West End property hit despite surge in interest from Chinese buyers

 
Helen Cahill
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New West End - Boxing Day Sales on Oxford Street - December 26, 2011
The fall in the value of sterling has spurred on Chinese buyers (Source: Getty)

The value of commercial property transactions fell in January despite a surge in interest from Chinese buyers.

According to numbers from real estate agents Savills, £841m worth of commercial properties were transacted in January this year, down from £895m in the same month last year, representing a fall of around six per cent.

However, Chinese buyers are certainly interested in West End commercial property. Investors originating from China (mainland and Hong Kong) accounted for £805 million of the £841 million transacted.

Read more: More bang for the yuan: Chinese New Year spending in West End soars

In one off-market transaction, and the fourth largest West End deal in the past year, Hong Kong-based CC Land Holdings acquired One Kingdom Street in Paddington for £292m.

Paul Cockburn, director in the Central London investment team at Savills, said the influx of investment was driven by the fall in the value of sterling since the EU referendum, making the capital cheaper and more attractive to foreign buyers.

“There is full confidence that London will retain its status as a leading financial centre,” he said.

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