West End rents plummet as hedge fund bubble deflates

first_imgPrime rents fell by 29% from £120/sq ft at the ends of 2007 to £85/sq ft by the end of 2008,’ the property consultancy said.‘The boom in the hedge fund sector meant they paid scant regard to the property costs they were taking on,’ said James Gillett, NB’s director for Central London markets. ‘The sector’s high profitability meant that they were willing to substantially outbid the rest of the market to get their staff into the right space quickly.’He said the falling rents are also only part of the story with the vale of incentives, such as rent free periods, increasing sharply.Vacancy in the West End increased from 4.7% in the third quarter of last year to 6.6% by the end of the year.By comparison vacancy in the City increased over the last quarter of 2008 from 9.6% to 11% and City of London rents fell by 19% as the credit crunch impacted on the financial services sector.William Naunton, head of real estate at law firm Eversheds, said rents will be effected further by D2’s 100,000 sq ft Fortress House at Savile Row which is due to complete imminently.’The hammering of the hedge fund industry has led to a sharper than anticipated fall in West End office rents,’ he said. ‘We anticipate that the decline in rents will continue as Fortress House comes to the market and the impact of surplus space in the secondary market is felt.’last_img read more


Lloyds to close 1,000 branches

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Travel Trinkets

first_img Share jet set candy gold chrysler building movable charm, new york city The world is a big place, but now you can carry it with you. Designed for the adventurer in all of us, Jet Set Candy offers a distinctive jewelry line of necklaces, bracelets, and rings. Nicole Parker King, graduate of the Rhode Island School of Design and former creative director at L’Oreal, traveled to six continents and over 50 countries before she created her unique jewelry company.While living in India for three and a half years with her husband, an Australian diplomat who is now with the United Nations, an idea was born.“I was able to learn a tremendous amount about jewelry design and production as well finding some of the factories we work with to this day,” King explained about her time in India.Jet Set Candy debuted its first collection when the couple returned to New York in October 2014. For the sixth generation New Yorker, it was a symbolic place to begin the journey. One of her first charms was the Chrysler Building, which held title as the tallest building in the world back in 1930. The Chrysler charm is still one of King’s favorite pieces in the line.Each piece of Jet Set Candy jewelry is available in sterling silver, 14-karat vermeil, or solid gold, and there is something for a variety of tastes. The line includes, for example, airport code Luggage Tag charms, a customer favorite, passport stamps, city street signs, and iconic city landmarks. The Francophile might especially enjoy the Champs Elysees sign with Joe Dassin’s lyrics on the back.A unique piece is the Russian Matryoshka nesting dolls charm. “A little gold vermeil doll unscrews to reveal a mini silver doll, which unscrews to reveal a tiny rose gold doll. One of my favorites is the charm of the sign What Happens in Vegas Stays in Vegas. It comes with a miniature pair of handcuffs that open and close. Our shakers are fun, too — limitless cocktail shakers that open and come with the recipe,” said Peggy Healy, the company’s vice president of corporate relations and special events.“I like taking really stereotypical souvenirs and finding a way to miniaturize them and elevate them,” King said of her effort to create collectable travel souvenirs with a line of wearable keepsakes.Jet Set Candy has been involved with the Hampton Classic Horse Show since 2015, with plans to return next summer. For the person who loves a little bit of everything, there’s a “spinner” piece with multiple wording. The Hamptons Planner Spinners read “Staying In Quogue, South, East, Bridge, Water Mill, Sag Harbor, Amagansett or Montauk,” where the “Getting There” spinner reads “Jitney, Luxury Liner, LIRR, Zipcar, Range Rover, Yacht, Helicopter, Sea Plane.”There’s also the Wanderlust Collection that features inspirational quotes such as “Not all those who wander are lost.” The Fashion Capitals modular charm bracelet has an attachment with each ring.Set to launch in early 2019 is a capsule collection with Ela Rae jewelry. It will be the first collaborative collection since the company’s launch. Jet Set Candy is also ready to open the doors to its first store in Grand Central Station in the spring.As for how King prefers to travel? She enjoys collecting local art from different cities, exploring museums amid the world’s capitals, and finding local flare in dive bars while returning to the comforts of a chic boutique hotel or large five-star resort to unleash her next creative moment.‘Tis the season, and any online purchases over $100 using promo code HAMPTONS between now and December 24 will receive 10 percent off. All are packaged in a choice of several colors with hidden travel quotes and maps. You can find the entire collection at Jet Set Candy’s website, www.jetsetcandy.com, www.bloomingdales.com, or boutique stores in the popular getaway destinations of Aspen, Nantucket, Palm Beach, and Anguilla, or even in the New York Public Library’s gift shop.nicole@indyeastend.comlast_img read more


Linde to build new ASU in Germany

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Clucking hell

first_imgSubscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Subscribe now for unlimited access Get your free guest access  SIGN UP TODAY Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletterslast_img read more


Airbus flies with Rickmers-Linie

first_imgThe contract covers the transportation of fuselage sections, designed for the Airbus A350 XWB series and will run over a period of several years. “We are looking forward to this cooperation with Spirit,” said Gerhard Janssen, director Marketing & Sales at Rickmers-Linie. “We are proud to become part of the supply chain for Spirit in its deliveries to Airbus.” Janssen said that the contract shows that the shipping line’s regular scheduled liner services for heavy lifts and project cargoes is sought after by customers.last_img read more


Exploring kung fu

first_img 1 of 2 Junaid Chafeker’s book, Kungfu My journey, the history. Junaid Chafeker reads from his book, Kungfu My journey, the history, which was launched in Athlone late last month. Junaid Chafeker is originally from Athlone but now lives in Goodwood. His book, Kungfu “My journey, the history”, he says, was 10 years in the making and is the first part of his full story.In the 1990s, Junaid travelled to China to learn kung fu, but it was in 2009 that he decided to start writing about his experiences and everything he had learnt about China’s rich culture and history“I also wrote about the kung fu world championships in China and the United States from 2004 until 2016 and how I represented South Africa there.”The book was launched at the Eagle Hall in Athlone on Saturday September 30, and there will be another launch at the Cape Town library on Thursday November 28.The first three chapters of the 11-chapter book tell how Islam arrived in China and how the Hui Muslims developed their own style of kung fu in the north of the country.The book also tells of Junaid’s childhood on the Cape Flats, his martial-arts training and his many achievements, including the 16 gold medals he has won for South Africa.The book is dedicated both to the youth of South Africa – to encourage them to work hard and stay positive – and to his mother, Salma, who died about a month ago. “She was my inspiration,” he says. “She was a white woman who married an Indian man and gave up her white identity to marry him. She fought against apartheid and was part of the student uprising. She was a strong woman who stood for justice and believed that even if you stand on your own if you tell the truth it’s okay.”He says his family, including his wife, Salma, and his sister, Zainab, have always supported him. For the past three years, he has been teaching kung fu to pupils from underprivileged schools, through his non-profit organisation, the M.J.Li Kungfu Foundation. “This book is dedicated to all the women in the country and focuses on how men need to treat the women in their lives and how they should adjust their mindsets to take care of women.”The book costs R150 and will be available for sale in November. For more information, call Salma at 081 711 1211 or 082 454 3027. center_img Junaid Chafeker reads from his book, Kungfu My journey, the history, which was launched in Athlone late last month.last_img read more


Trump joins Scott in push for speedy repair of Lake O dike

first_imgTrump joins Scott in push for speedy repair of Lake O dike Published: October 27, 2017 5:41 AM EDT Updated: October 7, 2018 2:53 PM EDT Do you see a typo or an error? Let us know. SHARE WASHINGTON President Donald Trump is doubling down on efforts to repair the Herbert Hoover Dike that surrounds Lake Okeechobee.Trump sent a memo instructing federal Director of Office Management and Budget Mick Mulvaney to fast-track work on the dike, parts of which date to the 1930s. The project has been a major focus of Gov. Rick Scott, a close political ally of the president.MORE: New reservoir south of Lake Okeechobee brings concernsScott tweeted a thank-you to Trump along with a statement from the White House late Thursday.Thank you @POTUS for working with Florida to help fix the Herbert Hoover Dike at Lake Okeechobee. pic.twitter.com/PYd6Nujh8R— Rick Scott (@FLGovScott) October 27, 2017“The federally operated Herbert Hoover Dike is in desperate need of repair,” Scott said. “Since I have taken office, it has been one of my top priorities to protect Florida families and our environment by getting this critical project completed.”Trump pledged in April to accelerate work on the dike so it could be done by 2022. Thursday’s memo didn’t make mention of a timeline.The U.S. Army Corps of Engineers cites the need to protect the dike for frequent water releases from the lake into the Caloosahatchee and St. Lucie river estuaries. Those releases have been blamed for brown, murky water and toxic algae on the coasts.MORE: Water concerns grow on Fort Myers Beach, around Lake Olast_img read more


Pay curbs hinder Whitehall lawyer hires

first_imgPublic sector pay curbs are hampering an ambitious initiative to build a critical mass of commercial lawyers in Whitehall, a senior civil servant has claimed.Claire Johnston (pictured), a director general of the 1,400-lawyer Government Legal Department, has also pledged to tighten up procurement after discovering that a ‘significant’ proportion of the £105m spent annually on external law firms is not being channelled through the government’s legal services framework.The department has in recent times ‘brigaded’ its commercial lawyers to establish a dedicated commercial law group, Johnston said.She added: ‘Many government departments had one or two commercial lawyers. A small number of government departments had more significant numbers, [such as] the Ministry of Defence… [There] were a lot of little tiny pockets of commercial law expertise. We wanted a proper structure with a proper senior expert.’Johnston said it is ‘quite clear that the government has got to seriously get a grip on its commercial capability and wants lawyers to help it do that’.However, she conceded that the civil service has a struggle to lure lawyers from private practice.She said: ‘It has been challenging but not impossible. What we’re seeing with our commercial policy colleagues is that they, too, are looking at how they square the need for this high-level private-sector-type expertise with civil service pay structures and grading structures, and an announcement that pay rises are going to be no more than 1% for the next four years, for example.’GLD diversity champion Naomi Mallick told the conference that the service should be representative of the communities the government serves. The service is ahead of the civil service as a whole, but a two-year action plan will try to improve diversity declaration rates and focus on social mobility.Johnston said the department had moved to review its external legal spending as a commercial imperative. ‘We do have a framework for external legal services [but] we weren’t sure that was working very well. We needed to find out what government is spending on external legal services. That was actually not that simple to do.’The figure turned out to be £105m per year, she added, but ‘quite a significant amount’ was not going through the framework.The current framework, which expires on 31 January 2017, will be replaced with four procurement ‘blocks’, which will be in place by the end of this year.last_img read more


Bolton and Macclesfield firms on ‘pay shame’ list

first_imgTwo solicitors’ firms have been named and shamed as employers that failed to pay the minimum or living wage to some of their staff. In one case the shortfall, due to what the firm called a miscalculation, amounted to roughly 50p per affected employee per week. Bolton-based Adamsons Law and Macclesfield firm Amanda Cunliffe Solicitors featured on a list published by the Department for Business, Energy and Industrial Strategy yesterday of firms ordered by HMRC to top up pay that fell short of minimum rates. The list, of 360 businesses, shows employers who failed to pay eligible workers at least the new living wage rate, currently £7.20 for workers aged 25 and over.According to the list, Adamsons, which specialises in divorce and personal injury cases, failed to pay £3,161.67 to one worker. Compensation claim firm Amanda Cunliffe Solicitors failed to pay £248.39 to five workers.A spokesperson for Amanda Cunliffe Solicitors said it ‘absolutely respects and delivers’ minimum wage requirements.’There was an unfortunate occurrence a number of years ago where minimum wage was not paid as a result of a miscalculation. HMRC worked out the underpayment based on an hourly rate divided by 52.1429 weeks per year as opposed to 52 weeks. Over 100 staff are employed by our firm and we owed less than £50 each to five workers accrued over a two-year period. We addressed and rectified the situation with each of these workers immediately. ‘We fully support the need for minimum wage legislation to protect workers. We have adjusted our systems internally to ensure that a discrepancy like this never happens again,’ they added.Adamsons had not responded to a request for comment at the time of publication.Business minister Margot James MP said: ‘Every worker in the UK is entitled to at least the national minimum or living wage and this government will ensure they get it. That is why we have named and shamed more than 350 employers who failed to pay the legal minimum, sending the clear message to employers that minimum wage abuses will not go unpunished.’last_img read more