Domestic buyers driving Yorkshire commercial property growth | 8 August 2014
Investors spent £185.5 million on commercial real estate in Yorkshire between April and June, for which the majority of buyers based in the UK, a new report from Lambert Smith Hampton (LSH) shows.
Despite a quarterly drop of 60 per cent, spending for the first half of the year as a whole reached £665.48 million, representing growth of 56 per cent on the same period in 2013.
Interestingly, UK buyers accounted for 85.7 per cent of the second quarter’s investment, up from 52.7 per cent between January and March.
LSH director Abid Jaffry thinks the market’s short-term future also looks promising. He was quoted by yorkshirepost.co.uk as saying: “We’ve seen a fundamental change in the market. Deal volumes are up more than 50 per cent from this time last y ear and investors are much more active in the regions.
“Although we have seen a drop in the total value of deals for Yorkshire this quarter, we expect overall volumes for 2014 to surpass those of 2013.”
According to CBRE, much of the new interest is coming from London, with investors in the capital battling overseas buyers for Yorkshire’s prime spots.
The firm has been involved in a number of notable deals over the last six months, with a total transaction value of around £100 million. This includes the £4.1 million acquisition of Airedale House in Leeds, thebusinessdesk.com reports.
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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