Value of property investment deals increases
THE total value of commercial property transactions in the North West grew 7% in the third quarter, compared to the three months before.
According to Lambert Smith Hampton’s (LSH) UK Investment Transactions (UKIT) research, investments totalled £313.2m, up from £292.4m in April to June.
The total was 45% higher than the third quarter figure in 2012 of £215m.
The most significant deals to take place included Standard Life’s purchase of Travis Perkins’ planned industrial unit at Omega North, Warrington for £52.8m, WP Carey’s purchase of Trinity Bridge House, Manchester for £45.2m and Benson Elliot’s acquisition of the Fishergate Centre, Preston for £40m.
Abid Jaffry, director and regional head of capital markets at LSH, said: “As confidence within the occupational market increases and the regions offer value compared to Central London in particular, we can expect to see a continued increase in investment activity in the final quarter of 2013.
“In particular, we should see investment volumes rise within the office sector, where there are currently a number of opportunities being discussed off market. UK buyers remain key investors, accounting for 34% of total activity in Q3; however we are beginning to see increased interest from overseas investors and private equity companies looking for opportunities within the region.”
