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JW Marriott to debut in Spain

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Marriott International has signed an agreement to introduce the JW Marriott brand to Madrid, offering discerning guests a new destination to rediscover a balance in mind, body and spirit, in the heart of the city. Located in the central Plaza de Canalejas, JW Marriott Madrid will be developed by Millenium Hotels Real Estate as part of their lease agreement with a wholly-owned subsidiary of Belagua and is expected to open in 2022.

 

“Having recently opened our 100th JW Marriott hotel worldwide, we are excited to debut the JW Marriott brand in Madrid. This incredible city is home to iconic architecture, an enviable culinary scene as well as stunning parks and botanical gardens, and the new JW Marriott Madrid is located in the heart of it all,” said Jenni Benzaquen, Senior Vice President and Managing Director, Design Hotels & Europe, Middle East and Africa Brand portfolio, Marriott International. “JW Marriott encourages guests to be mindful and present, and we believe the brand is particularly suited to today’s luxury traveller who seeks enriching, rejuvenating escapes paired with rich culture and exceptional service.”

 

The hotel’s design will be led by local architects Arvo Arquitectura de Juan, with interiors by the Madrid team at Rockwell Group. Design plans are expected to offer a sense of balance and warmth, inspired by the principles of mindfulness, using natural elements, interesting textures and tactile spaces. The restored property is expected to offer 139-guestrooms which will include two floors of suites, all featuring outdoor terraces. Plans for public spaces include a lobby bar, a distinctive restaurant and wellbeing spaces.

 

“We are delighted with the acquisition of this spectacular, historical asset and to announce that it will become part of the iconic JW Marriott brand and the first JW Marriott hotel in Spain,” said Javier Illan, President of Millenium Hotels Real Estate. “This property will perfectly demonstrate Millenium Hotels’ investment focus to acquire incredible properties to become the very best luxury hotels in prime areas of major cities, operated by the finest brands. In this case, the hotel is in an extraordinary location in Plaza de Canalejas, one of the most exclusive areas of Madrid, with an even brighter future ahead as one of the capital’s leisure, cultural, and culinary centres.”

 

JW Marriott Madrid’s central location will offer guests the ideal base from which to explore the city’s key cultural attractions including three museums, the Prado, the Thyssen-Bornemisza and the Museo Nacional Centro de Arte Reina Sofia. Next to the hotel, a luxury shopping experience can be enjoyed at Galeria Canalejas which offers more than 40 boutiques. The hotel is just 20 minutes by car from Madrid-Barajas International Airport.

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Sirius Real Estate sells London business park for €18.8m (GB)

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Sirius Real Estate has agreed to the sale of an asset in Camberwell, London, for €18.8m (£16m), representing a NIY of circa 2%. The property formed part of the portfolio Sirius acquired in November 2021 with its purchase of BizSpace, the leading provider of regional light industrial, workshop, studio and out of town office units across the UK. The sale price represents a 94% premium to the valuation at the time of Sirius’ acquisition of BizSpace.

 

The multi-tenanted business park, which comprises approximately 34,700ft² of industrial and office space is 91% occupied following a series of asset management measures delivered through the BizSpace platform. The sale is expected to complete in July 2022.

 

Commenting on the transaction, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “This disposal is further proof of the latent value in the BizSpace portfolio we acquired late last year, the price being significantly ahead of last September’s valuation on which our purchase was based, and the attractive sale follows our recent announcement that we had since improved like-for-like rental income across the portfolio by 7.5%. The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline. Bringing together the Sirius and BizSpace platforms, with a strengthened management team at BizSpace, is already delivering strong results and operational synergies that will enhance our UK portfolio.”

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Southwold beach hut which is 10ft wide with no running water or electricity up for sale for £250,000

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A beach hut in an upmarket seaside town which is famed for its celebrity visitors has gone on the market for a record £250,000.

The price is believed to be the highest ever to be asked in the UK for a hut which people are not allowed to sleep in – and is double the cost of a three bedroom terraced house just 10 miles away.

The hut, numbered 149 and called ‘Here’s Hoping’, measures 10ft 6ins wide and is in a prime position on the promenade in the Edwardian town of Southwold, Suffolk.

The resort has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis.

Beach huts on the south coast can be more expensive with selling prices for some in Dorset exceeding £500,000.

But the huts in Southwold, which have no electricity or running water, are subject to strict local by-laws which ban anyone from sleeping overnight.

A beach hut called 'Here's Hoping', pictured, which sits on the promenade of the upmarket seaside town Southwold in Suffolk, Doset, famed for its celebrity visitors, has gone on the market for a record £250,000

A beach hut called ‘Here’s Hoping’, pictured, which sits on the promenade of the upmarket seaside town Southwold in Suffolk, Doset, famed for its celebrity visitors, has gone on the market for a record £250,000

The price is believed to be the highest ever to be asked in the UK for a hut which people are not allowed to sleep in. The hut, called 'Here's Hoping' and numbered 149, measures 10ft 6ins wide and is in a prime position on the promenade in the Edwardian town

The price is believed to be the highest ever to be asked in the UK for a hut which people are not allowed to sleep in. The hut, called ‘Here’s Hoping’ and numbered 149, measures 10ft 6ins wide and is in a prime position on the promenade in the Edwardian town

The resort has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis. Beach huts on the south coast can be more expensive with selling prices for some in Dorset exceeding £500,000

The resort has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis. Beach huts on the south coast can be more expensive with selling prices for some in Dorset exceeding £500,000

The buyer will still have to pay annual ground rent of £998 and will only have 18 years left of a 30 year lease, although there will be an option to renew.

They will be able to enjoy spectacular views from a veranda overlooking the beach and the North Sea, while being just a short walk from pubs, restaurants and shops.

But just 10 miles away in Lowestoft, Suffolk, there are several homes up for sale, priced between £120,000 and £140,000.

But the huts in Southwold (pictured), which have no electricity or running water, are subject to strict local by-laws which ban anyone from sleeping overnight

But the huts in Southwold (pictured), which have no electricity or running water, are subject to strict local by-laws which ban anyone from sleeping overnight

Southwold beach (pictured) has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis

Southwold beach (pictured) has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis

Huts in the best locations within Southwold, which is famed for its Adnams brewery, pier and lighthouse, are rarely on the market and some have been in the same family or generations

Huts in the best locations within Southwold, which is famed for its Adnams brewery, pier and lighthouse, are rarely on the market and some have been in the same family or generations

Several semi-detached homes in the area offer three bedrooms, one bathroom and two reception rooms, and is located 0.1 miles away from Lowestoft railway station.

Another property on the market is a £90,000, three-bed semi-detached bungalow at Broadlands Park and Marina in Lowestoft which has a garden, one bathroom and one living room.

The listing for the beach hut boasts that it has ‘glazed double folding doors’ and ‘a number of storage cupboards’.

The previous highest price asked for one of Southwold’s 300 beach huts was £150,000 in September 2018.

Prices have soared since then as property prices have continued to increase and the demand for staycation breaks following the Covid epidemic has boomed.

Huts in the best locations within Southwold, which is famed for its Adnams brewery, pier and lighthouse, are rarely on the market and some have been in the same family or generations.

Several semi-detached homes in the area offer three bedrooms, one bathroom and two reception rooms, and is located 0.1 miles away from Lowestoft railway station

Several semi-detached homes in the area offer three bedrooms, one bathroom and two reception rooms, and is located 0.1 miles away from Lowestoft railway station

Many are rented out for around £600 a week to visitors who flock to the town.

The latest asking price is more than double the price of a three bedroom terrace house on the market for £110,000 around ten miles away in Lowestoft, Suffolk.

More than half the properties in Southwold are second homes and the full-time population is now below 1,000, putting extra strain on local services.

Earlier this year, councillors unveiled plans to try and stem the number of second homes in the town and make more affordable housing possible for local people.

A spokesperson for estate agent Flick & Son, which is selling the hut, said: ‘I am sure it will go very quickly.

‘There is a high demand for huts and we expect there will be a bidding war in the end.’

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EU will retaliate to any unilateral action on NI protocol, Coveney warns

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British prime minister Boris Johnson has been warned of the consequences of unilateral action on the Northern Ireland protocol, including the prospect of “retaliatory” action from Europe.

On the eve of Mr Johnson’s visit to Belfast, the Government and Sinn Féin said moves to disapply parts of the protocol risked damaging east-west relations.

Minister for Foreign Affairs Simon Coveney spoke of a “landing zone” for negotiations and indicated that the European Union was willing to make adjustments through “partnership and dialogue” due to what he said were “legitimate concerns” within unionism about the operation of the protocol.

However, he also said that if London moved unilaterally it would make matters “significantly worse” and that “then the EU will be forced to respond to that with some form of retaliatory action”.

Mr Coveney said it was not “helpful” to expand on what form that might take, but that a response “would be very negative”.

Taoiseach Micheál Martin said “there is a real and urgent obligation now” for Britain to engage with the European Commission “in a real and professional way to resolve issues that have been raised”.

Powersharing

Ahead of talks between Mr Johnson and Northern Irish political leaders aimed at restoring powersharing at Stormont, Sinn Féin’s northern leader Michelle O’Neill said unilateral action would “represent an appalling attack on the international rule of law”.

“Only through joint agreement with the EU can solutions to problems or concerns be resolved,” she said.

“I will be telling Boris Johnson that unilateral action deepens political instability and economic uncertainty and must not happen.”

Ms O’Neill is to meet Mr Martin in at Government Buildings Dublin on Monday morning ahead of her meeting with Mr Johnson.

Mr Coveney travels today to Brussels for a meeting of the EU Foreign Affairs Council and will later speak with EU negotiator Maros Sefcovic and British foreign secretary Liz Truss, who is expected to announce legislation on Tuesday that will unilaterally override central elements of the protocol.

Speaking to The Irish Times, Mr Coveney said Mr Sefcovic is open to making “significant progress” on the protocol.

“I believe there are solutions we could pursue and we can agree relatively quickly if there was an attitude to do so on both sides,” he said. “But we need a partner in London to do that, not a partner that is making threats of unilateral action.”

Envoy

The Minister also said he believes it is “likely” that US president Joe Biden will appoint an envoy to the North, saying the US administration is “extremely interested” in marking 25 years since the Belfast Agreement next year with “its institutions intact and functioning as they need to be”.

Mr Johnson is expected to affirm his commitment to the agreement and assert that he is not seeking to scrap the protocol. But Downing Street said ahead of his meetings with the North’s party leaders that he will not drop his government’s threat to unilaterally disapply parts of the protocol, which Mr Johnson agreed with the EU in 2019.

Downing Street said in a statement that Mr Johnson will tell party leaders that the door will always be open to “genuine dialogue” but that “there will be a necessity to act” and protect the Belfast Agreement if the EU does not change its position.

Writing in Monday’s Belfast Telegraph, Mr Johnson outlined that the protocol “has not been adapted to reflect the realities of the [Trade and Co-operation Agreement]”. He will signal that there is “without question a sensible landing spot in which everyone’s interests are protected”. However, he said that if the EU’s position does not change, “there will be a necessity to act”.


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