Morrisons Weighs £1bn Property Financing as Turnaround Gathers Pace

Morrisons Weighs £1bn Property Financing as Turnaround Gathers Pace

Morrisons is exploring a potential £1bn property financing deal as it looks to strengthen its position in an increasingly competitive grocery market. According to reports in a leading financial news outlet, the Bradford-based supermarket group has appointed property advisory firm CBRE to assess options for raising funds secured against part of its substantial freehold store portfolio. Sources indicate that discussions remain at an early stage and are unlikely to centre on a traditional sale-and-leaseback arrangement of the kind widely used by major grocers in previous decades. Instead, one option under consideration is a medium- to long-term borrowing facility secured against a selection of Morrisons supermarkets. While any transaction could potentially raise up to £1bn, neither the final structure nor the scale of a deal has been confirmed. Morrisons operates around 500 supermarkets across the UK and employs approximately 95,000 people. The business was taken private in 2021 by US buyout firm Clayton, Dubilier & Rice in a deal valued at close to £10bn including debt. Since then, performance has been mixed. Aldi overtook Morrisons last year to become the UK’s fourth-largest supermarket by sales, intensifying pressure on the chain to regain lost ground to competitors such as Sainsbury’s and Aldi. In 2023, Morrisons appointed Rami Baitieh, formerly of Carrefour, as chief executive in a bid to drive a turnaround strategy. One of Morrisons’ distinguishing features is its extensive property ownership. The company holds the freehold on roughly 80% of its store estate, one of the highest proportions in the sector. Industry sources suggest that releasing £1bn through either a sale-and-leaseback or a leverage-based structure would still leave the business with about 60% of its stores in full ownership. The supermarket has also been steadily reducing the debt taken on during the 2021 acquisition, with roughly £1bn of takeover financing reportedly still outstanding. During the competitive bidding battle for Morrisons, Clayton, Dubilier & Rice committed to limiting major disposals of store freeholds for a defined period. Since then, most real estate activity has focused on non-store assets. In 2024, the company entered into a partnership with investment firm Song Capital, which paid £370m for the right to receive income from 75 Morrisons supermarkets over a 45-year period. Alongside Asda, Morrisons is one of the UK’s major grocers now under private equity ownership. Asda is owned by TDR Capital, with former parent Walmart retaining a minority financial stake. Last month, Morrisons reported what it described as strong Christmas trading results. Rami Baitieh said the 2024/25 financial year marked another period of renewal and modernisation, highlighting twelve consecutive quarters of like-for-like sales growth, stable EBITDA and maintained market share despite challenging economic conditions. Morrisons declined to comment on the prospect of a property financing deal. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Silk Street scheme scaled back as developers seek City backing

Silk Street scheme scaled back as developers seek City backing

Developers behind the proposed 1 Silk Street office scheme have reduced the height of the project in a renewed effort to secure planning approval from the City of London Corporation and address concerns raised by Barbican residents. Lipton Rogers and LaSalle Investment Management have submitted revised plans for the Skidmore, Owings & Merrill-designed building, trimming more than 10 metres from the western side of the block. Three storeys have been removed from the section facing Cromwell Tower, following criticism over daylight loss, massing and the impact on the neighbouring Barbican Estate. Under the updated proposals, the western portion of the building will now rise only three storeys above the existing Linklaters headquarters it is set to replace, rather than six as previously planned. The eastern side of the scheme will retain its original height, maintaining alignment with the taller commercial buildings nearby. The design team says the revisions significantly reduce visual and daylight impacts. External terraces have been removed to prevent overlooking, while measures including obscured glazing, façade fins and automated blinds have been incorporated to address privacy concerns. Despite the reduction in scale, the scheme will still provide 91,142 sq m of Grade A office accommodation, approximately five per cent less than initially proposed. The development is aimed at large trading-floor occupiers, with market forecasts suggesting a potential shortfall of prime office space in the City by 2028. Public realm and cultural elements have also been strengthened. Plans include a new plaza on Silk Street to create a clearer gateway to the Barbican Centre, alongside a redesigned 2,282 sq m public realm and a pedestrian arcade linking Moorgate and Liverpool Street directly to the Barbican. In addition, nearly 1,300 sq m of retail and restaurant space is proposed, together with a new performance venue, Silk Street Hall, and a community-focused Creative Community Lab, reinforcing the scheme’s ambition to blend commercial development with cultural and civic benefit. Building, Design & Construction Magazine | The Choice of Industry Professionals

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The Design Secrets of a Luxury Park Bungalow Home

The Design Secrets of a Luxury Park Bungalow Home

Choosing a home later in life often means finding a balance between style and practicality. Many people over 45 are now looking towards park bungalows as a way to simplify their daily routines without giving up the comforts of a high-end property. These homes are perfect for downsizing or upgrading to a space that has been specifically designed for ease of movement and relaxation. Modern construction methods and thoughtful interior layouts have transformed these properties into sophisticated living spaces. Whether you’re planning for retirement or simply want a more manageable garden, exploring the architectural advantages of these homes can help you make an informed decision. Open-Plan Living and Natural Light One of the most striking features of a high-quality bungalow is the emphasis on open-plan spaces. Architects focus on creating a seamless flow between the kitchen, dining, and living areas to make the home feel much larger than its footprint might suggest. This layout is particularly helpful for socialising, as it allows you to interact with guests while preparing a meal or making tea. Large, high-performance windows are a staple of these designs, often stretching from floor to ceiling in the main living zones. This ensures that the interior is bathed in natural light throughout the day, which can significantly improve your mood and well-being. By choosing one of the many luxury park bungalow communities across the UK, residents can enjoy these bright, airy spaces in some of the country’s most beautiful rural and coastal settings. Built for Energy Efficiency and Comfort Sustainability is at the heart of modern park home design. These bungalows are built to the BS3632 standard, which is a specific set of building regulations ensuring the property is suitable for year-round permanent residency. This means the walls, floors, and roofs are fitted with superior insulation that keeps the heat in during the winter and reflects it during the summer. Because of these high standards, you will often find that your monthly utility bills are lower than those of a traditional brick-and-mortar house. Most homes come equipped with: Smart Storage and Manageable Outdoor Spaces A common concern when moving to a smaller property is where to put everything. Designers solve this by integrating clever storage solutions into the very fabric of the home. You will often find walk-in wardrobes in the master suite, fitted cupboards in the hallway, and integrated appliances in the kitchen that save valuable counter space. Outside, the design continues to focus on low-maintenance living. Each bungalow typically features a private garden area at the front and rear, along with space down the sides for a driveway. These gardens are large enough for a bit of light potting or a patio set, but they don’t require hours of heavy weeding or lawn mowing. It’s the perfect setup for someone who wants to enjoy the fresh air without the physical strain of maintaining a massive estate. Shared Spaces and Owner Connections While the individual homes provide plenty of privacy, the overall layout of the development is intended to foster a sense of fellowship. The streets are designed to be quiet and pedestrian-friendly, making it easy to stop and chat with neighbours. Instead of a busy public clubhouse, many developments provide dedicated spaces for owners to meet and share experiences. This community-focused design is one of the biggest draws for those aged 45 and over. Knowing that your neighbours are of a similar age and share your values provides a level of security and peace of mind that’s hard to find in a standard residential street. It’s about creating an environment where you feel both independent and supported. Points to Remember A luxury park bungalow is far more than just a smaller home. Every detail, from the open-plan layout to the superior insulation standards, has been considered with the resident’s comfort, wellbeing, and independence in mind. For those aged 45 and over who are thinking about their next move, these properties offer a compelling combination of beautiful design, energy efficiency, and genuine community. You don’t have to choose between a home that looks good and one that works well for your lifestyle; the best park bungalows deliver both. Whether you’re drawn to a coastal setting, a quiet countryside retreat, or a well-connected market town location, there’s likely a park bungalow community that fits the life you’re looking to build. It’s worth taking the time to explore your options and, if possible, visiting a development in person to get a true feel for the space and the community around it.

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How Accurate As-Built Data Reduces Construction Risk in Renovation Projects

How Accurate As-Built Data Reduces Construction Risk in Renovation Projects

Renovation projects are inherently more complex than new builds. Unlike greenfield construction, refurbishment requires working within the constraints of existing structures, undocumented modifications, and ageing mechanical systems. When original drawings no longer reflect actual site conditions, the risk profile of the entire project changes. Across commercial, educational and mixed-use developments, inaccurate existing-condition data remains one of the leading causes of budget overruns, coordination failures and on-site delays. The Hidden Cost of Inaccurate Existing Conditions Many renovation schemes begin with legacy drawings that may be decades old. Over time, buildings undergo structural reinforcements, plant upgrades, rerouted services and internal reconfigurations. These changes are not always properly recorded. The consequences typically emerge during construction: Each of these issues carries direct financial impact — additional labour, material waste, programme delays and contractual disputes. For developers and main contractors, the problem is rarely poor design intent. It is uncertainty at the data level. As-Built Data as a Risk-Control Mechanism Accurate as-built documentation transforms renovation from assumption-driven planning to evidence-based execution. When field conditions are captured precisely and translated into structured digital datasets, project teams gain clarity before construction begins. High-resolution 3D laser scanning allows for: This approach enables design coordination to occur in a controlled digital environment rather than on-site under time pressure. In complex refurbishment schemes, professional as-built drawings services and construction documentation in the USA provide the geometric certainty required to reduce exposure to downstream construction risk. Improving Coordination Across Disciplines Renovation projects often involve multiple stakeholders — architects, structural engineers, MEP consultants, contractors and specialist subcontractors. Without reliable existing-condition data, coordination becomes reactive rather than proactive. Verified as-built datasets support: When spatial uncertainty is reduced at the outset, coordination meetings focus on optimisation rather than problem-solving. Programme and Cost Predictability One of the most significant advantages of accurate existing-condition documentation is improved predictability. Unexpected site conditions frequently trigger variation orders and programme extensions. By identifying geometric inconsistencies early, teams can adjust designs prior to procurement and installation. This leads to: For developers operating within fixed funding structures, this predictability directly influences financial performance. Supporting Digital Construction Workflows Modern construction increasingly relies on digital coordination environments. BIM-based workflows, off-site fabrication and modular integration all depend on dimensional accuracy. If base geometry is flawed, digital coordination models cannot deliver their intended value. Accurate as-built data supports: As refurbishment activity continues to grow across the built environment, the integration of scanning and structured documentation is becoming a foundational step rather than an optional enhancement. From Risk Exposure to Controlled Delivery Renovation will always carry a higher risk profile than new construction. However, the magnitude of that risk depends on the quality of information available at the start of the project. When existing conditions are verified through precise measurement and structured documentation, uncertainty shifts from the construction phase to the planning phase — where it can be managed more effectively. For contractors and developers seeking to minimise financial exposure and protect programme integrity, investing in accurate as-built data is no longer a technical preference. It is a strategic risk-management decision.

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Historic George Hotel Set for £30m Comeback as GMI Begins Work

Historic George Hotel Set for £30m Comeback as GMI Begins Work

GMI Construction Group has started preparatory works ahead of a £30m renovation and restoration of Huddersfield’s landmark George Hotel. The Grade II* listed building, which has stood empty since 2013, is being transformed into a 108-room hotel featuring a bar, restaurant, gym and conference facilities. Located opposite Huddersfield railway station, the prominent site occupies a key position on St George’s Square. Once completed, the revitalised hotel will be operated by Radisson Hotel Group under its Radisson Red brand, marking the first Radisson Red hotel in Yorkshire. GMI has been involved in the project for the past two years, working alongside Kirklees Council, which acquired the property in August 2020. A central challenge has been striking the right balance between safeguarding the building’s historic character and ensuring its long-term commercial viability. Revised proposals secured approval in October 2025 as part of the Huddersfield Blueprint regeneration programme, clearing the way for main construction works to commence. The scheme will retain and restore the hotel’s distinctive stone façade, preserving its historic frontage onto St George’s Square. At the rear, two additional storeys of accommodation will be added in a design intended to complement rather than compete with the original architecture. Ed Weston, GMI’s regional director for Yorkshire, said the company was proud to deliver a landmark project that restores a significant part of Huddersfield’s heritage while contributing to long-term economic growth and community renewal. He noted that the transformation reflects a commitment to careful, high-quality delivery that respects the building’s historic importance. Councillor Graham Turner, Kirklees Council’s cabinet member for finance and regeneration, described the scheme as one of the flagship projects within the Huddersfield Blueprint. He said the George Hotel acts as a gateway building into the town centre and, once refurbished, will help strengthen the local economy while offering visitors a prime place to stay. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Bethnal Green Set for 520-Bed Student Scheme as Telford Living Submits Plans

Bethnal Green Set for 520-Bed Student Scheme as Telford Living Submits Plans

Telford Living has submitted plans for a 520-bed purpose-built student accommodation scheme in East London’s Bethnal Green. The UK residential arm of CBRE-owned Trammell Crow Company has lodged a planning application with the London Borough of Tower Hamlets for the development on the former LEB Building site off Cambridge Heath Road. Designed by Allford Hall Monaghan Morris, the proposed scheme will comprise a mix of cluster flats and self-contained studios, alongside dedicated student amenity space. Plans also include ground-floor community space and affordable retail units, shaped by pre-application discussions with local stakeholders. Alex Taylor, head of Telford Living, said there is clear and well-documented demand for dedicated student accommodation in this part of Tower Hamlets, given its proximity to major universities and strong transport links. He added that the 520 high-quality PBSA units would help meet this need while delivering a carefully considered building designed to integrate positively with the surrounding neighbourhood and contribute to wider regeneration benefits. The submission follows extensive pre-application engagement with both Tower Hamlets and the Greater London Authority. Telford Living is seeking to unlock another tightly constrained urban site at a time when funding pressures and viability challenges across the capital continue to intensify. Building, Design & Construction Magazine | The Choice of Industry Professionals

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