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Commercial landlords and developers capitalising on London demand | 4 March 2013

Commercial landlords and developers capitalising on London demand | 4 March 2013

The demand for commercial property in London is leading to record high rents for landlords and interest in more fringe areas from tenants, reports londonlovesbusiness.com.

As the most prestigious neighbourhoods see their rents skyrocket РSwiss jeweller Boghossian will pay £1,050 per square foot in Bond Street Рit means that previously overlooked districts are seeing greater demand from retailers.

For commercial landlords, this could mean that unfancied properties become more important in their portfolio and potentially be worth more in the future. According to research by estate agent Savills, rents on some of the key streets in the capital could rise by as much as 50 per cent in the short to medium term.

Anthony Selwyn, director of central London retail, said: “International demand for Regent, Oxford, Sloane and Bond Street has rightly stolen the headlines recently with several high rent and premium deals. Landlords and developers are capitalising on this and creating new opportunities where possible and also investing in areas just off prime which may not have been on the horizon for retailers a few years ago.”

One significant factor in the growth of rents has been the presence of so many foreign investors; this month, standard.co.uk picked out a new job opening at Knight Frank as a sign of the times – a Russian-speaking negotiator to focus on prime central London property deals.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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