John Lewis’ prized Oxford Street flagship will see its business rates tax rise 57 per cent from last year’s £12.68 million to £19.91 million under last year’s controversial revolution. According to real estate advisor Altus Group, the Oxford Street store will pay £41.01 million in business rates over the next 4 years of the business rates cycle, until the next revaluation in 2021. READ MORE: John Lewis rocked by 99% drop in HY profits That means John Lewis will be forced to pay an extra £14.82 million compared with the 2016-2017 tax levels, given the change in rateable value
A real estate investment trust that was spun off from Sears Holding Corp. has secured new financing from an early investor
Forest City, whose retail holdings include retail centers throughout New York City, is being acquired by a Brookfield real estate fund.
A noted full-service real estate services company in Florida has added Killearn Shopping Center in Tallahassee to its expanding portfolio.
New research from Begbies Traynor has found a 17 per cent rise year-on-year in London business reporting serious financial difficulty. The report found London was the country’s worst performing region, although the UK as a whole came up against serious headwinds in a tough economic climate. Begbies Traynor’s report found the number of UK companies facing ‘significant’ financial distress has increased nine per cent compared with last year
Overstock.com is entering the real estate market — again.
House of Fraser’s CVA is back under threat as a group of landlords has filed a legal challenge to the controversial insolvency process. A group of landlords have officially filed a petition in the Scottish courts, challenging embattled department store’s CVA, which was approved by creditors a month ago. The petition, understood to be the first posed against a CVA in Scotland, was filed on the grounds of alleged “unfair prejudice against certain creditors, as well as material irregularities in the implementation of the CVA”
The circus troupe will launch the first in a series of indoor entertainment experiences next year in collaboration with real estate firm Ivanhoé Cambridge.
Retail and shared workspaces are a match poised to thrive — both need real estate and benefit from many of the same amenities.
Retail real estate completions came in just under 8 million sq.