LONDON-Taylor Woodrow and Hutchison Whampoa's redevelopment proposal for the Lots Road power station site in Chelsea, south-west London, has been rejected for the third time by Kensington & Chelsea council.

LONDON-Beech Investments has bought Biwater House, the headquarters of construction group Biwater in Dorking, Surrey, from a client of PRICOA Property Investment Management for pounds 5.8 million ($9.9 million) reflecting a 7.8% initial yield.

LONDON-Morley Fund Management has continued to refocus its out-of-town retail portfolio with the sale of nine smaller properties to Brookhouse Group for pounds 69.4 million ($117 million) reflecting a 6% initial yield.

LONDON-Stirling Prize-winning Architect Will Alsop has been appointed to masterplan one of the most important regeneration projects in the North East of England.

LONDON-US-based casino operator MGM Mirage has reached an agreement to open a 300,000-sf resort casino at the Olympia exhibition centre in Kensington, West London.

LONDON-A private overseas investor has paid pounds 7 million (($11 million) for a 43,000-sf Woolworths store on Queens Square in Crawley, West Sussex. The sale price reflects an initial yield of 5.75%.

LONDON-Manchester City Council has granted the Beetham Organisation planning consent for a 47-storey glass tower on Deansgate in Manchester city centre. It will be the tallest residential building in the UK.

LONDON-Government failure to improve the transport system is tarnishing the UK's reputation as a place to do business, according to a new report from the Confederation of British Industry.