Category Archive Commercial Conveyancing

ByMichael Morrison

Retail Property Purchases Will Add Fuel to Strengthening Employment Market

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.

 

Share This:-
Facebooktwittergoogle_pluslinkedin
ByMichael Morrison

Commercial Property Rents Up 7%

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:-
Facebooktwittergoogle_pluslinkedin
ByMichael Morrison

London’s Hot £1bn Office Buying Frenzy

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:-
Facebooktwittergoogle_pluslinkedin
ByMichael Morrison

Commercial Conveyancing Boom in London Surburbs

London suburbs such as Bromley and Brentford are enjoying a commercial property boom as buyers priced out of the centre of the capital look to snap up offices, property firm CLS said today.

The company, around half of whose £1.2 billion portfolio is centred on London, owns a clutch of properties in locations which include New Malden, Acton, Bromley and Brentford.

But CLS, which has spent more than £40 million on suburban offices in the past two years, said a “significant increase in competition” from both foreign and domestic buyers as well as more readily available bank credit had pushed up prices in the outskirts of London.

The business’s chief financial officer John Whiteley said: “There are far fewer bargains about. We’ve bid on £90 million of property in the past six months and looked seriously at around three times that, but we’ve not bought any.

“We don’t want to overspend on any of them, we’ve been a bit greedy.”

Demand for space in cheaper areas of the capital has pushed rental values up almost 9% in the past six months.

Our service has become known as a reliable recommendation source for commercial businesses.

The UK’s biggest listed property company, Land Securities, continued its recent run of wheeler-dealing in shopping centres today as it sold its 50% stake in Bristol’s Cabot Circus to AXA Real Estate for £267.8 million. The company recently spent £656 million on a stake in Kent’s Bluewater shopping destination.

Original reporting by the London Evening Standard 13/8/14

Share This:-
Facebooktwittergoogle_pluslinkedin