Posted by
14 May 2012
From Commercial Property Blog
With a countdown of just 72 days to the London Olympics, my week has been something of a marathon.
Still not quite in the Olympic spirit? Then I suggest seeing Chariots of Fire just opened at Hampstead Theatre which as you will know from the film of that name is based on the 1924 Olympics.
This inspiring and energetic production prompted a standing ovation and outpouring of a patriotic rendition of Jerusalem. It's well worth going to limber up for our Olympic summer.
I also paddled round (in the rain) the newly completed development at the wonderful Regents Park Open Air Theatre paid made possible by the fund raising efforts of the development committee, of which I was a member, chaired by Savills' Rupert Sebag-Montefiore.
For a truly magical and quintessentially English experience book now as the new season starts shortly and includes Midsummer Night's Dream. I'm told we will have a summer…. eventually!
This week's British Property Federation annual conference 'The road to 2020' was well attended and once again ably chaired by the BBC Today Programme's Sarah Montague who has become a popular fixture on the property circuit.
She was joined by after lunch speaker, BBC Economics editor Stephanie Flanders who it has to be said made some fairly dampening comments on the economy.
But on a slightly positive note, she felt that property can be part of the solution to UK economic crisis.
She pointed out that in 1934 the private sector built its way out of recession with 293,000 new homes (about triple last year's output). Underlining the extent of world turmoil she pointed out that a whopping 40% of world GDP is changing hands politically this year.
Looking on the 'glass half full' side in response to the inevitable question of when will the economic crisis end, she gamely opined that if we never get out of it we won't notice as this will become the new normality.
And will the euro survive? 'Yes but it won't necessarily work!' The panel sessions which produced some interesting conversations were controlled by Sarah Montague with her usual aplomb referring in passing to the property sector's 'tortured' relationship with the banks.
For light relief the week did contain a number of dinners, one in a particularly buzzy Mayfair restaurant where we had the unexpected bonus of being seated at the next table to the glamorous Gwyneth Paltrow and her musician husband.
I am pleased to report that one of our group Harvey Soning sprung into impressively chivalrous action to return Ms Paltrow's serviette within a nanosecond of it dropping to the floor. I'd like to think I'd get the same response.
During the week I was taken round the Kings Cross redevelopment (also in the rain but even the weather didn't detract from the experience).
This was my first visit since the early days of the original King's Cross Partnership think tank when our blue-sky thinking envisaged such revolutionary concepts as 24/7 shopping.
The forward to 'Stories' a beautifully illustrated book about the history and transformation of King's Cross starts 'Cities are made of stories and storeys.'
It is great to see the vision unfolding with the unique blend of heritage and award winning new buildings.
The 67 acre development provides 8 million square feet of mixed use space to include 2000 new homes and 40% of land will be open space.
Central St Martins are now well ensconced in their brand new home and the artistically attired students provide a colourful addition to the urban landscape.
In fact we are missing them in Holborn, their former home. And I never thought I would enthuse about a station but it has to be said that the revamped Kings Cross station with its John McAslan designed canopy is extremely impressive.
Although requiring a 7.30am start, the Jewish Care Property Investment Breakfast at the Dorchester Hotel was well worth the effort.
The guest speaker, Lord Alan Sugar, definitely didn't disappoint in a sparkling Q&A session chaired by property doyen, Philip Lewis.
Sugar described Twitter as 'a great tool but you have to know how to use it'. I don't disagree and it has to be said that he employs it very well.
He claimed not to know much about property which he dismissed as 'pretty boring' and 'not rocket science' although I'm not sure the audience were totally convinced.
And do you want to know what drives him personally? Unquestionably it's new technology and innovation.
He also made a telling point about the Americans being generally more positive in their outlook. He's noticed that they say things are better and eventually convince themselves that they are.
The power of positive thought! Maybe we can use it to improve the weather.
To end on the Olympic theme, Lord Sugar sees the Olympics as 'good for Britain' although that’s not to say he's going to venture out during the Games as he says he'd rather stay home and watch 'on the telly.'
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