Saturday, May 28, 2022

Property transactions across London’s West End reach £350 million

Property transactions

It’s a year-on-year increase of 62 per cent for the same period in 2018 to 2019, according to the latest data from New West End Company

Property transactions across London’s West End have reached £350 million over the period November 2019-February 2020.

This is a year-on-year increase of 62 per cent for the same period in 2018 to 2019, according to the latest data from New West End Company.

The UK’s exit from the EU on January 31 and a decisive General Election in December last year played role in attracting international investment into West End.

Last year, 59 per cent of all investment transactions into West End came from international investors, while domestic investment dropped to 41 per cent.

Hong Kong and the US were the largest growth markets.

Chinese investments made up 39 per cent of total transactions in 2019 at £350 million after no recorded sales in 2018 due to Brexit uncertainty.

Last year, the West End was defined in the Mayor’s London Plan as an International Centre – enabling buildings and businesses in the area to be more flexible and diversify their existing uses.

Investment into the area’s retail and leisure sector also accounted for 43 per cent of total transactions last year.

With increased political and economic stability, 2020 has got off to a solid start and The West End International Centre is set for £1.7 billion investment over the next 12 months, New West End Company chief executive Jace Tyrrell said.

With the eagerly anticipated £150 million public realm enhancements to Oxford Street District beginning later this year and the delivery of Crossrail on the way, London’s West End is an unparalleled location for any global brand to invest in, Tyrrell said.


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