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£3bn Affordable Homes Guarantee scheme announced in Spring Statement
14 March 2019The fund makes £3bn available for borrowing by housing associations, for the delivery of 30,000 new affordable homes.
Chancellor Phillip Hammond also announced the allocation of £717m from the Housing Infrastructure Fund to 37,000 ew homes on sites in West London, Cheshire, Didcot, and Cambridge, and the launch of the £1 billion Enable Build SME guarantee fund next month.
76 tall buildings expected to complete in 2019 in London
6 March 2019According to research by New London Architecture, the numbers of planning permissions for buildings of over 20 stories in London increased from 63 to 72, despite a slight dip in planning submissions for the same, from 78 to 75.
The numbers of anticipated completions tis year are boosted by delays to half of the 50 towers that were due fo completion in 2018.
London Mayor announces loan to rooftop developer
27 February 2019Sadiq Khan has announced that the London Assembly will loan £10m through the Innovation Fund to the Apex Airspace, which received £9m funding from Homes England in January 2019.
The developer uses modern methods of construction and has formed a number of partnerships with housing associations and local authorities to deliver affordable and Help to Buy homes.
NOA issues report on housing delivery performance
11 February 2019The National Audit Office (NAO) has issued a review of the Ministry of Housing, Communities and Local Government's performance in delivering housing targets. The report highlights the shortfalls in achieving housing targets, and recommends working closely with local authorities to assess risks to housing delivery targets, set out strategy to enable delivery, ensure infrastructure is funded, and plug in gaps in skills and capacity.
London is top investment destination for offices
7 February 2019According to a Knight Frank report, London beat Manhattan, Paris and Hong Kong, attracting £16.2bn of transactions in 2018. China is the largest source of inward investment from overseas, accounting 21% of the total, followed by South Korea (16%) and Singapore (9%). Domestic investment accounts for 17%.
Construction firms top company insolvencies in 2018
7 February 2019According to government statistics, there were nearly 3,000 new company insolvencies in 2018, the highest number in any sector. This was nevertheless 0.5% down compared to the 12 months to end Q3 2018.
Wholesale and retail trade and repair of new vehicles were second in terms of new company insolvencies, although adminstrative and support services a greater number of total insolvencies including bulk insolvencies.
Homes England funding boost includes for air rights homes
31 January 2019Communities secretary James Brokenshire has announced £500m funding boost for 11,000 affordable homes.
This includes £9m to fund 78 pre-fabricated homes to be built above existing properties across five sites over the next three years. The deal with Apex Airspace Developments is intended to encourage local authorities to promote use of airspace for new homes.
Annual house price growth slows
31 January 2019According to the Nationwide House Price Index, the annual growth for January slowed to a six year low at 0.1% compared to this time last year. Both properties coming on to the market and new buyer enquiries have slowed in recent months, despite employment growth, wage growth and low borrowing costs. Nationwide reports that the slowdown may be due to uncertain economic outlook, and expects growth in single digits if the economy continues to grow at modest pace.
Government publishes guidance for EU architects and construction products in no-deal scenario
25 January 2019The architects guidance states that the Architects Act of 1997 will be corrected in order to continue to recognise EEA qualified architects as close to current arrangements as possible, subject to immigration rules. Read the full guidance here > and the Read the EU advice for UK professionals in case of no deal here >
Construction products with the CE marking would continue to be able to placed in the EU market for a limited time. UK notified bodies under CPR are expected to be granted UK "approved body" status. Read the CPR guidance here>
London Mayor planning rent control
24 January 2019Sadiq Khan has announced plans to develop proposals to help stabilise or control private rent in London. This follows a poll which showed 68% of Londoners support some form of rent control.
The proposals are to be developed by Karen Buck, MP for Westminster North, together with James Murray, Deputy Mayor for Housing.
London Assembly Labour report urges abolition of Right to Buy
24 January 2019London Assembly Labour has published a report recommending abolishing right to buy in London, to stem the loss of affordable homes. The report highlights that the intention for one-to-one replacement has not been successful in numbers, unit-types, tenures or specificationand and that many of the units purchased under right to buy are now privately rented.
Other recommendations include amending right to buy covenants to prevent letting at market rents; exempting new council built homes from right to buy; and allowing councils first right of refusal if right to buy homes are sold on.
Contracts exchanged for third development plot at Nine Elms Park
21 January 2019Royal Mail and Galliard Homes have announced that contracts for the 0.9 acre development site has been unconditionally exchanged at Nine Elms Park for £22.2m. The plot has planning permissio for 262 residential units, providing 25% affordable housing.
Read more about the transaction >
Build to Rent continues to grow
21 January 2019The British Property Federation has published research showing a total of more than 139,500 build to rent (BTR) units completed, in construction or in planning in Q4 2018, a 22% increase over Q4 2017. The number of completed BTR units in the regions has caught up with London, with c. 5,000 more units in the regions in construction than in London.
Inflation falls to 2.1% in December
16 January 2019The Consumer Price Index (CPI) 12-month rate has fallen to 2.1% in December 2018, down from 2.3% in November. The biggest contributing factors for the reduction were the cost of petrol and air fares. However, these were somewhat offset by the cost of housing and household services, which include gas and electricity, Council taxes and rates.
For more information, click here >
PM's Brexit deal rejected
16 January 2019The House of Commons voted against the deal 432-202, a margin of 230 votes. Theresa May faces a no confidence vote today.
Record take up for large warehouse space in 2018
15 January 2019According to CBRE, the take up for warehouse spaces of over 100,000 sq ft over and over 10m high totalled nearly 31.5m sq ft in 2018, a record. This compares to 17.4m sq ft in 2017 and 29.3m sq ft in 2016.
Take up for online retailers hit a record high at 9.98m, accounting for 32% of all take up nationally. East Midlands continue to lead in this sector, accounting for c. 37% of all take up.
Building magazine survey reveals lack of readiness for no deal Brexit
11 January 2019According to the survey only 15% of the respondents have said they were "very ready" for a no-deal scenario. More than 55% of the respondents have not undertaken any scenario planning, and 49% have said they do not have any strategies in place for a no-deal scenario.
London offices take up remained strong in 2018
11 January 2019Knight Frank has reported a 5% increase of office take up in London in 2018, a 5% increase over 2017.
This was buoyed by deals over 50,000 sq ft in the final quarter, including 200,000 sq ft by WPP at 1 Southwark Bridge Road and 148,000 sq ft by McCann Group at 135 Bishopsgate.
TMTs accounted for the highest proportion of take up at 27%.
London development industry remains unimpressed with government as over 80% say they’re not doing enough
14 December 2018According to the Autumn 2018 London Development Barometer (LDB), the London property and development industry is unimpressed with the central and local governments when it comes to enabling development activity: 82% of the survey respondents believe they are not doing enough. This and other key findings have indicated that, overall, respondents are slightly more optimistic than a year ago, but less so than six months, including key indicators such as predictions on development activity levels. Improving townplanning policies and increasing funding for local authorities, transport, infrastructure and housing delivery remain the top two priorities for the industry. Read more here >
Crossrail and HS2 head resigns
7 December 2018Sir Terry Morgan has resigned as the chairman of HS2 and Crossrail. This follows the delayed opening and cost overrun of Crossrail, for which he had been chairman since 2009.
Allan Cook has been brought on to replace Sir Terry at HS2. His successor for Crossrail has not yet been announced.
Brexit draft agreement finalised
15 November 2018Theresa May has announced an agreed draft Brexit deal with a key point of contention regarding the border between Ireland and Northern Ireland is addressed by keeping the whole of the UK in the customs union until "... a subsequent agreement becomes applicable". In financial markets, UK has been given similar level of access as the US and Japan. EU citizens rights have been protected during the transition period.
A number of cabinet members including the Brexit secretary Dominic Raab has resigned over the draft deal. The intention is for Parliament to vote on the deal before Christmas. Read the full draft agreement here>
Take the London Development Barometer Autumn 2018
5 November 2018With the autumn budget and outcomes for the Brexit negotiations looming, how do you think the London development sector is doing? Six months ago, respondents were still critical of government efforts to boost developmen activity, with 82% saying they were not doing enough. However, they were slightly more optimistic about prospects. See Spring 2018 results here >
What do you think? Take the London Development Barometer survey here >
Read our LDB privacy statement and Personal Data and GDPR policy.
Mark Wild joins Crossrail
5 November 2018Mark Wild, currently Managing Director at London Underground, will be joining Crossrail as the chief executive temporarily. He replaces Simon Wright, who is stepping down "as planned" a week after Crossrail received a £350m to prop the Crossrail project following delays in opening of the project through the central section.
Nigel Holness will take over as Managing Director of the London Underground during this time.
Budget announces new high street fund
30 October 2018As well as the lifting of borrowing caps announced several weeks ago, the autumn budget outlined a new £475m fund to help transform high street, stamp duty relief for first time buyers of shared ownership properties, and further £500m for the Housing Infrastructure fund. The chancellor has also proposed reform to business rates and referenced upcoming reforms in response to the Letwin report.
Click here for the full speech >
Flexible market take up increases in regional cities
23 October 2018According to Savills research, Birmingham, Manchester and Glasgow had the highest take up in co-working and serviced offices sector last year, with figures in the first half of 2018 comparing favorably to a year ago. In contrast, take up in central London has slowed.
Influx of new entrants to the market providing high quality office space has pushed the rents up at the upper end of the market, lowering the rents for existing stock in order to remain competitive.
Mayor launches £10m Housebuilding Capacity Fund
22 October 2018The fund is intended to help councils, who are invited to bid for up to £750,00, to boost capacity, skills and knowledge for their planning and housing departments, in order to diversify and deliver housing. The priorities for the programme are to increase levels of housing supply by creating a new generation of council homes; supporting development on small sites; enabling proactive planning in areas with signifant growth potential; and ensuring optimal density.
Bloomberg' European Headquarters wins Stirling Prize
11 October 2018The 1.1 million sq ft development designed by Foster + Partners comprises two buildings connected by a bridge, as well as access the Bank Underground station, museum displaying Roman Temple of Mithras, retail and cafes.
Others on the shortlist were Bushey Cemetery by Waugh Thistleton Architects, Chadwick Hall by Henley Halebrown, New Tate, St Ives by Jamie Fobert Architects, Storey's Field Centre and Eddington Nursery by MUMA LLP, and The Sultan Nazrin Shah Centre by Niall McLaughlin Architects.
Borrowing caps for local authorities to be lift says PM
5 October 2018In her speech at the Conservative Party Conference, Theresa May has annouced that borrowing caps for local authorities will be lifted in effort to achieve the target of 300,000 new homes a year. This follows the increase of £1bn on that cap afforded by the Autumn 2017 budget in areas of high affordability.
PM pledges long term funding for housing associations
21 September 2018Speaking at the National Housing Federation summit, Prime Minister Theresa May has announced a £2bn fund to help housing associations build affordable housing themselves. The fund is intended to provide the sector with long term stability and abillity to leverage private finance.
RIBA Plan of Work updates on fire safety published for consultation
19 September 2018The Royal Institute of British Architects (RIBA) has updated its Plan of Work to incorporate elements of the Dame Judith Hackitt's post-Grenfell review. Among the proposed changes are to require consideration of Part B of Building Regulations to in Stage 2, while details drawings are approved in Stage 4 before start on site; independent inspection of construction works by the principal design and clerk of works are carried in Stage 5; and an inspection of post-rectification works by the same in Stage 6.
Consultations close 15 October. View the consultation documents here>
Carney extends Bank of England tenure to January 2020
12 September 2018Mark Carney was slated to leave his post as Bank of England governor until June 2019, but Government says the seven month extension would help smooth the Brexit transition and allow time to recruit his successor.
Deputy Governor Sir Jon Cunliffe has been re-appointed for a further five years.
Government warns developers over unsafe cladding
11 September 2018Communities secretary James Brokenshire has written to c. 60 developers to remove unsafe ACM cladding from nearly 300 buildings. As well as potentially facing legal action if the steps to avoid penalties are not taken, the government has also warned that they may be barred from government contracts.
New construction qualification to be launched
11 September 2018A new Level 3 Applied Diploma in Professional Construction Practice (PCP) is being launched today. Equivalent to an A-Level, the course covers modern construction mangement, including technology and innovation to broaden the appeal of the course and complement STEM subjects. It provides an early gateway into the profession and prepares students to progression into Level 4 built environment qualifications.
Northern HS2 legislation delayed
6 September 2018The bill to enable the construction of Phase 2B of HS2, which includes the lines between Crew and Manchester and between Leeds and Birmingham, have been delayed by a year, to 2020.
The Department of Transport says the lines will open in 2023 as planned.
House prices dip in August
31 August 2018According to Nationwide, house prices dipped in the last month by 0.5% to soften annual house price growth to 2%. Overall this remains within the range of 2-3% over the last 12 months.
Tracking the impact of Help-to-Buy, figures suggest that the scheme accounted for c. 8% of house purchase mortgages in 12 months to March 2018, with a greater share in the North and East Midlands.
Crossrail opening pushed back to Autumn 2019
31 August 2018The central section of the Elizabeth Line running from Paddington to Abbey Wood was due to open in December 2018, but has been delayed to allow more time for testing, completion of works and software development.
It is now estimated to open in autumn 2019.
IPPR calls for land market reforms
30 August 2018The IPPR Commission on Economic Justice has published a discussion paper linking wealth inequity, borken housing market, poor productivity, and macroeconomic instabilty to a "dysfunctional" land market.
Recommendations including reforming CPO laws, freezing prices at current use value, and ending highest bidder sales. Further recommendations are made for reforming the housing market, taxation, and finance sector regulation.
Government issues "no-deal" advice
23 August 2018Brexit Secretary Dominic Raab has announced that a series of technical advice will be published to help people and business plan in the case of a "no deal" scenario. The first 25 technical notices providing "practical and proportionate" advice are available here >
Raab says that c. 80% of the Withdrawal Agreement has been the agreed, and that he is "confident a good deal is within our sights." Read the full speech here >
Green paper on social housing published
15 August 2018The Government has published a Green Paper for social housing reforms for consultation. The proposals aim to address five principles: a safe and decent home; resolution of complaints; empowering residents and strengthening regulation; stigma around social housing; and increasing supply and home ownership.
Consultation closes 06 November.
PMI improves in July
6 August 2018July has seen the fastest rise in construction output since May 2017, according to the IHS Markit / CIPS Construction Market Purchasing Management Index (PMI). The PMI rose to 55.8 according to data collected in July, in comparison to 53.1 in June, with the fastest increase in residential wokr in 2.5 years.
Respondents have cited catch up from harsh winter conditions, improving demand and higher volumes of new project starts.
Heatwave report recommends building regs changes
31 July 2018The Environmental Audit Committee has published a report to address health, wellbeing and productivity for increasing frequency of heatwaves. Among the recommendations include requiring thermal modelling test and mandatory water usage standards as requirements for building regulations; discontinuing funding for modularisation; requiring SuDS in all new development; and introducing urban green infrastructure targets.
Stirling Prize shortlist announced
19 July 2018Winner will be announced 10 October. The shortlist comprises:
- Bloomberg, London, by Foster + Partners for Bloomberg
- Bushey Cemetery, by Waugh Thistleton Architects for The United Synagogue
- Chadwick Hall, by Henley Halebrown for the University of Roehampton
- New Tate, St Ives, by Jamie Fobert Architects with Evans & Shalev, for Tate St Ives
- Storey's Field Centre and Eddington Nursery, by MUMA LLP for the University of Cambridge
- The Sultan Nazrin Shah Centre, by Niall McLaughlin Architects for Worcester College
Housing minister Raab replaces Davis as Brexit secretary
9 July 2018Dominic Raab, MP for Esher and Walton has been appointed Brexit secretary following the resignation of David Davis on Sunday. Davis and junior Brexit minister Steve Baker resigned over the plan agreed by the Cabinet last Friday.
Raab is replaced with Kit Malthouse, MP for North West Hampshire, who has served as the undersecretary for family, support, housing and child maintenance at the Department for Work and Pensions.
Boris Johnson, the foreign secretary, has also resigned and has been replaced by Jeremy Hunt.
New London Award for 1FA, Broadgate
5 July 20181FA, Broadgate has been named the Unbuilt Winner - Offices for the New London Awards 2018. The sensitive refurbishment of the Grade II listed building, by AHMM, provides modernised offices and roof terrace within the retained envelope, while improving ground level amenities and permeability.
See all New London Awards 2018 winners >
Homes England agrees affordable housing partnerships
4 July 2018Homes England has announced the first wave of strategic partnerships to boost delivery of affordable housing. The deals with eight housing associations total £590m, to deliver 14,280 additional affordable homes by March 2022 including homes for social rent in areas of high affordability pressure.
MPs vote yes for third Heathrow runway
27 June 2018MPs have voted in favour of the controversial third runway at Heathrow Airport 415-119. The third runway is forecasted to increase the number of takeoffs and landings to c. 740,000 per year, from the current figures of c. 480,000.
The cost of the project is now projected to be c. £14 bn, with expansion of existing terminals rather than a new one.
Read the Airports National Policy Statement here >
Letwin review - draft analysis published
26 June 2018The independent review of build out rates headed by Sir Oliver Letwin has ruled out land banking by major developers as a cause for slow build out rates. It has also suggested that the planning system and infrastructure delays do not prolong build out rates per se, although the latter does delay start on site.
Build out rates are slowed by housebuilders holding back delivery to avoid flooding the market and lack of construction capacity.
Everyman Theatre signs on at 1FA, Broadgate
4 June 2018Everyman Theatre will take 11,000 sq ft across the ground and lower ground floors at 1FA, Broadgate, currently being refurbished. The 3 screen cinema is expected to open in 2019.
Find out more about the 1FA project here >
The Postal Museum shortlisted for Art Fund Award
2 May 2018The Postal Museum has been shortlisted for the Art Fund Museum of the Year award. The museum showcases Britain's postal heritage and features a 15-minute Mail Rail ride exploring the mothballed underground network that once transported mail from Paddington to Whitechapel. Since its opening in the summer of 2017, the attraction has boosted visitor numbers to the post office archives from 3,000 annually, to an anticipated 185,000 in its first year. Read more about The Postal Museum >
The shortlist for the prestigious prize also includes Tate St Ives, Glasgow Women's Libary, Ferens Art Gallery in Hull, abd Brooklands Motor and Aviation Museum in Weybridge. Winners will be announced 5 July.
Three new food and drink brands at Paddington Central
30 April 2018British Land has signed HUCKSTER, a new dining concept for London, to a 15-year lease for 4,700 sq ft at 4 Kingdom Street; as well as a 10-year lease with Lords of Poke for 840 sq ft and 10-year lease for 1,100 sq ft with Coco di Mama.
Since acquiring Paddington Central in 2013, British Land has invested £100 million into the transformation of the campus' public realm as well as the the construction of 4 Kingdom Street.
James Brokenshire named new Secretary of State at Ministry of Housing, Communities and Local Government
30 April 2018The Prime Minister has announced that James Brokenshire, a former Northern Ireland Secretary, will replace Sajid Javid as the Secretary of State at the Ministry of Housing, Communities and Local Government (MHCLG). Javid steps into the role of Home Secretary following the resignation of Amber Rudd.
Year-on-year office take up rises
17 April 2018JLL has reported a 14% rise in office take up in London in the first quarter of 2018, as compared to the same period a year ago. 28% of the transactions for 1.98m sq ft were on a pre-let basis.
The service industry, which includes serviced offices, accounted for 26% of the transactions, followed by TMT (22%), professional services (21%) and banking and finance (20%).
Pound at highest level since Brexit referendum
17 April 2018The pound sterling has reached its highest level against the US dollar at £1.437 since the results of the Brexit referendum in June 2016. While the pound has been steadily rising since its lowest at £1.2068 in January 2017, the increase is partially attributable to a drop in the value of the US dollar with the uncertainty around their trade policy.
The value of the pound is unchanged against the euro.
Pay deal for SME construction workers
16 April 2018The Federation of Master Builders (FMB) and union Unite have agreed a one-year pay deal that will see a pay rise of 3.1%. The rate increase comes into effect 25 June 2018 for general operatives, NVQ3 advance craft, and apprentices and trainees.
Built to rent completions surge by 45%
13 April 2018Completions also rose by 47%, compared to a year ago. The number of BTR units in planning stage also grew, albeit at a more modest 19%.
According to research by Savills on behalf of the British Property Federation (BPF), the build to rent (BTR) pipeline is growing and diversifying, with 17% of BTR schemes including houses as well as apartments.
Councils invest in town centres
13 April 2018Research by Revo and Carter Jonas has reported that counils acroos the UK has invested £3.8bn into commercial property between 2013 and 2017. The investments include nearly half on offices, and c. one-third on retail assets.
The primary driver for the investment is to help improve town centres, threats to which were seen by respondents to include online shopping, business rates and reduced demand from retailers.
Construction output falls again
13 April 2018According to ONS figures, construction output has fallen again in the three months to February 2018, with 0.8% overall dip. This was primarily due to decline in repair and maintenance, which was partially offset by growth in infrastructure and housebuilding activities. However, new work in infrastructure decreased by 9.4% in February, and construction as a whole experienced a decrease of 1.6%.
Consultation on restricting desktop studies for fire performance launched
13 April 2018The Government has published consultation papers in regards to tightening building safety regulations by restricting or banning the use of desktop studies as a means of asssessing fire performance fo external cladding systems. The use of desktop studies is being considered as part of Dame Judith Hackitt's independent review of building regulations and fire safety following the tragedy at Grenfell Tower. The results of will inform amendments to Approved Document B (fire safety).
Click here to read the consultation paper > Consultation closes 25 May.
Store openings on high streets lowest since 2010
11 April 2018According to a study by Local Data Company, online shopping has impacted the number of retail outlets on UK's high streets. It reported 4,083 new openings in 500 towns and cities across the UK, against closures of 5,855 shops - a net loss of 1,772.
Fashion outlets closed at the fastest rate, while the number of beauty salans, ice cream parlours, coffee shops and book shops increased.
Mimecast signs on to 1FA, Broadgate
11 April 2018British Land has signed Mimecast for a 15-year lease, on 79,000 sq ft at 1FA, Broadgate. The letting equates to 32% of the building's office space.
EU & UK agree "large part" of Brexit transition
19 March 2018Michael Barnier and David Davis have announced that the EU and the UK have agreed on several key issues regarding the transition period, which has been set to last from 29 March 2019 to December 2020. This includes an emergency "back stop plan" with regards to the Northern Ireland border; rights of the EU citizens currently in the UK and the vice versa, as well as those who arrive during the transition period; and that the UK would be able to negotiate and sign trade deals during the transition period, to come into effort after December 2020.
PM announces NPPF overhaul
6 March 2018The Government has published consultation papers to amend the National Planning Policy Framework. At the National Planning Conference over the weekend, the Prime Minister has signaled the intention to implement up to 80 proposals outlined in last year's Housing White Paper. Key targets include encouraging delivery of consented schemes and making available land for affordable housing, while protecting the Green Belt.
Consultations close 10 May 2018. See the consultation papers here >
May sets out Brexit negotiation tests
2 March 2018Theresa May has reiterated UK's intention to leave the single market following Brexit, and the call for a bespoke trade model. She has set out five fundamentals for future trade relationship: 1) fair and open competition 2) independent arbitration mechanism 3) means for regular consultation with EU 4) arrangement for data protection 5) enable "links between our people".
The Prime Minister has also set out set out five tests for negotiations with EU: The agreement must 1) respect the referendum 2) endure 3) protect jobs and security 4) be consistent with the kind of country [the UK wants] to be 5) strenghten the union.
1 Triton Square starts on site
2 March 2018Vacant posession has been achieved to enable start on site for the 366,000 sq ft commercial redevelopment, which includes 20,000 sq ft of retail and leisure and 10,000 sq ft of affordable work space. Construction commences with 310,000 sq ft of office space pre-let to Dentsu Aegis Network.
Eataly signs at 135 Bishopsgate
1 March 2018The Italian food hall and market place operator has signed on for 42,000 sq ft on the ground and first floors at Broadgate's 135 Bishopsgate. The refurbishment underway will increase retail space and improve access from both Bishopsgate and Exchange Square as well as provide high quality office space with roof terraces.
Opening in 2020, this will be Eataly's first location in the UK.
Investor confidence in UK commercial property remains high
20 February 2018According to Savills research, the outcome for 2017 was c. £65.4tn, an increase of 26% over 2016. Industrial property led the way, with volumes of 80% more than the previous year. Initial data for January 2018 shows a 66% increase over the same month last year across all sectors. Nearly half of the investment volume for 2017 was by overseas investors.
Prime yields have generally remained unchanged from the previous quarter.
World's tallest timber tower planned in Japan
20 February 2018Japanese Woods products company Sumitomo Foresty is planning to celebrate its 350th anniversary in 2041 with the construction of W350, a 350 m tall timber tower. At 70 storeys, the tower will be built with 90% wood and 10% steel, in a braced tube structure to withstand earthquakes.
The cost is estimated at 600 bn yen (c. £4 bn) - about twice as much as conventional tall buildings.
Brock Commons in Vancouver, Canada, is currently the tallest wooden building at 18 storeys and 53 m high.
Pre-let secured for 160,000 sq ft at 100 Liverpool Street
13 February 2018British Land has signed an agreement for lease with Sumitomo Mitsui Banking Corporation Limited ("SMBCE") for 161,000 sq ft at the 100 Liverpool Street redevelopment at Broadgate. SBMCE's letting represents 37% of 100 Liverpool Street's office space.
Mayor launches Small Sites, Small Builders programme
12 February 2018Ten Transport for London sites have been earmarked as pilot projects, delivering 111 new homes with 68% affordable housing in total. Each site has the capacity to deliver between 2 to 42 homes.
A review of the new process will be carried out for the pilot sites to determine how and when the programme can be used by other public sector organisations.
St Helen's Square opens
1 February 2018After 9 months on site, the public realm enhancement works to St Helens Square are now complete, with practical completion accomplished on 31st January 2018.
The new square provides an exciting and vibrant public realm space at the junction of Leadenhall Street and St Mary Axe, refreshing the backdrop to Aviva Tower and providing connectivity to the Galleria at The Leadenhall Building, opened in 2014.
Lord Adonis resigns from NIC
3 January 2018Lord Adonis served as interim Chairman since the launch of the National Infrastructure Commission (NIC) in October 2015 and Chairman since April 2017. His resignation comes as a result of "fundamental differences [with the Government] that simply cannot be bridged." These include policies on Brexit and the "indefensible" decision to bail out the Stagecoach/Virgin East Coast rail franchise.