Prime commercial property still attractive

Posted on Posted in INDUSTRY NEWS

Prime commercial property in London remains "attractive" said one investments director.

Martin Lay, at property services company, DTZ, said the recent offer from Kuwait for The Willis Building was encouraging, Reuters has reported.

It offered to purchase the property for £400 million from British Land, through its investment company, St Martins property.

Director of the London investment team at Jones Lang LaSalle, Chris Northam was also positive, telling Reuters: "It shows we have a liquid market in the City."

"More encouragingly, it shows there is a market for larger lot sizes because the largest deal since the credit crunch has been about £150 million."

Following recent commercial property falls, the market is currently dominated by overseas funds and buyers who are cash rich.

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