Central London commercial property sales are on track to reach £15bn by the end of the year.
JLL said year-to-date transactions of office stock in the West End and City stood at £9.8bn. It forecast this to rise to over £15bn for the total 2014 figure.
Deals so far this year include WELPUT buying 101 New Cavendish Street , W1, from the Greycoat Central London Office Development Fund for £86.5m, and Indiabulls Real Estate buying JLL’s West End offices at 22 Hanover Square , W1 (pictured), for £155m.
Damian Corbett, head of central London capital markets at JLL ,said: “Early in the year, turnover was subdued due to reluctance to sell on the part of many investors. Now the market is playing catch-up and with more stock available we expect to see a very busy Q4.”
In the office lettings market, the firm said that the City had scope for 7m sq ft of take-up by the end of 2014 and that the West End was on track for 3.3m sq ft.
joanna.bourke@estatesgazette.com
