Commercial property news weekly roundup: 28th November
We round up the biggest commercial stories of the week. Got thoughts on any of this week’s news? Leave us a comment below.
Commercial property the UK’s most profitable asset (Source: Lloyds Bank)
Research released this week from Lloyds Bank revealed that returns on commercial property in the UK were 20% in the year to October, making it the highest among the nine key asset classes.
This marks a change from the previous year’s results, when global equities topped the list. Commercial property has enjoyed a strong year, with confidence returning to the market.
Commenting on the report Ashish Misra, the head of investment policy at Lloyds Bank private banking, said: “Investment returns on UK commercial property have been boosted as investor confidence has improved on the back of a positive economic outlook.”
Cardiff can become a top city for commercial property, says Knight Frank (Source: Knight Frank)
Global property consultancy Knight Frank believe that Cardiff can become one the top cities in the UK for office property in the future.
Knight Frank’s Managing Partner in Cardiff, Matt Phillips, said: “Cardiff is increasingly competing on a world stage, and a competitive, world class city, is essential to winning inward investment. The absolute key for Cardiff is increase the occupier pool and ensure that the infrastructure, people and available buildings are all in place to successfully compete for the much sought after national footloose inward occupiers.”
British Gas already occupy office space in the city, as do HSBC, Finance Wales and Alert Logic. With available Grade A space currently limited in the city, Cardiff is looking to provide more prime units, including two schemes that are currently underway and will provide over 220,000 sq ft of top office space.
Investment agents urged to sign new code of practice (Source: Property Week)
The Investment Property Forum (IPF) has urged agents to sign up to new guidelines that aim to prevent agents from acting on both sides of a deal.
‘Double dipping’ is the controversial process whereby agents can be involved with multiple bidders or on both sides of a transaction. The new code of practice hopes to introduce greater transparency, allowing the client to demand the agent works exclusively with them.
Top firms such as JLL, Cushman & Wakefield, CBRE, Knight Frank and Colliers are already on board with the code.
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