MORNING NEWS: Eli Lilly presses pause on London move
Good morning. Here is your morning bulletin with the latest news and views from EG, and some interesting headlines from the national press.
Eli Lilly has put its potential return to London on hold. The US-based pharma giant said it could turn its sights to somewhere else in Europe amid pricing and regulatory pressures in the capital. The firm shortlisted three sites in central London in March.
Administrators have been appointed for 5 Churchill Place, E14, a 313,000 sq ft office block on the Canary Wharf Estate owned by Cheung Kai Group.
Good morning. Here is your morning bulletin with the latest news and views from EG, and some interesting headlines from the national press.
Eli Lilly has put its potential return to London on hold. The US-based pharma giant said it could turn its sights to somewhere else in Europe amid pricing and regulatory pressures in the capital. The firm shortlisted three sites in central London in March.
Administrators have been appointed for 5 Churchill Place, E14, a 313,000 sq ft office block on the Canary Wharf Estate owned by Cheung Kai Group.
LondonMetric has reached an agreement for a £200m takeover of CT Property Trust.
Secondary office values have yet to hit the bottom of the market, Helical chief executive Gerald Kaye has predicted. He said the gulf between best-in-class stock and the rest will simply widen as interest rates rise further.
Bank of England governor Andrew Bailey has declared that inflation has “turned the corner”, ahead of official figures due today. But he told a Commons committee that the bank has “very big lessons to learn” over its handling of the situation.
Centre for Cities has warned that the shift to working from home risks undermining London’s position as an economic powerhouse.
And a third of tenants are spending more than half of their take-home pay on rent as the housing crisis risks becoming a “housing disaster”.
And finally, being Banksy-ed might not be the blessing some assume it to be. Homeowners in Lowestoft, Suffolk, have just spent £200,000 removing a 6m tall Banksy mural(£) of a seagull, along with its skip full of insulation “chips”. They made the decision to take down the wall after thieves stole the chips, vandals tried to paint over the seagull and the council told them to maintain it at a cost of £40,000 a year.
