Crawling from the wreckage

Article Abstract:

Sheraton Securities, Stanhope and Citygrove development companies all had bad experiences as a result of the decline in the UK property market in the early 1990s, following the boom period in the mid 1980s. Sheraton Securities had pre-tax profits of 4.07 million pounds in 1987 yet by 1991 the company had folded. Citygrove had several building projects in progress in 1987 but it also collapsed in the early 1990s. Stanhope was baldly affected by the fall in property values and it ceased trading in 1995. All three developers have since reentered the UK property market but they are all more cautious.

Real estate developers, Behavior, Real estate investment, Real estate investments, Business failures, Lipton, Stuart, Taylor, Peter (British television broadcaster), Whight, Paul

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Building prices rise with demand

Article Abstract:

The UK construction industry is facing increasing demand with office building take-up growing and businesses predicted to increase their output by about 7% during 1997-1999. The rate of inflation for the tender price of construction work is estimated to be between 4.5%-5.5% in 1997 yet builders fear that the general inflation rate may suddenly increase. An estimated 10% increase in the cost of labour and building supplies by 1999 will need to be included in tender prices. If the market continues to improve construction companies will be asking for margins of around 4% by 1998.

Construction industry, Finance, Office buildings

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Lofty ambition

Article Abstract:

Harry Handelsman introduced New York-style loft apartments to Britain when he formed the Manhattan Loft Corporation with John Hitchcox in 1992. The company adds apartment shells to the tops of buildings and allows the purchaser to design their own living spaces. The two men had to virtually finance their first project themselves, as the banks were not supportive, but the product has proved very popular and the company is now considering a flotation.

Apartment Developers, Management, Interview, Design and construction, Penthouses, Handelsman, Harry, Manhattan Loft Corporation

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