News: A joint venture project between UK property development companies Chatham Works and Manhattan Loft Corporation has been approved by local council authorities in London, reports Construction Enquirer. The GBP100mn (US$160mn) project will see the construction of a large ' fashion hub ' destination in the Hackney Central area , comprising two seven-storey buildings which will become home to various specialised fashion outlets and workshops . London mayor Boris Johnson commented that the plans are the latest to be approved as part of the ' wider economic regeneration of Hackney ' , emphasising the training opportunities that will be provided by the stitching academy to be developed within the new facility.
BMI View: Consumer dynamics and retail demand have yet to return to pre-crisis levels in the UK. Nevertheless, in the interceding years, the UK retail landscape has undergone a transformation, particularly in terms of property desirability. While London remains attractive across the board due to the city's consumer potential, broader trends demonstrate the fall of the high street, and the rise of online retail. Nevertheless, as indicated by newswire activity from H113, retail real estate maintains an atmosphere of dynamic supply and demand, particularly in the most desirable locations.