Welsh commercial property market increases by 143 per cent | 4 January 2013
The Welsh commercial property market soared during the third quarter of 2012, dailypost.co.uk reports.
Newly-released figures by property consultancy Lambert Smith Hampton found that during the three months to September 2012, the value of commercial property deals in Wales soared by some 143 per cent.
The so-called UK Investment Transactions (UKIT) report found that the overall value of Welsh deals totalled £90 million, up from the £37 million witnessed in Q2.
It was the retail sector which took the largest share, accounting for £77 million of all the deals, with much of it coming from the new Next building in Cardiff’s Queen Street, which is thought to have contributed £25.8 million. Office space, however, registered the largest increase, jumping to a value of £12 million in Q3, up from £1 million in the three months previous.
Commenting on the statistics, associate director of Lambert Smith Hampton’s investment division in Wales, Owen Jones explained that despite a buoyant quarter, builders should still take heart as there are a great number of tenants still looking for property in the area, as well as other locations around Britain.
“The Welsh commercial property market experienced a buoyant third quarter, driven by a handful of high value deals,” he explained.
“Overall, investors continue to be wary of regional investment due to the depressed occupier market. The ongoing trend, which shows no signs of abating, it investors are still focused on London. However, one trend that emerged this quarter was that when opportunities in large, modern and well-let regional locations come to the market they attract purchasers, mainly because of the secure income they offer.”
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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