What was The Buzz in May?
Our monthly roundup of real estate industry news.
Here are a few of the stories that caught our attention in May.
The Crown Estate and Lendlease form £24bn development JV
The Crown Estate and Lendlease are launching a new 50/50 joint venture partnership focused on building out Lendlease’s undeveloped UK land management portfolio. The joint venture could see more than 10m sq ft of workspace and circa 26,000 new rental and affordable homes delivered with a GDV of up to £24bn.
The portfolio comprises: 60 acres above and around Euston Station in London, with the potential to deliver circa 4.3m sq ft of commercial space and 2,000 new homes; 60 acres in Silvertown, London, with the potential to deliver circa 1.3m sq ft of commercial and 6,300 new homes; 40 acres in Smithfield, Birmingham, with the potential to deliver more than 2m sq ft of commercial space and 3,400 new homes; three land plots in Stratford Cross, London, with the potential to deliver more than 1.6m sq ft of commercial space; 250 acres of residential land in Thamesmead Waterfront, London, with the potential to deliver more than 11,000 homes and 880,000 sq ft of commercial space; and 27 acres in High Road West in Haringey, London, with the potential to deliver more than 100,000 sq ft commercial space and around 2,800 new homes.
Dan Labbad, chief executive of The Crown Estate, said: “With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.”
Arden University signs for new 94,000 sq ft London base at Stratford Cross
Arden University has chosen the Turing Building at Stratford Cross, on the edge of the Olympic Park for its new London base – cementing the area’s reputation as a hub for business, education and innovation. Arden University will occupy 94,000 sq. ft of this 350,000 sq. ft sustainable office building, designed by Arney Fender Katsalidis.
Part of Global University Systems (GUS), Arden University’s move to Stratford Cross reflects an increasing demand for high-quality, well-connected spaces that support both academia and business. The university will benefit from proximity to a growing network of world-class institutions, unlocking opportunities for collaboration and access to future talent.
Turing was the first building to be delivered as part of Lendlease’s joint venture with Canada Pension Plan Investment Board (CPP Investments) at Stratford Cross. Arden University’s arrival broadens Stratford Cross’ tenant mix, complementing its commercial offering and reinforcing its position as a destination that brings together business, education providers and cultural institutions.
More UK businesses looking to expand office footprint than downsize, Irwin Mitchell survey finds
More than four times as many UK businesses (45%) are looking to expand their office space in the next 12 to 18 months rather than to reduce it (10%) according to a new survey commissioned by law firm Irwin Mitchell. This shift comes as more workers return to the office to work, prompting many companies to reassess their current space allocations. 64% of those surveyed admit they overshot their downsizing efforts during the Covid era.
Of those planning to expand, 49% said they would do this by reconfiguring their existing premises rather than relocating to entirely new sites (23%). And in a vote for flex, 44% of respondents are considering incorporating flexible workspace options in their property portfolios – perhaps creating the “breathing space” needed as they adapt to evolving operational requirements.
Take-up of European data centre capacity set to grow at record rate in 2025, says CBRE
Take-up of data centre capacity in Europe is set to grow at its fastest rate in four years in 2025, despite a shortage of available space.
According to new research from CBRE, take-up of colocation data centre capacity is expected to grow to 855MW, or 22% year-on-year growth, in European markets this year. This compares to 699MW of capacity in 2024. If CBRE’s projection is realised, it will set a new data centre take-up record for Europe and will represent the highest year-on-year growth of take-up in Europe since 2021, when demand for capacity spiked.
Almost half (46%) of the annual take-up this year is expected to be in London and Frankfurt, the two largest colocation data centre markets of Europe.
Battersea Power Station gets green light for next phase of development
Planning consent for the next phase of Battersea Power Station has been granted, marking another major step in delivering the vision for the 42-acre regeneration project.
Battersea Power Station is to bring forward a new phase of residential, retail, community and leisure development having secured detailed planning approval from Wandsworth Council, completing Electric Boulevard, London’s newest high street.
This latest phase adds two new Gehry Partners designed residential buildings comprising 306 new homes. They will form an extension to the highly recognisable existing two buildings at Prospect Place, which are fully sold and occupied, and remain the only residential buildings in the UK designed by Frank Gehry, the world-famous architect and designer of the Guggenheim Museum in Bilbao. The ongoing focus on sustainability means these latest designs have a more modern aesthetic to reduce the carbon footprint while green roofs will also be present throughout both buildings, contributing to a minimum 10% biodiversity net gain.
Gehry Partners’ latest additions to the Battersea Power Station streetscape will juxtapose white sculptural facades, in a postmodern interpretation of John Nash’s neo-classical terraces that are stereotypical of Regency London, in contrast to the stark industrial brick architecture of the historic Power Station.
In a first for Battersea Power Station and in line with the project’s objective of creating a truly multigenerational community around the iconic Power Station, one of the new buildings, Prospect Place 3, is proposed to include senior living apartments, to be managed by a specialist operator for over 65s and includes access to additional care and on-site facilities.
UKREiiF is around the corner – here’s how to make it count
Our very own Leonie Cowton was also in press last month, sharing her insights into how to make the best of UKREiiF in the lead up, during and after.
