UTB Provides £35.5m Bridge-to-Investment Facility for £51.1m GDV South-West London BTR Development
United Trust Bank (UTB) has completed a £35.5m bridge-to-investment facility secured against a new £51.1m GDV mixed-use build-to-rent (BTR) development in South-West London. The five-year facility, provided by UTB’s Structured Property Finance team, enabled the experienced developers, Dominus New Homes, to refinance their existing development loan and release equity from the scheme as it approached practical completion. The development, known as Wandle Place, comprises 96 BTR apartments and approximately 9,000 sq.ft. of commercial space in the popular and well-connected London suburb of Earlsfield. The scheme has already attracted strong rental demand, with tenancies agreed on nearly half of the apartments within seven weeks of marketing. Dominus New Homes has considerable experience in the BTR sector and has successfully delivered more than 2,000 homes. The opportunity was introduced to UTB’s Martin Cameron by Stan Lersch, founder of Property Finance Services acting for Dominus New Homes. Deal highlights Loan size – £35.5m Development GDV – £51.1m LTV – 70% Term – 5 years with stepped down rate once agreed ICR achieved UTB structured the £35.5m facility at 70% loan-to-value (LTV), providing the borrowers with funding certainty through the initial letting period and into the investment phase. The bespoke facility includes a reduction in the lending margin once rental income has stabilised and an agreed interest cover ratio (ICR) has been achieved. This is expected within three to six months of practical completion and allows the borrowers to benefit from more competitive funding costs as the development becomes established. The transaction demonstrates UTB’s appetite for substantial lending opportunities across the living sector and its ability to structure facilities which support developers through the transition from construction to income-producing investment assets. Chris Mason, Director of Dominus New Homes, commented: “Our business model has always been to build for sale, but current poor demand to buy new flats in London required a rental approach this time, together with an investment loan to repay our development finance on time. After all the hard work involved in bringing a development of this scale to completion, it’s particularly rewarding to see such a quick and positive response from prospective tenants. “With UTB’s funding in place, we can concentrate on getting the remaining apartments let, welcoming our first residents and making this a development people will be delighted to call home.” Stan Lersch, Founder of Property Finance Services, said: “Dominus New Homes have an outstanding track record in residential development and have delivered another high-quality scheme. With the development nearing completion, the priority was to secure a funding solution which would refinance the existing facility, release some equity and provide long-term certainty without the need for another refinancing exercise in a few months’ time. “UTB understood exactly what we were trying to achieve and came back with a well-structured proposal which worked for the clients both immediately and over the longer term.” Martin Cameron, Business Development Director – Structured Property Finance, United Trust Bank, said: “Build-to-rent is an increasingly important part of the UK residential property market, and developers need funding partners who understand that completing a scheme is only one stage of the investment journey. “At £35.5m, this is a substantial commitment to a new UTB customer, and a good example of how our Structured Property Finance team can provide flexible, commercially attractive funding for larger and more complex property transactions.” Building, Design & Construction Magazine | The Choice of Industry Professionals
CBRE Strikes $1bn Deal to Acquire Onnec as Global Data Centre Infrastructure Investment Accelerates
Global real estate services and investment giant CBRE has agreed a deal worth up to $1 billion to acquire London-based data centre infrastructure specialist Onnec, significantly expanding its capabilities in one of the fastest-growing sectors of the built environment. The acquisition will see CBRE pay an initial £460 million ($610 million) in cash, with a further performance-related payment of up to £300 million ($400 million) potentially payable over several years. The transaction represents a major investment in specialist data centre engineering, network infrastructure and technical services, strengthening CBRE’s position in a market being driven by growing demand for cloud computing, artificial intelligence and digital connectivity. Founded in 1986 and headquartered in London, Onnec specialises in the design, deployment and maintenance of network, fibre and data centre infrastructure, providing critical technical services to major technology operators and hyperscale data centre customers. The business employs approximately 800 people across the United Kingdom, continental Europe and the Asia-Pacific region, giving CBRE an established international platform from which to expand its specialist infrastructure operations. Once completed, Onnec will become part of CBRE’s critical infrastructure services business, complementing the group’s existing data centre infrastructure capabilities in the United States. The acquisition is expected to create opportunities for greater international coordination across the design, installation, commissioning, operation and maintenance of increasingly complex digital infrastructure facilities. For the construction and engineering sectors, the deal highlights the growing strategic importance of the specialist contractors and technical service providers responsible for delivering the infrastructure within modern data centres. While investment in data centre development is frequently measured through the construction of large-scale buildings and campuses, the technical infrastructure housed within these facilities is equally critical to their performance. High-capacity fibre networks, structured cabling, connectivity systems and associated infrastructure form essential components of the operational environment required by hyperscale technology businesses. As demand for computing capacity increases, developers and operators are placing greater emphasis on the delivery of reliable, scalable and resilient facilities capable of supporting increasingly demanding technology requirements. Onnec’s specialist expertise will therefore strengthen CBRE’s ability to support customers across the wider lifecycle of data centre assets, from initial infrastructure deployment through to ongoing technical maintenance. The financial outlook for the acquired business also demonstrates the scale of the opportunity within this rapidly expanding market. Onnec is expected to generate approximately £370 million ($498 million) in revenue during 2027, alongside core earnings before interest, tax, depreciation and amortisation (EBITDA) exceeding £50 million ($67 million). Including the anticipated contribution from Onnec, CBRE expects its critical infrastructure services business to generate nearly $4.5 billion in total revenue in 2027. The projected performance underlines the increasing significance of digital infrastructure services within CBRE’s broader international property and facilities management operations. The acquisition also reflects a wider transformation taking place across the commercial property sector, where data centres have emerged as a major area of investment alongside more traditional asset classes such as offices, industrial and logistics facilities. Unlike conventional commercial buildings, data centres require highly specialised engineering systems, resilient power infrastructure, sophisticated cooling arrangements and extensive digital connectivity to maintain continuous operations. This complexity creates sustained demand for specialist engineering expertise, both during initial construction and throughout the operational life of the facility. For CBRE, bringing Onnec into its critical infrastructure division will provide additional technical resources and geographical coverage, particularly across European and Asia-Pacific markets where the company already serves major technology customers. The combination of Onnec’s established regional operations and CBRE’s existing US capabilities is expected to strengthen the group’s ability to support international clients operating across multiple data centre markets. The transaction remains subject to the necessary regulatory and other approvals, with completion anticipated around the end of 2026. If finalised, the acquisition will represent another significant step in CBRE’s expansion into specialist infrastructure services, positioning the business to capitalise on the continued growth of global data centre development and the increasingly sophisticated engineering requirements of the digital economy. Building, Design & Construction Magazine | The Choice of Industry Professionals
Kiwa enhances lighting asset testing service to give asset managers greater compliance certainty
New service enhancements help local authorities and infrastructure asset managers reduce risk, improve efficiency, and make more confident, data-driven decisions about street lighting infrastructure. Kiwa CMT has further enhanced its specialist testing and inspection service for illuminated assets, helping local authorities, highways and infrastructure managers, contractors, developers, asset owners, operators and consultants, maintain safe, compliant, and efficiently managed lighting infrastructure. With millions of lighting assets across the UK, effective testing and inspection is essential to public safety, regulatory compliance, and responsible asset management. Kiwa CMT’s holistic service brings structural testing, electrical inspection and testing, and asset data collection together to provide a clearer picture of asset details and condition and support informed maintenance and investment decisions. The service includes non-destructive structural assessment of lighting columns, including the detection of below-ground corrosion and assessment of hot-swaged joints. Electrical testing supports legally required periodic inspection and testing in accordance with BS 7671 and relevant health and safety requirements. Data collection can also include inventory validation, GPS positioning, and condition surveys for highway infrastructure. Enhanced RLS™ system strengthens testing certainty. Kiwa CMT’s proprietary RLS™ system has also been enhanced, further strengthening its non-destructive approach to assessing lighting column condition. The technology provides a cost-effective assessment of below-ground corrosion and estimates the percentage loss of section within the censored zone on the root section of the column. This enables assets to be classified on a scale, supporting decisions on whether a column requires replacement or can remain in service subject to periodic re-testing. The dry-coupled testing system can assess columns efficiently without the need for intrusive investigation. This helps asset managers obtain meaningful condition information while minimising disruption to the infrastructure and surrounding environment. The new RLS instruments have been manufactured using updated technology that automatically captures test results and can transfer data remotely. The new instruments are handheld which can be used with minimum disruption to the public and without opening the column door. The instruments meet our UKAS accreditation requirements for the ‘Relative Loss of Section’ (RLS) structural testing of lighting columns. Results can also be uploaded electronically into a client’s asset inventory, helping eliminate manual data handling and making inspection information more readily available for ongoing asset management. Better data. More confident decisions. For infrastructure managers, testing is about more than identifying individual defects. Reliable, consistent condition data is critical to understanding asset risk, prioritising interventions and planning future maintenance and replacement programmes. Kiwa CMT’s enhanced service is designed to turn inspection results into actionable asset intelligence. By combining structural and electrical testing with accurate asset data, clients can develop a more complete understanding of their lighting infrastructure and make decisions based on evidence rather than assumptions. With electrical inspection of lighting assets required at prescribed intervals and structural testing typically undertaken every two to five years depending on asset condition and risk, a planned testing programme can help asset owners identify emerging issues before they become more costly or disruptive problems. The Kiwa CMT approach supports risk-based asset management and aligns with relevant industry guidance, including the Institution of Lighting Professionals’ Guidance Note 22/19 (GN22), as well as BS 7671 requirements for electrical safety. Kiwa CMT’s UKAS-accredited services provide additional assurance for organisations responsible for the safety, compliance, and performance of lighting infrastructure. Stephen Spensley at Kiwa CMT, says: “Our enhanced testing and inspection service gives asset owners the information they need to make confident decisions about their lighting infrastructure. “By combining robust testing technology with high-quality asset data, we can help clients identify risk, prioritise maintenance and replacement, demonstrate compliance and improve operational efficiency. “The latest enhancements to our RLS™ system further strengthen the certainty and value we can provide. For organisations responsible for large and often ageing lighting inventories, having reliable condition information is critical to managing risk and making the best use of available resources.” For more information about Kiwa CMT’s testing and inspection services for illuminated assets, visit https://www.kiwa.com/gb/en-gb/services/testing/testing-and-inspection-of-illuminated-assets/ Building, Design & Construction Magazine | The Choice of Industry Professionals
How to Avoid 6 Common LVT Fitting Mistakes
LVT can give a renovation the appearance of timber, stone or tile without using the original material, but the finished floor depends heavily on what happens before the first plank is laid. A smooth surface on day one does not compensate for moisture, movement or poor preparation underneath. That matters whether you are refurbishing your own home, preparing a rental property or managing flooring as part of a wider fit-out. Click LVT and glue-down LVT also behave differently, so the installation method needs to be considered alongside the product, substrate and conditions in the room. Check the Floor Before the Material Arrives One of the easiest mistakes is treating LVT as a finish that can simply cover whatever is already there. In practice, the substrate forms part of the flooring system. What is the new floor sitting on, and do you know whether it is dry, stable and suitable for the chosen product? Before work starts, establish what the LVT will sit on and whether preparation is needed. If those checks show that preparation and installation need to be considered together, LVT fitting should be planned before the flooring is ordered rather than left until fitting day. Urmston Carpets supplies LVT for homes in Greater Manchester and can introduce you to an independent professional fitter for the installation. 1. Starting With an Uneven Subfloor LVT is relatively thin compared with many other floor finishes, so the condition of the substrate can have a noticeable effect on the finished surface. Ridges, damaged boards and poorly prepared joints may remain visible or affect how the flooring performs. Guidance from the National Institute of Carpet and Floorlayers stresses the importance of resilient flooring being installed over a subfloor that is sound, smooth, level and dry. Preparation also needs to suit the particular substrate rather than following the same process in every room. Before the floor goes down, check the basics. Preparation can add time to a project, but discovering a problem after installation is far more disruptive. 2. Treating Moisture as an Afterthought A floor may look dry without being ready to receive a new covering. Residual moisture in a substrate matters with resilient flooring, so visual inspection alone is not enough where moisture could be an issue. That makes moisture assessment part of installation planning rather than an optional extra. The acceptable conditions depend on the flooring system and preparation products being used, so the relevant manufacturer requirements are more useful than a fixed rule of thumb. 3. Assuming Click and Glue-Down LVT Need the Same Approach Click LVT and glue-down LVT can produce a similar visual finish, but their installation methods are not interchangeable. Click LVT is normally assembled as a floating system, while glue-down LVT is bonded to a prepared substrate. That difference affects preparation, movement and the details around the perimeter of the room. Choosing the product first and working out the installation requirements afterwards can lead to avoidable changes once the project is already under way. 4. Ignoring Site Conditions and Acclimatisation Temperature and room conditions matter before LVT is unpacked and laid. A cold property that has been empty during winter presents a different fitting environment from an occupied room at its normal temperature. Acclimatisation requirements vary between LVT products. Skills England lists acclimatisation of materials as part of planning for flooring installation, alongside manufacturer requirements and site conditions. The instructions for the specific LVT product should therefore determine how the material is stored and when installation can begin. Rushing this stage can leave problems that only become apparent after the room is back in use. 5. Setting Out the Floor Too Late Layout is not only an aesthetic decision. The starting position affects cuts at walls, the appearance of doorways and the way a plank or pattern sits across the room. It deserves attention before adhesive is spread or the first row of a floating floor is locked together. Spending time on the layout before fitting begins can prevent narrow cuts at prominent walls or awkward pattern changes at doorways. 6. Leaving Heating and Finishing Details Until the End The final details should be part of the installation plan, not decisions made once most of the floor is already in place. Underfloor heating is a good example. The floorcovering, adhesive where used and heating system all need to be compatible. The Contract Flooring Association has published underfloor heating guidance covering key installation requirements for resilient flooring. Finishing details deserve the same attention. These details take up little physical space, but they are often among the most noticeable parts of the finished job. When LVT May Not Be the Right Choice LVT works well in many residential and refurbishment settings, but it should not be treated as the answer for every floor. If the substrate needs extensive structural repair, the immediate priority is the floor underneath rather than the finish on top. The same applies where moisture remains unresolved. Sometimes the better flooring decision is to deal with the building first and return to the finished surface afterwards. Plan the Installation Before Fitting Day Many LVT problems are easier to prevent before the flooring arrives. Substrate condition, moisture, installation method, room layout and site conditions should all be understood before work reaches the fitting stage. Before ordering, confirm the exact LVT product and have the existing floor assessed. Samples can then be checked in the room itself, while a professional fitter can identify preparation, transition and heating requirements before they become last-minute decisions. Good preparation means fewer decisions have to be made once fitting is already under way.
AmTrust Unveils Plans for Landmark 70-Storey London Skyscraper Beside the Gherkin
US insurance group AmTrust has unveiled ambitious plans for a major new office skyscraper in the heart of the City of London, with proposals for a landmark tower potentially rising to 70 storeys and approximately 300 metres beside the iconic Gherkin. The proposed redevelopment of Exchequer Court at 33 St Mary Axe would deliver more than 1.08 million sq ft of Grade A office accommodation, representing one of the largest new commercial development opportunities currently being advanced in the Square Mile. Designed by leading architectural practice WilkinsonEyre, the scheme would transform the existing office complex into a major new addition to London’s evolving skyline, incorporating extensive commercial floorspace alongside public gardens, cultural facilities and improved pedestrian connections. The development would also reinforce the City of London’s ambitions to accommodate continued growth in financial and professional services through the delivery of modern, sustainable office buildings. A New Landmark for London’s Financial District The proposed skyscraper would stand alongside some of the capital’s most recognisable commercial buildings, including 30 St Mary Axe, widely known as the Gherkin. At approximately 300 metres, the tower could reach a height comparable to the proposed One London development at 1 Undershaft, placing it among the tallest buildings planned for the City. Although reports have suggested a height of around 70 storeys, the precise height has not yet been confirmed within the initial public consultation material. AmTrust has appointed Sir George Iacobescu, the former Chairman of Canary Wharf Group, to help steer the redevelopment. Iacobescu brings extensive experience in delivering large-scale commercial property and regeneration projects, having spent 36 years helping transform London’s former Docklands into the internationally recognised financial district of Canary Wharf. He stepped down as Chairman of Canary Wharf Group in July 2024. Upper Brook has been appointed development manager for the Exchequer Court project, working alongside WilkinsonEyre and the wider professional team to progress the design and planning process. More Than One Million Square Feet of Grade A Offices The development is being designed to respond to demand for large, modern office buildings capable of accommodating major corporate occupiers within the City of London. The proposals include substantial office floorplates of approximately 21,000 to 23,000 sq ft, providing flexible commercial accommodation suited to businesses seeking high-quality working environments. AmTrust believes the development could contribute approximately 8% to 10% of the additional commercial workspace identified as necessary under the City of London’s emerging planning strategy to 2040. The scale of the project reflects the continuing transformation of the Square Mile, where developers are seeking to deliver larger, more efficient office buildings capable of meeting changing occupier expectations around sustainability, technology, workplace wellbeing and operational performance. For the construction sector, a development of this magnitude would represent a substantial programme of complex high-rise construction, involving specialist structural engineering, façade systems, mechanical and electrical installations and significant logistical planning within one of London’s most densely developed commercial districts. Public Gardens, Cultural Spaces and Improved Connections Beyond its commercial accommodation, the proposed redevelopment places considerable emphasis on creating new publicly accessible spaces and improving the surrounding urban environment. Initial consultation proposals include approximately 37,600 sq ft of additional public space across the ground and lower levels. These areas would accommodate cultural, exhibition and events facilities, helping establish the development as a destination for visitors and the wider community rather than solely an office building. A particularly prominent feature would be a free-to-access, double-height urban garden on the seventh floor, offering views towards the neighbouring Gherkin. The landscaped space would provide an elevated public environment within the heart of the financial district, introducing additional greenery and opportunities for recreation. At street level, the building would be set back to create a new public courtyard, while improved pedestrian routes would strengthen connections through the site and surrounding streets. The proposals reflect the growing importance of public realm investment within major commercial developments, where new office buildings are increasingly expected to contribute positively to the wider urban environment. Heritage Considerations Shape Architectural Design The proposed development occupies a particularly sensitive location within the historic City of London. The site lies beside the Grade I-listed St Helen’s Bishopsgate Church and within the St Helen’s Place Conservation Area, requiring the architectural team to carefully consider the impact of the new tower on surrounding heritage assets. WilkinsonEyre is developing the building’s form and orientation to respect important views of the historic church and maintain an appropriate relationship with the surrounding streetscape. The proposals include adjustments to the tower’s positioning and massing, alongside the creation of additional open space at ground level. Balancing the delivery of a substantial new skyscraper with the preservation of historic surroundings will be a central consideration as the project progresses through consultation and planning. The existing Exchequer Court building dates largely from the 1970s and underwent extensive refurbishment following damage caused by the 1992 Baltic Exchange bombing. AmTrust acquired the property for £105 million in 2017 and holds a long leasehold interest in the site. Sustainability and Carbon Reduction at the Heart of Proposals Sustainability will form an important part of the redevelopment strategy, with the design team exploring opportunities to reduce the building’s environmental impact through efficient building services, renewable energy and the retention of existing structural elements. The proposals include retaining sections of the existing basement, an approach intended to reduce embodied carbon associated with demolition and the construction of new below-ground structures. Energy-efficient mechanical and electrical systems, renewable energy technologies and additional planting are also being incorporated into the emerging design. These measures will support the development of a modern commercial building that responds to increasing expectations around environmental performance and long-term operational efficiency. The project team includes WSP as multidisciplinary engineer, Bidwells as planning consultant and SLA as landscape architect. Futurecity has been appointed to develop the cultural strategy, helping shape the proposed exhibition, events and public facilities. Planning Application Targeted for Early 2027 AmTrust has described the proposals as a significant long-term investment in London’s commercial property market. Chaya Cooperberg, Chief People and
Waitrose Launches £1bn Retail Expansion with First New Supermarket in Eight Years
Waitrose has opened its first new full-line supermarket in eight years, marking a significant milestone in the retailer’s £1 billion investment programme to expand and modernise its UK store portfolio. The opening of an 18,000 sq ft supermarket in Cricklewood, North London, signals a renewed commitment to physical retail investment, with further store openings, new site acquisitions and an extensive refurbishment programme planned across the country. The new Cricklewood supermarket, operating under the retailer’s ‘Home of Food Lovers’ concept, represents Waitrose’s first newly opened full-line supermarket since 2018 and forms part of a wider strategy to strengthen its presence in established and emerging residential communities. The investment comes as major UK retailers continue to reassess their property portfolios, focusing on modern store environments, improved customer experiences and locations that can support long-term growth. New Supermarkets and Convenience Stores Planned Across the UK Following the Cricklewood opening, Waitrose is preparing to launch another supermarket in Hale Barns, Greater Manchester, in November 2026. The retailer has also confirmed the acquisition of four additional sites, with new stores expected to open from 2027 onwards. These include a neighbourhood supermarket in Oakham, Rutland, alongside three convenience stores in Bedminster, Bristol; Chalk Farm, London; and Springstead Village, Cambridge. The latest acquisitions demonstrate Waitrose’s approach to expanding its retail estate through a combination of larger supermarkets, neighbourhood stores and smaller convenience formats. This strategy will enable the retailer to establish a presence in different types of locations, from established urban centres to growing residential developments. For the commercial property and construction sectors, the expansion represents a pipeline of retail development opportunities, with new stores requiring investment in building design, interior fit-out, mechanical and electrical installations, refrigeration, building services and associated infrastructure. £1bn Investment Programme Driving Store Modernisation The new openings form part of Waitrose’s £1 billion multi-year investment strategy, which encompasses the expansion of its physical retail estate, improvements to existing supermarkets and continued development of its online and wholesale operations. A substantial element of the programme is focused on upgrading established stores to meet changing customer expectations and improve the overall shopping environment. Waitrose is undertaking 29 store refurbishments during 2026, highlighting the importance of reinvesting in existing retail property alongside new developments. These refurbishment projects represent a significant programme of work across the retailer’s estate, supporting the continued evolution of supermarket interiors, store layouts and customer facilities. The investment reflects the wider transformation of the UK grocery sector, where retailers are increasingly combining physical store improvements with digital services and more flexible shopping formats. Tina Mitchell, Retail Director at Waitrose, highlighted the importance of the supermarket estate to the company’s future growth. “Our supermarkets provide the ultimate showcase for everything that sets Waitrose apart – from our unmatched quality and industry-leading welfare standards to the expert service of our partners,” she said. “Opening Cricklewood as our first new full-line supermarket in eight years marks an important step in bringing Waitrose closer to more communities.” Mitchell added that the retailer would continue investing in appropriate locations while developing its online offering and wider store network. Further Retail Developments in Bristol and Berkshire Alongside the newly acquired locations, Waitrose is progressing plans for two previously announced developments. These include a new convenience store in Ascot, Berkshire, and a substantial 30,000 sq ft supermarket at Brabazon in Bristol. The Brabazon development is particularly significant from a property perspective, reflecting the role that major food retailers can play in supporting emerging residential neighbourhoods and large-scale regeneration projects. New supermarkets can provide important commercial anchors within mixed-use developments, helping establish local amenities, attract additional investment and create employment opportunities as new communities grow. The proposed Brabazon store will also add to Waitrose’s presence in Bristol, where the retailer has separately acquired a site for its new Bedminster convenience store. Together, the projects demonstrate how supermarket operators are adapting their property strategies to serve both established communities and areas undergoing residential expansion. Renewed Confidence in Physical Retail Investment Waitrose’s latest expansion marks a notable return to new supermarket development after an eight-year period without a full-line opening. The combination of new-build stores, acquired locations and refurbishment projects also highlights the continued importance of high-quality physical retail environments, despite the growth of online grocery shopping. For developers, architects, contractors and specialist fit-out companies, investment programmes of this scale underline the opportunities associated with modernising the UK’s supermarket infrastructure. Retail developments increasingly require adaptable building layouts, efficient operational facilities and carefully considered customer environments, alongside the integration of modern building services and technology. Waitrose’s strategy also demonstrates the importance of selecting locations that align with changing residential patterns and the growth of new communities. With the Cricklewood supermarket now open, Hale Barns scheduled to follow in November and further locations planned from 2027, the retailer is entering a new phase of investment in its UK property portfolio. Supported by its £1 billion expansion and modernisation programme, Waitrose is positioning its physical store network as a central element of its future growth, bringing new retail facilities to communities while creating further opportunities for the UK construction, commercial property and retail fit-out sectors. Building, Design & Construction Magazine | The Choice of Industry Professionals