London

London development land transactions hit £722m in Q2



The value of development land sales completed in London in Q2 2017 reached a total of £722m, a 48% increase on Q1 2017, according to a recent report.

Research from real estate adviser CBRE has also revealed that 83% of development land buyers in Q2 2017 were from overseas.

Peter Burns, managing director of CBRE UK Development, said: “We expect overseas investors to remain a dominant presence in the London land market attracted by the capital’s underlying strengths, while also capitalising on the exchange rate benefits.

“As this quarter has shown, there is considerable appetite for larger lot sizes from overseas buyers as well as significant demand from both domestic and overseas buyers for small lot sizes in prime locations where supply is constrained.”

Significant deals in the quarter included the sale of Vauxhall Square to Chinese developer R&F Properties, and the sale of Elizabeth House, Waterloo, to HB Reavis.

In total, there were three land deals for over £100m in Q2 2017.

CBRE expects £1.5bn of land deals to be completed before the end of the year, with almost all land intended for mixed-use development.


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