“TROPHY assets” were the driving force behind a record year for commercial property investment in the City, with foreign buyers clamouring to pick up a plot in the globe’s leading financial centre.
A total of £12.6bn made its way into the Square Mile in 2017, exceeding the 10-year average by 57%, according to figures from Savills – with Asian buyers accounting for more than half of City turnover.
The ten largest deals of the year totalled £5.5 billion, compared with £3.1 billion in 2016. The average deal size for 2017 was £93.66 million, up 83% on the 2016’s equivalent figure and the highest ever average deal size recorded within the City market.
Richard Bullock, director of the central London investment team at Savills said: “More than 28 nationalities chose to deploy capital in London in the 12 months to December to include a pick up in activity amongst UK buyers.
“This level of interest has remained consistent in January and we anticipate strong demand for City assets through-out 2018.”
Photo by Daniel Chapman (Creative Commons).