Commercial property solicitors in London have ‘inboxed’ their employment departments to brace themselves for a substantial increase in contract work.
Purchasers have spent £1billion on retail space in central London in the first six months of this year originating particularly from Singapore and Hong Kong. The City unfortunately is not faring as well due to the Brexit vote and the uncertainty of its position with the European Union.
Commercial conveyancing solicitors in London are reporting strong rental growth rates and no significant evidence of any downturn.
Areas such as Covent Garden and the streets to the north of Oxford Street near Selfridges are booming. Developers who have invested heavily in these locations also set their sights on for example Earls Court for its redevelopment potential and London’s Tech City near Shoreditch.
The rising rents of properties in these locations have seen more than a quarter increase in their freehold values.
Solicitors in London who have clients in Mayfair with commercial property portfolios have noted a slowdown in sales, however, as their clients enjoy the security of the yields from their investments made over the past ten years.Share This:-
There’s a red hot property market prevailing in London at the moment according to commercial conveyancing solicitors with pressure on for completions before Christmas.
The Gherkin was speedily bought recently by Joseph Safra for £726 million according to industry insiders.
The strength of the capital’s economy and the reasonably high returns on investment are proving to be a sweet temptation for purchasers of London’s commercial buildings. Such transactions include the purchase of Bow Bells House near St Paul’s for £300 million by Fubon Life the insurance megalith from Taiwan; it also has recently added neighbouring One Carter Lane to its portfolio for £139 million.
Other hot purchases are Milton Gate, Vintners Place, Thames Court and Cannon Bridge House which are expected to achieve in excess of £800 million.
The Abu Dhabi-backed flats developer Northacre is the suspected purchaser of Victoria’s New Scotland Yard, home of the Metropolitan Police, for £300 million and a takeover bid for the Canary Wharf developer by Qatari and Canadian Investors has been tabled.Share This:-