Accordingly, Land Securities has a price to book ratio of 0.64, British Land 0.70 and Hammerson 0.71 with yields of 4.3 per cent, 4.7 per cent and 4.9 per cent respectively. Just the other week, Hammerson rebuked a takeover approach by Klépierre, the largest mall operator in Europe, which […]
‘Utter greed’: Bolton Ryder Cup plan runs into local opposition
Ambitious plans to bring golf’s Ryder Cup to Bolton have swung off course after 10,000 residents, MPs and conservationists called on the government to block the proposals. A property firm, the Peel Group, has been given planning permission to build a championship golf course, luxury hotel and 1,000 executive homes on Grade II-listed green belt land with the aim of hosting the tournament in 2026.
The £240m project would be built on Bolton’s historic Hulton Park estate, which was formerly owned by the aristocratic family who inspired the TV series Downton Abbey. John Whittaker, the group’s chairman, said the work would restore “a crumbling treasure” and bring tens of millions of pounds to Bolton, but admitted it all hinged on being awarded the 2026 Ryder Cup. If the bid fails, the whole development would be off. A decision on the event’s host is expected late next year.
The bid has not been met with universal approval in Bolton, a town more famous for its cotton than its clubhouses. The council leader, Linda Thomas, called the proposals “insidious” before the town hall’s planning committee gave the scheme the green light last month. The town’s Conservative MP Chris Green and Labour MP Yasmin Qureshi have united in their disapproval, while the Bolton-born actor Maxine Peake has described the plans as “absolute madness fuelled by nothing more than utter greed”.
In London’s richest neighborhood, UK aristocrats are being replaced by overseas royalty as landlords
Britain’s capital is predominantly owned by just two aristocrats—the Duke of Westminster (paywall) and the Earl Cadogan. But in London’s richest neighborhood, Mayfair, extremely wealthy royalty from overseas are replacing UK aristocrats as landlords.
According to research by real-estate agency Wetherell, dukes, earls, lords, and ladies comprised of 80% of all Mayfair landlords back in 1945. This included the Duke of Westminster, the Rothschild family, and Marquess of Crewe. However, over the last two decades, those aristocrats have disbanded their trusts and sold off their portfolios in order for their children to buy properties of their own. The research shows aristocratic children have used their inheritance to buy large houses in other up-and-coming, affluent areas, such as Fulham, Wandsworth, and Battersea.
In Mayfair, where Knightsbridge and Chelsea are located, 33% of properties are privately owned homes, 21% are social housing, while 46% are privately rented. Of the landlords owning properties available for renting, 65% are professional firms or investors, mostly from Qatar, Saudi Arabia, Kuwait, Abu Dhabi, India, Nigeria, and Russia. The new landlords include the Sultan of Brunei, Emir of Qatar and his family, and Emir of Kuwait.
The UK’s current housing crisis: Can your empty property portfolio provide a social dimension?
and the section of people who cannot buy, nor are they eligible for social housing
GPE sells West End scheme to M&G for £50m
The deal reflects a net initial yield of 3.9% on a topped-up basis and a capital value of £1,362 / sq ft. After deduction for outstanding tenant incentives and rental guarantees, the net price is £48.3m, ahead of the September 2017 book value.
Michael Cohen case shines light on Sean Hannity’s property empire
When Sean Hannity was named in court this week as a client of Donald Trump’s embattled legal fixer Michael Cohen, the Fox News host insisted their discussions had been limited to the subject of buying property.
“I’ve said many times on my radio show: I hate the stock market, I prefer real estate. Michael knows real estate,” Hannity said on television, a few hours after the dramatic hearing in Manhattan, where Cohen is under criminal investigation.
Will Sean Hannity’s ties to Michael Cohen be his undoing?