Asian Investors are now buying more than a fifth of all central London new build properties, and account for almost half of all investment purchases in central London, propertywire reports
The revival of international investment demand for new build property has been one of the most remarkable features of the residential property market over the past 18 months.
While the market has returned to life, after it pretty much shutdown in 2008, current international investment demand is almost totally concentrated on London and is primarily coming from Asia, the report shows.
Of the 7,595 new build properties completed in the 12 months to March 2010, 41% of these were bought by investors rather than owner occupiers. Some 49% were bought by Asians of which 11% were from China or Hong Kong, 10% from Singapore and 7% from Malaysia. Some 36% of new build properties were purchased by UK investors.
London has some exciting new projects in the pipeline as construction continues on its Olympic sites, reports the Independent.
Later this year, Aloft’s sister brand W Hotels will open a flagship property in Leicester Square, which will be followed shortly after by the nearby Café Royal Hotel on London’s famous Regent Street.
Luxury chain Shangri-La also has a new property scheduled to open in London Bridge in 2012, while Dubai-based Aquiva plans to moor a 170 meter megayacht in the Thames Quay to act as a 158-room floating hotel during the games.
Hammerson Property Group, who manage a commercial property portfolio worth around £5.1bn, have bought Leadenhall Court; a London office building providing 109,000 sq ft of prime office space located midway between Bank and Liverpool Street Stations.
Hammerson is buying the leasehold from Alan Bloom and Alan Hudson of Ernst & Young LLP, Joint Receivers over the property which provides 10,126 m2 in a prime City of London location.
The building is fully let until March 2014; Passing rents are GBP7.16 million per annum after payment of head rent to the City of London Corporation, reflecting an initial yield of 11%.
LDG West End London Estate Agents smashed sales records in 2009 and the trend continues in 2010 and 50% of purchasers are cash buyers!
LDG broke our all-time property sales record last year. This year has begun vigorously with sales peaking in January 2010 to the highest level since our humble beginnings back in 1987, and we continue to have a high number of viewings. Purchasers are anxious to buy prime properties as soon as
they come onto the market. Even with the election sales are still being agreed in significant numbers, many of which are going to sealed bids.
Last year 50 % of purchasers were cash buyers, 60% were UK/EU buyers and
40% international buyers. One third of buyers purchased as their main
home, another third acquired pied-à-terres and the final third were buying
as an investment.
Where will the market be in the next quarter?
If interest rates remain at current levels we don’t believe the election will affect the West End market unduly. Now is still a good time to sell,so strike while the iron is hot.
LDG West End Estate Agents
Eight Rathbone is a unique brand new development by Derwent London Plc.
Consisting of eleven units and planned over six floors, Eight Rathbone offers a selection of one, two and three bedroom apartments; two of which occupy entire floors.
This high end development features air-conditioning as standard, along with wooden flooring, fully integrated fitted kitchens and satellite television/broadband connections. Other benefits include en-suite bathrooms (on nine units), double glazed windows, and separate storage cages. There is also a lift and a secure video entry system.
Suitably positioned on the borders of Fitzrovia and Soho this absorbing location offers an easy reach to some of London’s most sought after restaurants and bars,along with enough shopping options for the most dedicated followers of fashion.
Within walking distance of a generous choice of independent and mainstream galleries and museums, Rathbone Place is also moments from the relaxing café and restaurant culture of Charlotte Street. Tottenham Court Road underground station offers easy access to the City and Canary Wharf.
If you seek a fulfilling lifestyle within the pulsating heart of London’s West End, then Eight Rathbone is your place.
LDG WEST END ESTATE AND LETTING AGENTS
Strong foreign investor interest that is driving activity in the central London commercial property market is spreading to other sectors of real estate, according to a new report.
Swedish foreign investor Stefan Persson recently snapped up a central London commercial property for £225 million, which came after the Olayan Group submitted a £540 million bid for the Knightsbridge Estate.
Thanks to demand from foreign investors, notably Greece, prime residential sales volumes on a year-on-year basis jumped in April by 18 per cent compared to the same month last year.
Over the last 12 months the £2 million plus sector enjoyed increased investment, with buyers from Greece doubling their market share from three to six per cent. However at 13 per cent a piece, Italians and Russians account for a bigger slice.
Tosca, one of the City’s best-known hedge funds, expects London to thrive as a financial centre over the next decade. In contrast to doom-laden forecasts about the City’s imminent demise, Tosca chief economist Savvas Savouri believes it will become the natural Western hub for emerging market growth. According to Savouri, the capital will attract at least 100,000 new financial services jobs over the next ten years. This is only going to add to the under supply and over demand in the Central London property market
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