£249m Refinancing Backs Next Chapter for Manchester’s Landmark Square Gardens
Downing has secured a £249.2 million refinancing package for two major residential towers at its £400 million Square Gardens development in Manchester, marking another significant milestone for one of the city’s largest new living schemes. The financing, provided by Bank of Ireland, covers Acer and The Fernley, the two completed co-living buildings within the wider Square Gardens development in Manchester’s First Street district. Together, the buildings provide a major concentration of new rental accommodation, with the 25-storey Acer and 45-storey Fernley forming the first two phases of the development. Both buildings are now operational, demonstrating the scale of demand for professionally managed, amenity-led rental accommodation in Manchester. Designed by Manchester-based SimpsonHaugh Architects, Square Gardens represents a substantial addition to the city’s evolving residential landscape. The wider £400 million development has been conceived as a new urban neighbourhood combining high-density living with extensive shared amenities, landscaped spaces and public realm. Residents have access to facilities including a gym and wellness centre, co-working and meeting areas, social lounges, private dining spaces and extensive landscaped gardens and terraces. Sustainability has also formed an important part of the development, with measures including air source heat pumps, while the scheme has targeted BREEAM Excellent and EPC A ratings. The refinancing represents an important financial milestone following the completion and occupation of the two buildings. Savills Capital Advisors advised Downing on the transaction. Bay Downing, joint chief executive of Downing, described the deal as a landmark transaction for the business, highlighting the strength of the company’s portfolio and growing opportunities across the living sector. The deal is also significant for the wider UK residential market. Large-scale co-living and Build to Rent developments are becoming an increasingly established component of regeneration in major regional cities, combining new housing supply with extensive shared facilities and professionally managed environments. Square Gardens has been created using Downing’s vertically integrated approach, with development, construction and ongoing management delivered by the business. This has enabled the company to take the scheme from construction through to operation within the wider group. With Acer and The Fernley now completed and backed by £249.2 million of refinancing, Square Gardens is moving firmly from major construction project to established residential destination, reinforcing Manchester’s position as one of the UK’s leading markets for large-scale rental and co-living development. Building, Design & Construction Magazine | The Choice of Industry Professionals
Why hotels and hospitality venues present unique maintenance challenges and how FM teams can overcome them
From budget hotel chains to luxury resorts and large restaurant groups, hospitality venues face some of the most complex operating environments, regulatory obligations, and maintenance requirements. These properties contain a wide variety of spaces, building systems and assets, from bedrooms and event spaces to commercial kitchens, HVAC and water systems, lifts and leisure facilities. Maintenance is therefore critical not only to compliance and long-term asset value but also to guest satisfaction and brand reputation, meaning there is little room for disruption or error, especially during periods of peak occupancy. Matt Voyle, Senior Account Executive at SFG20, the industry standard for hotel facilities management, has shared the key challenges facing hotels and hospitality venues today and why a structured approach to planned maintenance is essential for FM teams operating across the sector. A significant water-safety risk in hotels and hospitality venues is Legionella. When guest rooms, outlets, or sections of a water system are used infrequently, water can stagnate and create conditions favourable to bacterial growth. Seasonal properties and temporarily closed wings therefore require particular attention. Control should be based on a suitable risk assessment and managed by someone with the appropriate knowledge and training. Depending on the systems and the findings of the assessment, measures may include temperature control, regular flushing of infrequently used outlets, inspection, cleaning and descaling, and documented checks. FM teams can strengthen control by maintaining reliable information about their water systems and implementing a risk-assessment-led maintenance regime. Appropriate monitoring technology may support this approach, but it does not replace the required assessment, controls, and documented checks. Unlike offices or retail environments, where lower-occupancy periods allow planned maintenance to take place with minimal disruption, hotel and hospitality venues have to accommodate guests day and night. Hotels, as well as cafes and restaurants, have very small downtime windows, giving little time for anything other than routine checks. This means small issues can go unnoticed, potentially developing into larger problems further down the line. Maintenance planning must therefore avoid a one-size-fits-all approach and instead be precise and structured around the operational realities of each property rather than being generically applied across the estate. The condition and performance of hotel and hospitality buildings is highly visible to guests, meaning there’s zero room for failure. Issues with HVAC, hot water, lifts, lighting, plumbing or other facilities can quickly lead to complaints, negative reviews and lost return business. Common issues include water temperature problems, noise complaints, humidity, kitchen extract failures, false fire alarms and out-of-service lifts, which can all impact accessibility and guest satisfaction. For hotel management companies overseeing maintenance across multiple properties, consistent FM performance is essential for meeting brand standards, supporting owner and operator reporting and protecting the long-term value of assets. Large hotel and hospitality operators often manage estates spanning properties of different ages, formats, historic importance and building types, each with their own asset profiles and maintenance histories. This creates additional complexity for FM teams, particularly when managing heritage properties that may be subject to planning or conservation constraints alongside independently branded and franchised sites with different standards and owner expectations. Without a common maintenance baseline, standards can vary and compliance gaps can emerge, while inconsistencies become increasingly costly to resolve as portfolios grow. Holiday parks and resorts present a particularly complex FM environment, combining different accommodation types such as lodges, holiday homes, cottages, and apartments with commercial kitchens, dining areas, pools, gyms, entertainment facilities, and outdoor amenities. The diversity of these building types, as well as asset ages and infrastructure, combined with seasonal demand, makes it difficult for FM teams to apply a generic maintenance approach. This becomes even more complex when it comes to all-inclusive resorts, where guests have limited alternatives to facilities on site. Matt Voyle adds: “With maintenance varying from property to property, having a trusted framework for planned maintenance, organisations and venues can create a more consistent and structured approach. For hotels and hospitality organisations, that means identifying applicable maintenance tasks and recommended frequencies, distinguishing statutory requirements from industry best practice, and documenting where site-specific tailoring is needed. Hospitality estates vary widely. A strong approach combines a consistent baseline with controlled, evidence-based tailoring, creating a maintenance regime that is practical, auditable and commercially workable Download SFG20’s free e-guide, How Hotels and Hospitality FM Teams Can Improve Compliance, Control Costs and Run More Efficiently, for practical guidance on reviewing and strengthening your maintenance approach.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Local government reorganisation review: Ensuring continuity in the face of uncertainty
Karen Carter, public sector director at public procurement specialist Pagabo, has shared her thoughts following the government’s announcement on its intention to review plans for local government reorganisation (LGR) and ensure alignment with its wider plan to rewire the state. Karen said: “This week’s announcement adds another layer of uncertainty for councils that have already spent months planning for reorganisation. Four areas have had their plans withdrawn, another 14 are paused pending review, and the 2027 elections will now be fought on existing boundaries. “For the teams involved, that’s a lot more work suddenly required without a clear landing point. But the fundamentals haven’t changed. Schools still need building, homes still need delivering, and estates still need maintaining. None of that waits for a structural decision in Whitehall. The risk in moments like this is that authorities press pause on everything, not just reorganisation, and lose a year of delivery to a decision that isn’t theirs to make. It’s vital that local authorities remember that successful transition will depend not only on the governance design, but on collective leadership and the ability to maintain shared action while navigating the road ahead. “Our advice remains the same as prior to this latest government announcement. That is to keep statutory service delivery moving and focus on decisions that will be unaffected by reorganisation. This means procuring through compliant, flexible routes that transfer cleanly to whatever structure eventually emerges. Similarly, ensure contract, asset and supplier data is in order because that is the groundwork every future authority will need regardless of how new boundaries are formed. Finally, keep the relationships with your supply chain warm so that you can move quickly when clarity comes. “Uncertainty is not the same as standstill. The authorities that come through this best will be the ones that use the pause to get their house in order – rather than waiting to be told what shape they’ll be.” For more information and guidance, check out Navigating Local Government Reorganisation – which was recently published by Pagabo. Building, Design & Construction Magazine | The Choice of Industry Professionals
LaSalle Adds £300m-Plus Commitment as UK Property Mandate Reaches £1bn
LaSalle Investment Management has secured an additional commitment of more than £300 million for a UK local authority investment mandate, taking the strategy to £1 billion and providing further capital for investment across the country’s property market. The expansion represents a significant vote of confidence in UK real estate at a time when institutional investors are increasingly focused on assets capable of delivering resilient, long-term income alongside strong environmental and social performance. The mandate is being led at LaSalle by Sophie Simmonds and Philip La Pierre, with the additional capital significantly increasing the scale of the investment programme. For the UK built environment, the commitment has the potential to support further investment across property sectors where long-term institutional capital can play an important role in development, regeneration and the improvement of existing assets. Residential property, including Build to Rent (BTR), remains one of the areas attracting significant institutional attention as investors look towards professionally managed housing and other living sectors as part of diversified real estate strategies. The increase in LaSalle’s mandate to £1 billion also comes against a backdrop of continued change across the UK property investment market. Investors are increasingly assessing buildings not simply on location and rental performance, but on energy efficiency, operational performance, sustainability and their ability to meet changing occupier requirements. This creates opportunities throughout the construction and property supply chain. Institutional investment into new and existing assets can support development, refurbishment, retrofit, building services upgrades and improvements to public realm, while also creating longer-term requirements for asset and facilities management. LaSalle is one of the world’s major real estate investment managers, operating across a broad range of property sectors and investment strategies. The latest commitment provides the business with substantially greater capacity to pursue UK opportunities on behalf of its local authority mandate. With more than £300 million of additional capital now committed and the mandate reaching the £1 billion mark, the move demonstrates the continuing importance of large institutional investors to the future of the UK property market. For developers and the wider construction sector, the deployment of that capital will now be closely watched, particularly as investment opportunities emerge across residential and BTR, regeneration and other areas of the built environment. Building, Design & Construction Magazine | The Choice of Industry Professionals
Norton Rose Fulbright strengthens real estate practice with appointment of new partner
Global law firm Norton Rose Fulbright has strengthened its real estate practice in London with the appointment of Simon Woodcock as a partner. Simon joins from Goodwin Procter. He advises on a broad range of transactional real estate matters, including direct and indirect investment, landlord and tenant matters, development and asset management. His practice spans multiple asset classes, including office, retail, student accommodation, PRS and industrial. Simon has significant experience advising investors, developers, asset and fund managers, and financial institutions on high-value UK and pan-European transactions. He brings strong relationships across the real estate sector and a track record of delivering on complex mandates. His appointment further enhances Norton Rose Fulbright’s real estate offering and supports the firm’s continued growth across key sectors and markets. David Hawkins, partner at Norton Rose Fulbright, commented: “Simon is a highly regarded real estate lawyer with an impressive track record advising on major UK and European transactions. His experience, market reputation and client relationships make him an excellent addition to our team.” Simon Woodcock commented: “Norton Rose Fulbright’s international platform and sector strengths provide a compelling proposition for clients operating in today’s market. I’m excited to join the team and look forward to helping clients deliver their most important real estate projects and investments.” Simon’s appointment forms part of Norton Rose Fulbright’s continued investment in its real estate practice and reinforces the firm’s ability to support leading investors, developers and institutions on complex transactions. Building, Design & Construction Magazine | The Choice of Industry Professionals
Construction Delays Can Now Disrupt an Operator’s Entire Omnichannel Strategy
Casino development was once considered a property issue primarily. If the resort, sportsbook, or gaming venue opened late, the first things that come to mind are construction costs, disputes with contractors, and lost revenue. That’s no longer the whole story. Today, most gambling establishments are linking land-based casinos to apps, loyalty programs, online accounts and payments, and digital promotions like casino sites uk and more. That translates to construction delays impacting not only a building’s schedule, but also much more. A delayed physical launch can also throw off marketing efforts, customer acquisition, technology implementations, and the overall strategy for bringing online and offline gambling together. Omnichannel Gambling Depends on Timing Omnichannel strategies are best suited when each component of the business is launched sequentially. Operators can consider launching a new casino while simultaneously launching a mobile app, loyalty program, or sportsbook. Campaigns can be developed around that date and existing digital customers can be invited to come down to the new location. Those plans can easily get complicated if the construction lags behind. A marketing initiative that was intended to be tied to a new brick-and-mortar location and an online offering might have to be postponed. There may be integrations that technology teams have already finished, and commercial partners’ deadlines might not align with the building program. Digital Products Have Changed the Role of the Casino. The role of the casino has changed due to digital products. Physical casinos are no longer remote places. Many operators are becoming part of a broader customer ecosystem. A player can first engage with a brand online, then head down to a casino resort and then play on the same account via an app. Loyalty programs can bridge those connections. Digital wallets, custom offers and account-based systems can bring the physical and online gambling experience much closer than ever before. This is why it is strategically important to build a new casino even if the operator may already have an online casino business. The venue can serve as a physical extension to the digital brand. If it doesn’t open as expected, then that extension is gone from the customer journey. Construction Problems Can Hit Marketing First Marketing teams are especially vulnerable to delays. The opening of a big casino can take months of preparation. Advertising, media partnership, promotional campaigns, launch events can be planned around a certain opening date. It will cost money to change that date. Some advertising may have already been purchased. Partnerships might have to be renegotiated. Promotional material might become obsolete and customers who were expecting an opening might get confused by the different information. For an omnichannel operator, it’s even more complicated as online campaigns may have been planned as a part of the physical launch. The company may need to change its entire customer acquisition plan rather than just delay the opening of a building. Technology Integration Adds Another Layer of Risk Today’s casino building makes use of many more technological applications compared to the classic casino playing floors. Before opening, networks, surveillance systems, payment infrastructure, digital signage and account-management technology must be installed and tested. These systems may also have to interact with web-based platforms. In the case of a building program falling behind, technology teams may be waiting for access to areas that aren’t ready. Installing the hardware can be postponed, test windows are shortened, and suppliers are compelled to adjust deployment timelines. For instance, this may cause pressure at the end of a project when operators need systems to be stable. An accelerated start could thus entail technology risks that would not arise with a more predictable construction schedule. Delays Can Also Change Customer Behavior Customer operators also need to consider what customers will do while they wait. When it comes to online gambling, consumers have instant alternatives. People don’t have to delay their play if they can’t find a physical site to open at. That’s one of the reasons that delays might be more commercially significant today. It takes years to plan and build a casino project, and digital competitors can launch new features much faster. Each subsequent delay provides increased opportunity for customer behaviors to form elsewhere. When the physical property opens, the market it was built for may already be different. Casino Construction Is Now a Digital Strategy Issue The physical and online gambling nexus has altered the way gambling operators have to consider construction risk. Late project is no longer just a developer, contractor and property team issue. It can impact digital launches, marketing initiatives, loyalty initiatives, technology systems and customer acquisition. Moreover, this makes construction scheduling a component of the omnichannel strategy. New casino and sportsbook operators should thus account for possible delays in the same way that they account for technology outages or setbacks from the regulators. In a gambling marketplace, physical and digital products are increasingly interdependent, and a delay in construction can be a problem for the entire enterprise.