Wednesday, Aug 11, 2010
From £155m five years ago to £172m today - commercial property rebound?
Telegraph: Dubai World sells West End office in one of London's largest property deals
The building, at One Trafalgar Square, was sold to an unnamed Russian investor for £172m and is one of the largest investment deals in London's West End to be carried out. The property was constructed in the 1870s and is understood to have been purchased for about £155m five years ago. It is thought to be the Russian's first purchase in the UK market. London properties are likely to be near the top of any list of assets to be sold by Dubai World, which ran into difficulties last year. It has asked for a "stand-still" agreement on large chunks of its $60bn debt pile.
Posted by drewster @ 05:42 PM (643 views) Add Comment
2 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. wiltshire said...
There is commercial property and there is commercial property. This is a huge building that fronts onto Trafalgar Square. Is a little over 10% increase since 2005 that big a deal? 9.8% of that increase might have occurred between 2005 and 2007.
Anyone else missing ReCaptcha? No, thought not!
2. quiet guy said...
I'm not sure how London prime commercial property compares with the UK average. £155m to £172m in five years is roughly 2.1% appreciation compounded over 5 years and that's before you start thinking about property taxes and maintenance. That doesn't look like much of a rebound for a prime London commercial property - perhaps more like a distressed sale?