Thu, 21 Oct 2010 | COMMERCIAL PROPERTY
A recent report from property consultants Lambert Smith Hampton has revealed that the UK commercial property market is inundated with properties that were previously owned by councils across the country.
Public sector properties made up the vast majority of the property firm's autumn auction lots, with 100 of the 125 properties for sale being linked to councils in the past.
Amongst these buildings were offices, industrial units and care homes, which had been put up for sale prior to yesterday's government spending review, as councils attempted to claw back some much-needed money.
Fourteen industrial lots in Barnsley and a selection of office blocks in Leicester and Liverpool were on the chopping block.
Commercial investment buyers are showing most interest, as these council linked buildings can offer better value than other commercial property assets currently on the market.
Head of auctions Simon Riggall said, “Many of the investments up for auction have not been available in the market before. This creates a great buying opportunity - assets which have been tied up and unavailable are now appearing in the market,” he added.
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