Octopus Capital opens first affordable homes in Scotland, reaching 1,000-home milestone
Octopus Capital, a leading UK specialist real estate investor, has officially opened its first Scottish affordable housing investment at The Pines, Wallyford, East Lothian. This news marks two significant milestones: its first development in Scotland, and its 1,000th affordable home delivered through the Octopus Affordable Housing Fund (OAHF). The opening ceremony at The Pines, EH21 8TN, was attended by representatives from Octopus Capital, developer Dandara, and investor Scottish National Investment Bank (SNIB) and sector representative body Homes for Scotland. The development represents OAHF’s first deployment into Scotland, extending its mission to deliver high-quality, affordable homes beyond England and Wales. The investment has been made through the Octopus Affordable Housing Fund, which deploys long-term capital to accelerate the delivery of affordable homes across the UK. Octopus Capital is among a small number of UK investors to reach the 1,000-home milestone, underlining the scale and pace of its commitment to addressing the UK’s housing gap. The Pines is a development in the town of Wallyford in East Lothian, approximately 6 miles to the east of Edinburgh. The development comprises 87 homes in total, with Octopus Capital providing 28 two, three, four and five bedroomed mid-market rented homes, all let within the Local Housing Allowance rental levels. The homes have been delivered by Dandara, one of Scotland’s leading housebuilders, and the development has been supported by the Scottish National Investment Bank (SNIB), which invests long term, patient capital, for a fairer more sustainable economy. Its Place mission supports stronger communities and better local economies across Scotland. The development provides well-connected homes, forming part of a thriving community, and supported by excellent local amenities and strong transport links. Jack Burnham, Head of Affordable Housing at Octopus Capital, said: “Reaching 1,000 homes is a landmark moment for the Octopus Affordable Housing Fund and Octopus Capital, and we’re delighted it coincides with the handover of our first homes in East Lothian just 15 minutes from Edinburgh. The Pines is our first development in Scotland, and a demonstration that our model — deploying long-term capital in partnership with great developers, investors and property managers — can provide high-quality affordable housing for communities across all of the UK. We’re proud to be among the first group of investors to pass the 1,000 home milestone, and we’re looking forward to building on this foundation in Edinburgh and beyond.” Lee Ogg, Managing Director of Dandara Scotland, said: “It’s a real privilege for Dandara to become the first housebuilder in Scotland to support Octopus Capital’s ambition to help address the significant shortage of high-quality new-build rental homes across the country, and to mark this important milestone alongside them. Working closely with our Partnerships team, we have focused on creating a flagship development that showcases what can be achieved when the private and public sectors work together. These well-connected homes will form part of a thriving community, supported by excellent local amenities and strong transport links.” Mark Munro, Chief Investment Officer, The Scottish National Investment Bank, said: “Delivering the first home in Scotland is an important milestone and the start of bringing intermediate rent at scale into the market. Alongside the fund reaching 1,000 homes, it highlights how patient, long-term capital can support the delivery of high-quality, energy-efficient affordable housing. “As a commercial investor focused on long-term impact, we are delighted to have played a part in supporting a development that contributes to a stronger and more sustainable housing market.” Jane Wood, Chief Executive of sector body Homes for Scotland, said: “We are delighted to welcome Octopus Capital into the Scottish market and to see the Scottish National Investment Bank’s increasing role in unlocking much-needed housing delivering concrete results. As the country’s housing emergency continues, The Pines will make an important contribution to delivering the high-quality, affordable and sustainable homes of all tenures that Scotland urgently requires.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Almost a quarter of landlords ready to quit the rental market over Making Tax Digital burden
New research from Landlord Studio reveals the toll MTD is taking on the UK’s landlords, as they increasingly look to rely on letting agents to make sense of the shift New research from Landlord Studio, the property accounting and compliance software company, finds that almost a quarter (22%) of UK landlords have considered leaving the rental market altogether, as Making Tax Digital (MTD) piles on administrative and compliance pressure. Despite this, 74% of landlords agree that MTD is actually making it easier to manage their tax, and over half (55%) still expect MTD to increase their profitability overall. The findings also point to a growing role for letting agents, with 90% of landlords agreeing that agents are well-equipped to help them manage MTD requirements. MTD for Income Tax has been mandatory since April 2026 for landlords earning over £50,000 in qualifying income, requiring quarterly digital updates to HMRC alongside an end-of-year finalisation process. The threshold drops further to £30,000 from April 2027, bringing a second wave of landlords into scope within the next year. The confidence paradox While confidence in MTD is high, many landlords are still feeling the strain of rising admin demands. Despite 94% of landlords and letting agents combined saying they are confident in their understanding of MTD requirements, and 95% confident in their ability to implement it, 59% of landlords specifically remain concerned about making mistakes or facing penalties. Letting agents appear well placed to help close this gap, with 51% describing themselves as very confident in their understanding of MTD, compared with just 36% of landlords. This suggests agents can help close the gap between broad landlord confidence and the practical realities of staying compliant. Logan Ransley, Co-Founder of Landlord Studio, said: “Landlords are clearly feeling the pressure of MTD, both in terms of time and cost, and for some that pressure is serious enough to make them question whether continuing to let property is worth it. What’s clear is that the support landlords need is often already there. Letting agents have the knowledge and the relationships to make a real difference, but our research shows many landlords simply don’t know how much help is on offer. Closing this gap is going to be essential as MTD rolls out more broadly.” The race to stay compliant is borne out in the numbers. Landlords now spend an average of 13 hours a month – more than a day and a half of work – managing tax and financial admin. Compared with 12 months ago, 53% both say the time associated with this has increased and the cost has risen. On average, landlords estimate that the time they spend on tax and financial admin is worth more than £3,000 a year, almost £64 a week. The admin burden isn’t only being felt by landlords. 89% say rising admin and compliance costs make them likely to raise rents, showing the knock-on effect inefficient back-office processes can have across the rental market. Falling behind on technology The research suggests that while landlords broadly recognise the benefits of digital tax reporting, many are still grappling with having the right tools to manage compliance efficiently. Just 34% use software or digital platforms for tax reporting and record-keeping, while 39% continue to rely on spreadsheets or manual methods. Spreadsheets are technically permitted under MTD, but only with separate bridging software and strict digital links in place, an extra layer of complexity many landlords may not have accounted for. A growing opportunity for agents Landlords identified the biggest compliance challenges as keeping accurate records (38%), the risk of errors and penalties (36%), and the time required for admin (34%). They also recognise that letting agents are well-equipped to help them manage new tax requirements (90%), but with 61% of letting agents themselves admitting that awareness of the support they can offer remains low, there is a clear opportunity to close that gap. Letting agents have the ability to provide landlords with practical support, helping them improve processes, stay organised and reduce the risk of mistakes. There is also strong future demand for digital solutions, with 98% of landlords saying they are likely to invest in tax and compliance software over the next two years, with 44% looking for greater financial visibility. For letting agents, this creates an opportunity to combine their expertise with digital tools, helping landlords stay compliant, reduce admin and manage rental income more efficiently as MTD implementation accelerates. Logan Ransley adds: “Letting agents already hold the rent, expense and ownership data their landlords need to comply with MTD – what’s been missing is a way to get that data to HMRC without anyone re-entering it by hand. That’s exactly why we built Nexus by Landlord Studio. It connects the records an agency already keeps to a secure portal where landlords, or their accountants, can review and submit each quarter. Nexus is available exclusively through participating letting agents, so an agent’s relationship with their landlords becomes a genuine value-add rather than another compliance headache.” To find out more about Nexus by Landlord Studio, visit here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Government agency achieves a world-first in providing ‘exceptional workplace experiences’
The Government Property Agency’s (GPA) Birmingham hub has become the first public sector building in the world to retain a coveted quality mark. Its flagship site at 23 Stephenson Street has secured Leesman+ accreditation – a prestigious global workplace experience rating – for the second time, demonstrating a sustained commitment to delivering an exceptional workplace experience for civil servants. Carly Ersser, Director of Workplace Services at the GPA, said: “We are incredibly proud that 23 Stephenson Street has secured Leesman+ accreditation for a second time. Surveying the people who work from our buildings gives us invaluable insights that directly inform how we design our services and continuously improve the workplace experience. “While this historic milestone is a fantastic achievement, we recognise there is always more work to be done. This rigorous feedback helps us target our resources to where they are needed most, ensuring we make a meaningful difference to civil servants working productively and happily from the office.” Leesman+ is a globally recognised certification awarded to top-tier workplaces that achieve outstanding employee satisfaction scores. To earn the accreditation, buildings must undergo rigorous, independent surveying and analysis of their features, services, and infrastructure. The GPA government hub at Stephenson Street first achieved this benchmark in 2023. The Birmingham office hosts 1,700 civil servants from more than 20 government departments and agencies. It was transformed from disused retail and commercial space into a modern, digitally-connected, and inclusive workplace in 2022, and now features a variety of spaces to support productivity, collaboration and wellbeing aligned to the Government Workplace Design Guide. Dr Peggie Rothe, Chief Insights and Research Officer at Leesman, said: “Leesman+ certifications have been awarded to just three per cent of the more than 10,400 buildings Leesman has assessed worldwide, and only 10 per cent of those have been re-certified. The GPA’s Stephenson Street Hub is the only public sector building globally to achieve Leesman+ re-certification, testament to the agency’s programmatic, data-led approach to delivering and sustaining exceptional workplace experience.” Building, Design & Construction Magazine | The Choice of Industry Professionals
The Hill Group bucks market trend as profits rise to record £92.5m and revenue hits £1.2bn
Award-winning housebuilder The Hill Group has published its financial results for the year ending 31 March 2026, reporting increased turnover, profit and new homes completed despite restrained housing market conditions. The Group reported revenue of £1.164 billion and profit before tax of £92.5 million, having completed 3,329 new homes across its operations – all increases on the previous year’s figures. Net assets increased to £493.1 million and net cash rose to £129.1 million, with no drawings against the Group’s Revolving Credit Facility, reflecting the resilience of Hill’s diversified operating model and the successful delivery of the first year of its new five-year growth strategy. Land and work-in-progress increased to £733.9 million as the Group continued its policy of retaining the majority of annual profits to invest in future growth opportunities. Hill invested £54.6 million in new land acquisitions and strategic opportunities during the year, with commitments in place for a further £44.1 million of future investment. Hill’s development pipeline includes 10,800 homes with planning consent and a further 1,900 homes controlled on a subject-to-planning basis. In addition, Hill’s long-term strategic pipeline includes 29,900 homes owned or controlled under option and promotion agreements. Combined, the Group’s controlled pipeline has the potential to generate more than £14.5 billion of future revenue. Hill’s contracting pipeline also increased during the year to more than £5.6 billion, up from £4.8 billion the previous year. Andy Hill OBE, Founder and Group Chief Executive of The Hill Group, comments: “These results demonstrate the resilience of our business model and progress towards our long-term objectives. In a restrained market, we have continued to increase turnover, profit and completions while investing in future opportunities. Our contracting business continues to expand, and we remain confident in long-term demand for the high-quality homes that Hill has always been known for.” The Group further enhanced its financial flexibility in December 2025 through the successful refinancing of its Revolving Credit Facility with major lenders. The new £300 million facility extends through to 2030 and retains its Sustainability Linked Loan status, reflecting Hill’s continued commitment to environmental and social value objectives. Hill delivered a successful year in an uncertain sales market, with average selling prices of £520,000 reflecting a change in product mix as two-thirds of completed homes were apartments across London, Cambridge and Oxford. The Group’s Build-to-Rent (BTR) activities also continued to mature, with the completion and handover of many BTR homes at various locations across the South East and London. The business continued to perform well despite delayed starts on a number of high-rise buildings in London caused by protracted Building Safety Regulator approval processes. Activity improved during the year, with major regeneration projects, including City Centre South in Coventry, and Dollis Hill and Wembley in northwest London, progressing to construction stage. Hill also secured a major strategic land opportunity at Colworth in Bedfordshire, with the potential to deliver 4,500 new homes. The Group continued to invest in its people and communities, reaching approximately 1,000 employees and launching its new Social Value Strategy 2025-2030. Hill also retained its five-star status in the Home Builders Federation’s National New Homes Customer Survey for the ninth consecutive year. Andy Hill adds: “While market conditions remain challenging and economic uncertainty continues to impact buyer confidence, we remain optimistic about the future. Recent commitments to affordable housing investment provide greater certainty for the sector, and with a substantial strategic pipeline, a growing order book and an exceptional team in place, we are well positioned to deliver the ambitions set out in our 2025-2030 business plan.” Building, Design & Construction Magazine | The Choice of Industry Professionals
elasticStage selects Prologis Park Hemel Hempstead for its advanced manufacturing operations
Prologis has completed a 15-year lease agreement with UK on-demand vinyl platform, elasticStage, for the 53,787 sq ft DC8 unit at Prologis Park Hemel Hempstead. The facility will support elasticStage’s continued expansion, enabling the business to scale manufacturing capacity for its UK site to +15 million vinyl records per year. Strategically located, DC8 will provide elasticStage with strong connectivity to London, while also supporting access to other key UK and European markets. The location will underpin the business’ next day delivery offering and facilitate continued growth across its European customer base. Given the highly technical nature of elasticStage’s process, Prologis had to meet highly specific requirements, and careful consideration was given to acoustics, vibration control and temperature regulation to ensure optimal operating conditions. Prologis was able to accommodate all requirements and support the advanced vinyl manufacturing methods. Aligning with elasticStage’s sustainable approach to vinyl production, DC8 is net zero in both its construction and operation and meets Prologis’ BREEAM Outstanding and EPC A+ targets. The unit has been equipped with a solar PV roof array estimated to generate 107,000 kWh per year, smart LED lighting, with 12 EV charging points onsite. In addition to a 3,864 sq ft office space, DC8 also includes a 7,988 sq ft mezzanine floor, providing room for flexibility and maximising floor space on site. This leasing mirrors Prologis’ recent Logistics Rent Index findings, which found that properties in the South East market remain in high demand, due to their ability to service London effectively, while also reaching wider markets in a cost-effective way. Vail Williams acted for elasticStage and Brasier Freeth for Prologis. Simon Perks, Director, Capital Deployment, Prologis UK, said: “This leasing is a perfect example of the strength held in our South East portfolio and at Hemel Hempstead specifically. As demand for Prologis space continues to grow, we are delighted to have completed this agreement and look forward to welcoming elasticStage to this prime location. As the business looks to scale up global operations, DC8 is the ideal space, offering a strategic location, flexibility, high quality specification and strong sustainability credentials.” Steve Rhodes, CEO, elasticStage, said: “Our new space at Prologis Park Hemel Hempstead marks a major moment for elasticStage. We’re growing at pace and need somewhere that can both accommodate our expansion plans and meet our advanced manufacturing requirements. It’s safe to say that the unit’s quality build and sustainability credentials were instantly attractive to us and played a very large role in our final decision. “We are all about providing a bespoke service to our customers and it is great to find a logistics provider that shares this value. We look forward to seeing where this space takes us and what growth is in store for the business.” Cllr Adrian England, Portfolio Holder for Place, Dacorum Borough Council, said: “Prologis Park heralds Hemel Hempstead arrival from the east-side/M1 and is a key asset to our community. As businesses move in, not only is the development creating hundreds of skilled and meaningful jobs, but its recent expansion has enabled more and more innovators to choose Hemel Hempstead as their base for operations. “We welcome elasticStage to the borough and look forward to seeing the development of this truly unique business.” Two further units are available for leasing at Prologis Park Hemel Hempstead: 66,419 sq ft DC10 and 60,065 sq ft DC12. Contact Prologis UK for enquiries. Building, Design & Construction Magazine | The Choice of Industry Professionals
Think pink: Mellor Plant UK raffles Yanmar SV08 for Cancer Research UK
The Lancashire-based authorised Yanmar CE dealer has turned one of Yanmar’s most compact excavators into a standout fundraising prize, with the winner set to be announced at the Great Eccleston Show. Mellor Plant UK, Yanmar Compact Equipment EMEA (Yanmar)’s authorised dealer for the North West of England, is giving one UK resident the chance to win a specially wrapped Yanmar SV08 in a summer raffle for Cancer Research UK. The dealership has transformed the micro excavator into a vivid magenta and rose-pink showpiece – bright, bold and impossible to miss. The custom SV08 forms the centrepiece of a campaign inspired by a charity close to the hearts of Mellor Plant UK’s team, while bringing customers and the wider community together in support of Cancer Research UK’s work to prevent, diagnose and treat cancer. Over the past 50 years, the charity’s research has helped double cancer survival in the UK. “This is a cause that means a great deal to our team and many of the families and customers we work with,” shares Gordon Hayes, Director at Mellor Plant. “We wanted to do something positive that would bring people together while raising money for an incredibly important charity. With Yanmar’s support, the SV08 felt like the perfect machine to place at the heart of the campaign.” A pink machine with a powerful purpose The SV08’s bold new look draws on Cancer Research UK’s distinctive visual identity. Its magenta and rose-pink wrap features the charity’s recognisable dotted ‘C’ motif, creating an immediate connection to the cause. Finished with crisp white detailing, the design turns one of Yanmar’s smallest excavators into a striking symbol of hope and collective support. Behind the wrap is a practical machine built for confined working environments. Weighing 1,035kg, the SV08 has an adjustable width of 680 – 840mm and a maximum digging depth of 1,460mm. Its narrow access and extendable undercarriage are ideally suited to landscaping, utilities, agricultural work and residential construction, making it a fitting prize for Mellor Plant UK’s customers across Lancashire and the wider North West. “We are proud to support Mellor Plant UK with this inspiring fundraising initiative,” says Phil Elam, Yanmar UK Dealer Manager. “It reflects the close relationship between our dealers and the communities they serve, while showing how our network can make a positive contribution beyond the job site.” A summer in the spotlight The custom SV08 is already attracting attention this summer, including at Hillhead, the UK’s largest quarrying, construction and recycling exhibition, held last week at Hillhead Quarry in Buxton, Derbyshire. It will next appear at the Royal Lancashire Agricultural Show from 3–5 July at Salesbury Hall, Ribchester, before the raffle reaches its finale at the Great Eccleston Show on 18–19 July 2026, where the winner will be drawn on stage. As a highlight of Lancashire’s rural calendar, the two-day event will put the campaign in front of farmers, contractors, machinery enthusiasts and families from across the North of England, with Mellor Plant UK attending and the SV08 on display. Visitors will have one final chance to support the campaign before one lucky entrant takes it home. How to enter Tickets cost £20 and the raffle is open to UK residents only. Entries can be purchased at Mellor Plant UK’s headquarters, via WhatsApp on 01254 812937 or by emailing sales@mellorplantuk.co.uk. Full terms and conditions are available at www.mellorplantuk.co.uk. All proceeds will support Cancer Research UK. Building, Design & Construction Magazine | The Choice of Industry Professionals