Commercial City offices 'experience sharp investment increase'
There were 27 commercial property investment deals in the City and Docklands during the fourth quarter of 2011.

These transactions were valued at £1.75 billion and marked an increase from the previous three-month period's 18 deals worth £796 million, Cushman & Wakefield reported.

Almost half of the purchases of Docklands and City offices in the fourth quarter were made by overseas investors.

In the whole of 2011, 108 deals were made and £6.3 billion transacted. Some of the biggest ones included St Martin's Property Corporation's 60 Threadneedle Street acquisition and the £282 million sale of Tower 42 to Nathan Kirsch.

Tower 42 was sold to the South African commercial property investor by the Hermes Property Unit Trust, BlackRock and LaSalle Investment Management.

Located on Old Broad Street, nearby buildings include the Bank of England, the Gherkin and the Aviva Tower.

Rents for prime City offices stood at approximately £55 per sq ft, the study added.

Posted by John


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