Posted Thursday 29th April 2021
The City of London has announced plans to convert a number of offices into residential dwellings. This is after learning that many of the businesses located in the square mile plan to work more flexibly following Covid-19. The City has suggested at least 1,500 homes will be created by 2030.
Anne-Marie Trevelyan, Construction minister, has promised significant housing regulation changes in the wake of the Grenfell Tower fire. According to Trevelyan, the new Construction Playbook will require developers to focus on quality and safety rather than reducing costs.
There may be good news for commercial landlords following a High Court ruling which has ordered The Fragrance Shop to pay Unibail-Rodamco-Westfield £160,000 in unpaid rent. The judgment was the first of its kind and will cause concern for retailers, while also giving some reprieve to landlords.
However, this isn’t the only High Court judgement in favour of landlords as Sports Direct, Cineworld, and Mecca have all subsequently been ordered to pay rent arrears accrued during lockdown.
The Government’s latest scheme, offering to guarantee 95% mortgages for homebuyers has had an instant impact. The number of mortgages offering this level of LTV has increased from three to 60+ in the short space of time since the announcement.
Despite the pandemic, there are more high-rise developments being planned this year than there were in 2019. While the capital did see a slow down during the height of the pandemic, optimism grew at the back end of 2020 with a number of developments given the green light.
This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.
Joelson, the leading London law firm, has successfully advised the sellers of Pet Microchip Services Ltd (PMS) on its sale to Identi.
Joelson has advised the company and management of Addison Lee on its acquisition by ComfortDelGro, a leading multi-modal mobility operator.
