Wed, 09 Jan 2013 | COMMERCIAL PROPERTY
The commercial property market in London enjoyed a strong year in 2012, with investment reaching a five-year high.
According to a recent report from Cushman & Wakefield, the sector saw £12.57 billion worth of Central London transactions over the course of the year. The figure represents a 25 per cent increase on the £10.9 billion total recorded in 2011.
Overseas investors made up significantly more commercial property transactions towards the end of the year, accounting for 70 per cent of City commercial property transactions by the fourth quarter of 2012.
Bill Tyser, head of City investment at Cushman & Wakefield, commented: “With continued macro-economic political unrest and the secure nature of freehold investment property in the UK, coupled with a relatively weak pound and our transparent and easy access into the property market, it is likely to ensure this international interest will continue into the foreseeable future.”
Among the major transactions that took place were the sale of St Martin's Court, Paternoster Square and London Wall. The former was sold by Legal & General Investment Management to Oxford Properties for £110 million, while London Wall was sold to Invesco on behalf of China Investment Corporation for £245 million and has been occupied by Deutsche Bank.
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