Weekly Property Round Up
Jack Christie, our newest property trainee, is back from his Mongolian travels to bring us the latest property news from around the world; China, California, Wales and Shoreditch all feature in this week's update.
Electric cars on the up
The car industry has taken massive criticism this week, particularly Volkswagen, as allegations rise relating to the rigging of emission tests. Amidst this, Tesla Motors have decided to open a flagship store at 449 Oxford Street in the heart of London.
The electric car company are also set to move to a larger factory in California, to increase building capacity to 1,000 car a week. They are reportedly paying £1 million to rent the 3,500sq ft property from Tribeca, who bought the building in 2013, are also trying the other vacant units with high end retailers, such as a stand alone Dyson store and a flagship Swatch Omega store.
On Wednesday the Chancellor announced further links between China and the U.K. when he announced a £1.2billion deal to create 18,000 new jobs and to build 10,000 new homes in Sheffield, Manchester and Leeds, funded by Hualing's investment. This is the beginning of the plan to increase British exports to £1trillion a year, and having the Chinese as their second largest trading partner by 2025.
Development in Wales
Whilst the Welsh team travel to Twickenham this weekend to face England in the Rugby World Cup, the capital they left is being redeveloped by a partnership between Legal & General and Rightacres. The schemes first phase will be to develop the area surrounding the Millennium Stadium in Cardiff, with the BBC Wales HQ and One Central Square being first on the list.
The plan is intended to be completed by January 2016 and expected to cost £400 million. George Osborne praised the plan as it "gives confidence to the Welsh economy" and will help create 10,000 new jobs.
Boris Steps In
Boris Johnson this week has stepped in to review the planning of the Bishopgate Goodsyard scheme in Shoreditch. The plan was revised earlier this year to reduce the height of the towers from 34 and 30 floors to 30 and 26 respectively, whilst reducing the number of residential units from 1,464 to 1,356. The plans have met with fierce opposition from local residents due to the lack of affordable housing.
The site has stood derelict for 50 years and the plan was to increase the office space from the Tech Centre of London, which Boris has heavily supported. This decision now rests in the Mayor's hands, who has stated he is committed to looking at all the evidence before making a decision.