Tue, 01 Nov 2011 | COMMERCIAL PROPERTY
According to new research, investment in commercial property in the north west of the country has skyrocketed of late.
Property firm Lambert Smith Hampton said that investment has more than doubled, with transactions rising by 158 per cent over the last three months.
The total level of commercial property investment in the region currently stands at £306.5 million, a large jump from the £118.87 million recorded in the previous quarter of this year.
The most popular commercial investment was office blocks, which accounted for 50 per cent of all investment buys. Hotels, restaurants and shops were also extremely sought after by investors, making up 39 per cent of transactions.
Amongst the highest value deals recorded over the last three months included Europa Capital Partners' acquisition of One Piccadilly Gardens in Manchester, for which it paid £67 million, and the sale of an 84,000 square foot office block to Scottish Widows for £30 million.
The northern head of capital markets at Lambert Smith Hampton, Abid Jaffry, told The Manchester Evening News, “The investment market is still continuing to demonstrate an enthusiasm to acquire appropriate opportunities.
"There are signs that investors are moving up the risk curve but the precursor to the majority of buys is largely quality led with assets which do not deviate from core fundamentals," Mr Jaffry added.
The property firm also revealed that commercial property transactions across the entire UK rose by 22 per cent over the last three months when compared to the previous quarter, totalling £8 billion.
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