As we begin 2026, it is a natural moment to reflect on the past 12 months and look forward to what is next. So, allow us a brief celebration of what we achieved through 2025 and a glance at what we hope for the year ahead.
In London, our long-anticipated Thavies Inn House redevelopment finally moved from planning to action. After more than five years in gestation, the project formally commenced in Q4, with demolition and construction scheduled to begin in earnest in 2026. It is a significant milestone for the scheme, and while the investment market remains uncertain, the occupational supply and demand dynamics we are witnessing provide an exceptionally strong foundation for best-in-class development in the years ahead.

Across in Germany, at our Königsbau Passagen project in Stuttgart, retail footfall has rebounded to pre-pandemic levels: a clear endorsement of the asset's quality and tenant mix, even against a challenging consumer backdrop. Alongside this, office occupancy in the building remains well above 90%, and this will be a key area of focus as we progress to the next phase.
Back in the UK and to the Midlands, MIRA Tech Park continues to thrive. 2025 saw the completion of the first two buildings, the acquisition of an additional 40 acres of masterplan land, planning consent secured for an additional 2.3 million sq ft of facilities, and the arrival of household names such as 3M to join the longstanding existing occupier base.
And finally internally, 2025 brought change within the Evans Randall team, with James Edwards relocating to New Zealand and new talent joining us: Mike Hardman as Development Director and Henry Kitchin as Senior Analyst.
A year of challenge, but also of real progress, laying the groundwork for what promises to be an exciting 12 months ahead.

Looking ahead, we expect (or hope) 2026 to bring:


  *   Sustained occupier demand - often overlooked amid negative headlines, we continue to see genuine tenant appetite from growing businesses, driving rental growth in the supply-constrained markets we are targeting.
  *   A closing of the gap between occupational reality and investment sentiment - particularly amongst global capital, where perceptions can easily diverge from underlying fundamentals.
  *   A calmer political and macro-economic backdrop - our industry is inherently illiquid and capital-intensive, and stability is essential to foster the conviction required for long-term investment.

Here is to building on this momentum and making 2026 a year of opportunity and progress.