funding will first be heard at the meeting of CPCA’s Investment Committee on Monday 13

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Latest Issue
Issue 326 : Mar 2025

Business : Finance & Investment News

VAT Rebate in UK's Heritage Sector Could Unlock £7M Benefit

VAT Rebate in UK’s Heritage Sector Could Unlock £7M Benefit

New findings show changes to the VAT rebate scheme for the heritage sector would better safeguard the country’s fragile historic attractions, widen public access, and provide an economic boost. Historic Houses, the association that represents Britain’s independently owned historic houses, castles, and gardens, urges government to make simple changes to the existing VAT rebate scheme following new research. The research, carried out by Harlow Consulting, found that government is unnecessarily exacerbating an already daunting backlog of urgently needed repairs currently costed at an estimate of £2bn (as reported by Historic Houses members)– threatening the fabric of some of the UK’s best-loved buildings. Ben Cowell, Director General of Historic Houses, said: “The average property surveyed spends around £160,000 on its repairs and maintenance each year, but the investment is diminished in value by around 18% as VAT eats into tight budgets. Given the scale of the preservation task they face, it’s not surprising that owners report that almost all money recouped from the tax (90%) would be ploughed into further much-needed work.” About 80% of Historic Houses properties open to the public are VAT-registered, meaning they can reclaim VAT-able expenditure on buildings that form part of their business operations. This can reduce net VAT payments to somewhere between 2% and 5% for those attractions. However, not all buildings qualify for VAT reclamation, including those that provide free public access, which disqualifies them from the role of ‘business operations’ that the VAT reclaim system is designed for. These sites include not just independent places represented by Historic Houses, but free attractions in the care of charities like the National Trust, such as Castlefield Viaduct in Manchester, and English Heritage, which includes Ironbridge in Shropshire, and Kenwood House in London. The Department for Culture, Media and Sport (DCMS) already recognises that VAT can create disincentives for the maintenance of invaluable heritage, which is why it created a multi-million-pound pot for VAT rebate grants to churches under the Listed Places of Worship Scheme (LPOW).  The LPOW scheme was recently confirmed for 2025/26, to support the restoration of thousands of listed places of worship. Historic Houses estimates that extending eligibility for the existing rebate scheme to listed buildings that open to the public for at least 28 days a year would cost not much more than £6m, and yield as much as £5.5m in additional vital repairs and maintenance. On top of that, additional public access incentivised by this scheme would help direct millions of pounds worth of new economic activity to rural areas, and boost other taxable business activity, potentially netting the Treasury an overall fiscal gain. Ben said: “This targeted support would allow owners to choose the best contractors for the job, increasing the demand for specialist heritage skills, and it would encourage almost certainly encourage beneficial reinvestment of recovered VAT expenditures into additional repair and maintenance works.” James Legard, Associate Director at Harlow Consulting, said: “This report provides new insight into the impact of VAT on repair works for historic buildings. Research of this kind can help inform policies that better support the conservation of the UK’s cultural and historical assets.” Building, Design & Construction Magazine | The Choice of Industry Professionals

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Greystar Strengthens UK Student Housing Portfolio with £60 Million Acquisition

Greystar Strengthens UK Student Housing Portfolio with £60 Million Acquisition

Greystar, a global leader in real estate investment and management, has acquired two high-quality purpose-built student accommodation (PBSA) properties in Cardiff and Exeter for £60 million. The purchase adds 400 premium student beds to Greystar’s UK portfolio, with 240 beds in Cardiff and 160 in Exeter. This move brings the company’s UK PBSA portfolio to over 35,000 beds, solidifying its status as a major provider of student housing. The newly acquired properties, previously developed by Ethos Property, will now operate under Greystar’s Canvas brand. Canvas is known for creating vibrant student communities with exceptional amenities such as gyms, cinema rooms, karaoke spaces, and curated events designed to enhance the student living experience. This acquisition aligns with Greystar’s strategy to expand in key student markets across the UK, driven by increasing demand for professionally managed, high-quality accommodation. With their strong academic institutions and growing student populations, Cardiff and Exeter represent ideal locations for this latest investment. By focusing on delivering well-designed spaces and enriching community experiences, Greystar continues to cater to the evolving needs of the UK’s student housing sector. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Government, UK plc and Britain’s top universities commit to doubling Oxford-Cambridge economy in boost to Chancellor’s growth mission

Government, UK plc and Britain’s top universities commit to doubling Oxford-Cambridge economy in boost to Chancellor’s growth mission

Marking a significant step in the government’s growth mission, the Department for Science, Innovation and Technology, together with some of the sector’s leading FTSE 100 and privately owned companies including AstraZeneca, GSK, Airbus and AVEVA, investors, and Britain’s top universities, have welcomed a plan to double the economy of the Oxford-Milton Keynes-Cambridge region by 2035. In a meeting with industry chiefs today, Secretary of State for Science and Innovation Rt Hon Peter Kyle and Minister of State for Science, Research and Innovation Lord Vallance confirmed their steadfast commitment to growth in the UK’s most strategically important region for science and technology, working with the Oxford-Cambridge Supercluster Board to explore their plans. Projections from the Oxford-Cambridge Supercluster Board, which represents many of the largest investors in UK science and technology, and research consultancy Public First estimate that fast-tracking the region’s growth through policy interventions like reforming the planning system would add an estimated £78 billion cumulative GDP to the UK economy by 2035. This is equivalent to funding the national New Hospital Programme, the country’s biggest hospital building programme in a generation, more than three times over. Powered by private capital and infrastructure investment including the delivery of East West Rail and an expanding Luton Airport, the commitment – which follows the Government’s recently announced AI Opportunities Action Plan – puts the UK’s ambition to become a global scientific superpower firmly back on the table, including through the creation of 100,000 high-skilled jobs. It comes as the region’s universities join the call to reverse a so-called “brain drain” away from Britain by nurturing homegrown talent and attracting the best and brightest from across the globe. Also supporting the pledge were some of the 45 members of industry body the Oxford-Cambridge Supercluster Board, which counts among its ranks leading industry players including AstraZeneca, Airbus, AVEVA, Oxa, an international developer of autonomous vehicle software, and Cambridge-headquartered global leader in AI cybersecurity Darktrace, alongside the region’s globally renowned universities and international investors and advisors such as Prologis, ARC, Pioneer, Bidwells, British Land and Mission Street. The Oxford-Milton Keynes-Cambridge corridor represents one of the world’s most influential regions for science and technology, which already contributes over £40bn to the UK economy, with world-leading levels of patents and scientific publications per capita. Currently accounting for seven percent of total UK GDP, the region is responsible for some of the world’s most significant scientific breakthroughs including the structure of DNA, in-vitro fertilisation (IVF), the invention of penicillin and green hydrogen, as well as monoclonal antibodies and ultra-thin solar cells to generate renewable electricity over a wider surface area. Building, Design & Construction Magazine | The Choice of Industry Professionals

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BCIS reports tender prices up for civil engineering

BCIS reports tender prices up for civil engineering

Civil engineering tender prices increased by an average of 1% in the final quarter of 2024, according to a panel newly established by the Building Cost Information Service (BCIS). The BCIS Civil Engineering TPI panel has been formed to advise on the latest movement in tender prices, i.e. prices agreed between client and constructor at commit to construct, and to inform quarterly updates to the BCIS Civil Engineering Tender Price Index. Comprised of cost consultants from firms involved in multiple civil engineering tenders in the UK, the panel will also provide commentary on conditions affecting pricing levels on civil engineering projects. At its first meeting, panellists also agreed on a 4.7% average increase in civil engineering tender prices in the year to 4Q2024. Dr David Crosthwaite, BCIS chief economist, said: “It’s fantastic to see the Civil Engineering TPI panel up and running. From our UK building TPI panel and our Scottish tender price assessment and contractor panels, we know just how valuable the insights are that we get from experts working on multiple tenders. “They really help us to understand the context of what we see in the data and how different the tendering experience might be dependent on location, procurement route and sub-sector.” The panel described a generally positive pipeline of work for the next 12 months, though some projects remain at the mercy of government policy, for example the Lower Thames Crossing scheme, and in some cases are reliant on direct public sector expenditure. Panellists described a ‘wait and see’ approach in the market, with the results of phase 2 of the government’s spending review and the National Infrastructure and Construction Pipeline due to be published later this year. Dr Crosthwaite added: “As is always the case, the sector needs clarity and commitment to schemes to properly plan and to give confidence to the supply chain. “When asked about contractors’ appetite to tender, the civil engineering TPI panellists described a similar profile to the building TPI panel, with risk aversion among contractors meaning suitable tenderers are found after searching, but they’re not seeing very eager contractors. This was particularly the case with larger projects, where there needs to be agreement about who carries the risk.” For more information about BCIS, please visit: www.bcis.co.uk. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Johnson Controls Announces Strategic Acquisition of Webeasy, Expanding Smart Building Capabilities in the Netherlands

Johnson Controls Announces Strategic Acquisition of Webeasy, Expanding Smart Building Capabilities in the Netherlands

Johnson Controls, the global leader for smart, healthy and sustainable buildings, today announced the acquisition of Webeasy, a prominent Dutch provider of building automation and control systems. This strategic acquisition reinforces Johnson Controls’ commitment to driving innovation, sustainability, and energy efficiency, while expanding its capabilities in the growing market for smart, connected buildings across Europe.   Expanding Johnson Controls’ Global Reach in Building Automation     Webeasy, headquartered in the Netherlands, has earned a strong reputation for delivering innovative building management solutions tailored for small to medium-sized commercial buildings, including offices, educational institutions, hotels, and sports facilities, where simplicity, cost efficiency, and fast deployment are key priorities This acquisition complements Johnson Controls’ leadership in the building automation industry and enhances its ability to address the specific needs of this segment in Europe.     “With the addition of Webeasy’s technologies, we are thrilled to enhance the range of solutions we offer to our customers across Europe,” said Richard Lek, President Europe, Middle East, Africa and Latin America. “Webeasy’s expertise in building automation perfectly aligns with our mission to innovate energy-efficient and sustainable building solutions, empowering our customers to achieve greater operational efficiencies.”     Advancing Innovation and Sustainability   Webeasy’s extensive pre-configured application library simplifies the deployment of building management systems by improving engineering efficiency, operational effectiveness and making building automation easier, smarter and more cost efficient.     The combined capabilities of Webeasy and Johnson Controls will enable businesses and facility owners to better address the growing demands of European sustainability regulations, reduce energy costs and carbon footprints and drive operational excellence.     A Bright Future for Smart Buildings   This acquisition reinforces Johnson Controls’ growth strategy and leadership position in next generation building automation technology and innovation. Webeasy’s trusted customer base in the Netherlands and across Europe will benefit from Johnson Controls’ global resources, robust service infrastructure, and a shared commitment to smarter, more sustainable buildings. Financial terms of the transaction were not disclosed.      Visit www.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.   Building, Design & Construction Magazine | The Choice of Industry Professionals

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LondonMetric Seals £124m in Strategic Property Transactions

LondonMetric Seals £124m in Strategic Property Transactions

LondonMetric Property Plc has announced a series of acquisitions and disposals totalling £124 million, marking a significant reshaping of its portfolio. The company has divested ten non-core properties for £74.2 million (LondonMetric share: £69.4 million) at a net initial yield (NIY) of 6.9% and acquired seven properties for £50.1 million, reflecting a rising NIY of up to 7.2% over five years. Strategic Disposals: Focus on Core Growth The sale of ten non-core properties includes: Since March 2024, LondonMetric has offloaded 65 assets for £307 million (LondonMetric share: £302 million), achieving a 2% premium above book value. Targeted Acquisitions: High-Yield Opportunities LondonMetric’s acquisitions total £50.1 million, reflecting a strong focus on high-quality assets with promising rental growth. Highlights include: Commentary on the Moves Andrew Jones, Chief Executive of LondonMetric, highlighted the company’s strategy:“We have again successfully disposed of non-core assets at prices in line with our valuations and reinvested into higher-quality opportunities in strong conviction sectors, where rental growth prospects are more compelling.” Future-Focused Portfolio Optimisation This reshuffling aligns with LondonMetric’s broader strategy of enhancing portfolio quality, boosting rental income, and focusing on high-demand sectors. By divesting less lucrative assets and reinvesting in prime properties with strong growth potential, LondonMetric is positioning itself for sustained success in a competitive market. Building, Design & Construction Magazine | The Choice of Industry Professionals

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£1.2bn redevelopment of 75 London Wall breaks ground

£1.2bn redevelopment of 75 London Wall breaks ground

Today, Malaysian engineering, property and infrastructure group Gamuda Berhad and London-based real estate investor Castleforge marked the next stage in their £1.2bn redevelopment of 75 London Wall in the City of London, with a groundbreaking ceremony and the signing of one of London’s largest property development loans in recent years, valued at £500 million. The event was led by Dato’ Lin Yun Ling, Gamuda Group Managing Director, and Michael Kovacs, Castleforge Founding Partner. They were joined by Gus Wiseman, Global Head of Investor Relations for the UK Government and Howard Dawber, Deputy London Mayor. Over 80 attendees were present, including financiers, property agents, and a range of property development and built environment specialists. The investment is another signal of support from Gamuda for the UK property market, with the group viewing London as a key strategic destination for real estate investment. Since 2022, Gamuda has committed a total gross development value of £1.4 billion to the UK market, encompassing prime commercial office assets, residential properties and Purpose-Built Student Accommodation (PBSA). The 75 London Wall project is the largest investment for Gamuda in the UK thus far. Complementing this is Castleforge’s commitment to delivering best-in-class workspaces that prioritise sustainability and tenant well-being which set new standards for the adaptive reuse of office buildings in the City of London. The site has received full planning consent in June 2024 and construction has begun. Upon full redevelopment expected in 2027, 75 London Wall will be a grade-A sustainable top-tier office with a net lettable area of more than 450,000 square feet with the best ESG standards – BREEAM ‘Outstanding’, WELL Core ‘Platinum’, and NABERS UK 5 Star Design. This landmark redevelopment will transform the building into a sustainable commercial hub in one of the world’s most competitive business districts. The ground floor will feature new commercial units, alongside a cultural forum space for events, performances, and public speaking, alongside open, green spaces. Dato’ Lin Yun Ling, Gamuda Group Managing Director said, “Our acquisition of this building in 2023 stemmed from the “Flight to Quality” to top grade office spaces in the real estate market. Multinational corporations are drawn to London, the epicentre of Britain’s economy and home to a huge proportion of its primary export – global services. This has driven a surge in demand for premium offices, linking quality workplaces to higher productivity. With a limited supply of best-in-class ESG spaces, rental growth remains strong, making 75 London Wall a standout investment.” Michael Kovacs, Founding Partner of Castleforge, said “We were delighted to welcome Dato’ Lin, Gus Wiseman and Howard Dawber to the site today to witness the progress being made on a project that we believe will set a new benchmark for sustainable, expertly designed office developments in London. In an increasingly competitive landscape, we know that 75 London Wall will stand out as a true best-in-class office development for those who want to attract the best talent in and around our city.” Gus Wiseman, Head of Investor Relations for the UK Government, said “We welcome this show of confidence in the UK economy by Gamuda and Castleforge. In years to come, this investment will create a busy trading floor for our world-leading financial services industry. This will create jobs in construction and at full occupancy, will house over 5,000 workers. Redevelopment projects such as 75 London Wall are vital to this Government’s mission to achieve the fastest growth in the G7.” Ravi Stickney, Cheyne Capital Managing Partner & CIO, Real Estate said “Following our £150million loan for the acquisition of 75 London Wall in 2023, we are delighted to extend our support to Gamuda and Castleforge with a £500m loan for its redevelopment. At Cheyne, we remain committed to financing the creation of productive and sustainable assets to support the growth of the UK’s vibrant economy. We are therefore thrilled with the significant vote of confidence that Gamuda has shown in London.” Building, Design & Construction Magazine | The Choice of Industry Professionals

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Council seeking additional funding for Fletton Quays bridge

Council seeking additional funding for Fletton Quays bridge

The Cambridgeshire and Peterborough Combined Authority (CPCA) is set to consider and approve additional funding of £2 million so that construction of a new bridge at Fletton Quays can start this year. The request for funding will first be heard at the meeting of CPCA’s Investment Committee on Monday 13 January 2025. The CPCA’s Investment Committee will be asked to recommend the funding request, known as a change request, for approval at the Combined Authority Board in March. The project has received funding through Peterborough City Council’s successful Towns Fund bid, which secured £2m specifically for this initiative. Furthermore, £955,024 of developer contributions has been allocated, with the Combined Authority providing match funding. An additional £2m is now required to be able to begin construction for the following reasons: Following a successful public consultation, the bridge was named Cygnet Bridge and is a crucial infrastructure project to enhance connectivity and drive footfall to Fletton Quays, an area of the city which has seen a large amount of investment. Councillor Nick Thulbourn, Cabinet Member for Growth and Regeneration, said: “If the additional funding request is approved, it will be a critical step towards realising our future vision for Fletton Quays. “As the area develops, the need for a bridge will become increasingly apparent, especially with the addition of key projects like the Goods Shed. The bridge will serve as a cornerstone of the area’s development, providing essential infrastructure to better connect people. It is fantastic that we have been able to attract Government funding through the Towns Fund to help deliver such a vital project.” Building, Design & Construction Magazine | The Choice of Industry Professionals

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Arup celebrates multi-million-pound Birmingham investment in its largest UK office outside London

Arup celebrates multi-million-pound Birmingham investment in its largest UK office outside London

Global engineering consultancy Arup has officially opened its new Midlands base – one of its five largest global hubs – at Paradise Birmingham’s One Centenary Way, welcoming clients and contacts to mark the occasion. Arup was a major contractor to Birmingham City Council supporting it to deliver the Birmingham 2022 Commonwealth Games, helping to deliver the Alexander Stadium, transport and infrastructure improvements city wide, as well as the Perry Barr masterplan, and the Sandwell Aquatics Centre.  Establishing a national and international centre of excellence for Arup in the Midlands, with nearly 800 staff and offering more than 90 specialist services UK-wide, the multi-million-pound investment cements Arup’s commitment to Birmingham and the region as a global business destination.   Last year, the local Arup team worked on hundreds of projects locally and globally, supporting the delivery of more sustainable buildings, infrastructure, public spaces, and communities, and bringing the best of global expertise to the area. Arup’s move to the city centre is designed to attract local talent and aid the growth of the West Midlands as an innovation and skills hub.   The new office location will bring Arup closer to schools, colleges and universities, ensuring stronger links to education and more opportunity to attract, grow and retain diverse industry talent locally. Based in the heart of the city, Arup’s public-facing activity hub on the ground floor, ‘The Gallery’, will be a space Arup staff are able to work alongside local partners and neighbours to deliver community based, and charitable activities.  Speaking at the launch event, Andy Street, Mayor of the West Midlands, said: “Arup’s move back into the heart of Birmingham city centre is a tremendous endorsement of all that our region has to offer a global player of Arup’s stature.   “This kind of major investment is just the type we envisaged when we worked on the Enterprise Zone more than a decade ago – bringing to life our vision of a new city business district generating jobs for local people.  “I know that this announcement will help equip young people from a wide variety of backgrounds with the skills, apprenticeships and opportunities they need to succeed. I cannot wait to see lives changed for the better in the months and years ahead. My thanks to Arup for helping to make that possible.”  Understanding that the future office needs to compete with highly personalised home working arrangements, a variety of workplace settings, social areas, wellbeing areas, creative spaces and focus zones have been provided in the new Arup Midlands HQ. The new range of flexible workspaces is designed specifically to support collaboration, convening stakeholders and hosting events.  Cem Budak, Arup Midlands Leader, said: “We are excited to officially open our new Midlands hub located in the heart of Birmingham, the UK’s second city. We are eager to build on six decades of expertise in Midlands and the opening of the new office will bring us closer to key decision-makers, clients and collaborators, helping to foster innovation and creativity across the region.  “We helped to shape and design the space at One Centenary Way, which is undoubtedly one the finest commercial locations in the city. It is a space that our people already love working in and which helps them to engage with our clients and communities while exporting Birmingham skills and expertise around the world.”  The new office plays a significant role in Arup’s ambition to reach net zero carbon by 2030. Arup worked closely with developer MEPC on One Centenary Way, which is the first building within the Paradise estate with all-electric heating and hot water systems, as well as SMART technology that enables continuous office adaptations around utilisation, comfort, and energy consumption.   James Watts, Arup Birmingham Office Leader, said: “We are very proud that our new office is a showcase for our commitment to delivering sustainable solutions and our net zero carbon aspirations. We anticipate that our move will reduce travel emissions by over 60% and we will save over 1,100 tonnes of CO2 a year from our own staff commutes. Initiatives such as biophilic design, natural sheep wool wall insulation and a recycled material pallet will put our circular economy values into action while increasing staff connectivity with nature.  “In addition, the office also ensures our knowledge and global expertise are easily accessible to local clients and collaborators, allowing us to continue to provide innovative solutions and long-lasting value.”  Arup’s work in the Birmingham region for the last 60 years has helped shape the local landscape including major public buildings and developments from the NEC and ICC to commercial office buildings and new public realm like that created at Brindley place and Paradise in Birmingham. Arup’s major role in delivering the Birmingham 2022 Commonwealth Games and supporting infrastructure in and around Birmingham helped secure a meaningful legacy for the Games in the Midlands.  Building, Design & Construction Magazine | The Choice of Industry Professionals

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Lloyds Living and Hill Group Break Ground on Exciting Build-to-Rent Project

Lloyds Living and Hill Group Break Ground on Exciting Build-to-Rent Project

Award-winning housebuilder The Hill Group has taken a significant step into the thriving Build-to-Rent (BtR) market by securing its first forward funding deal with Lloyds Living. This landmark partnership marks a major milestone for Hill Group as it ventures further into this expanding sector. The inaugural project involves the creation of 264 rental apartments in Stevenage, Hertfordshire. It represents a key phase of a larger masterplan, led by Hill, to deliver 576 apartments in Stevenage town centre. Designed to meet modern living demands, the one and two-bedroom apartments will be spread across three state-of-the-art buildings and offer residents exclusive amenities such as an on-site concierge, gym, co-working spaces, and parking facilities. Lloyds Living, the rental and shared ownership housing division of Lloyds Banking Group, is providing forward funding for the project and will oversee the management and leasing of the properties upon their scheduled completion in 2026. Expanding Hill Group’s BtR Footprint Building on its reputation as a trusted partner in the housebuilding industry, Hill is actively exploring BtR opportunities in collaboration with investors and partners. These initiatives include forward funding, forward commit, and joint ventures. The Stevenage development complements Hill’s growing pipeline of large-scale BtR projects, including flagship schemes in Coventry and Wembley. Andy Hill OBE, founder and Group Chief Executive of The Hill Group, shared his enthusiasm for the venture: “We are thrilled to announce our first Build-to-Rent deal, underscoring our commitment to this dynamic market. By combining our expertise in creating vibrant living spaces with Lloyds Living’s proven track record as a funder and operator, we are confident this Stevenage development will set a benchmark for quality rental homes. With its prime location and excellent amenities, this project is perfectly tailored to meet the needs of the growing number of professionals seeking rental properties in the area.” Meeting Housing Demand with Lloyds Living Andy Hutchinson, CEO of Lloyds Living, highlighted the significance of the Build-to-Rent sector: “BtR plays a crucial role in addressing the UK’s housing needs. Partnering with Hill on projects like this enables us to deliver high-quality homes for rent in areas where they are most needed, alongside the facilities that modern renters prioritise.” Looking Ahead The Stevenage project exemplifies the potential of Build-to-Rent to transform urban living by providing professionally managed rental properties in vibrant, well-connected locations. With both Hill Group and Lloyds Living focused on quality and community, this partnership is poised to deliver homes that meet the evolving expectations of today’s renters while contributing to the regeneration of Stevenage town centre. Building, Design & Construction Magazine | The Choice of Industry Professionals

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