A number of Greek investors who are looking to escape the tax clampdown that is being implemented in Greece. This is due to the countries unstable financial situation which has had positive impact on the London prime zone property market.

Schemes such as One Hyde Park have seen increased demand from Greek Investors according to Nick Candy who claims several Greek investors have already invested in their scheme located in Hyde Park in Central London.

This is encouraging for a strong prime market in Central London which already successfully attracts investors from a range of different countries that includes Middle Eastern investors along with Russian investors.

Victor Harris reports that the increase in demand does not necessary spell good news for agents because there is fast becoming a problem in availability in all areas of property throughout sought after property locations such as Mayfair and Marylebone which now have a problem with available properties. Agents are finding that their availability lists are decreasing which in fact is acting a leverage in ensuring the average price achieved in prime locations is higher than its ever been over the last 15 years.

We advise landlord’s who are prudent looking to take advantage consider selling the property in order to maximise their returns. However with the weak pound against foreign currencies there is another reason why the global market is increasingly more interested in investing in the London Property Market.

For more information on the general property market please feel free to contact Victor Harris Commercial on our e-mail info@victorharris.co.uk.

Victor Harris has found reports that suggest the office availability overall is at 7.7%. However this figure in the City is generally higher at closer to 9-10%. It is clear that the West End is a more desired location that that of the office market in the City. With the help of prestigious locations such as Mayfair in 2011 businesses are completing on office leases leaving 65% remaining vacant. In comparison to the West End office market where 75% of office space completed in 2011 is either let or in solicitor’s hands.

Office Shortage in 2011

Clearly there is a shortage in office availability particularly in the West End office market. However this is not the concern because generally in the West End the is concerns that the amount of new office space that is being refurbished is in decline by 3-4%. Office availability has declined to 32% in the past 12 months alone. In Mayfair the offices available has fallen leaving the total available office space falling suddenly by 44% in the past year.

Victor Harris is aware of the shortages and offers businesses their professional services when looking for offices in Central London, West End and Mayfair. Our office service allows businesses to have complete coverage in these office locations allowing for management of the businesses looking for offices to focus their attention on the day-to-day running of their own business.

For more information of our office finding service please contact us by e-mail info@victorharris.co.uk or visit www.victorharris.co.uk.

Throughout Central London in the City and West End there is strong demand from international interest. Victor Harris Commercial have seen reports that have estimated that there have been sales in Central London that have reached £2.2 billion in the third quarter of this year.

Director of Victor Harris Commercial Lloyd Harris believes that this in encouraging. “We have seen increased demand from our international client’s”. It is good to see locations throughout the West End in particularly Mayfair there is strong demand from overseas in commercial property and investments.

We reported recently that demand is so high in Mayfair in particular that there is now a limit in available offices amongst the largest landlords in the area such as Grosvenor Estates.

Victor Harris believes it is not just because Central London is an attractive location to the global market but it includes the following other factors:-

• UK is a stable country with no political instability
• Weak Sterling – now is a good opportunity for investors who wish to take advantage of motivated sellers not to mention the weakness of the pound against other currencies across the world.
• Prestigious reputation with Mayfair coming only second to New York as being the most favoured City in the World.

79 years later in 2011 this year in Central London in the City this photo was used as a guide for a recreated version which was taken by Michael Crompton from Southampton who convinced workers on Heron Tower to climb out on a girder which was held 800 ft in the air to eat their lunch on the construction site of the Tower.

When the picture was taken at the Tower 2011 this year the temperature was almost minus 9 degrees on the 48th floor on Heron Tower in London. Heron Tower is a new development which has just been completed in the City in London. The tower is predominately made up of offices, residential apartments and retail.

Victor Harris Commercial earlier this year took potential client’s to view this wonderful Tower building however we instead moved these client’s into another tower building close by. For companies interested in Heron Tower or any other building in Central London please feel free to contact Victor Harris about offices on our e-mail info@victorharris.co.uk.

On the flip side agents have reported there has recently been an increase in the number of new buyers who enter the market looking for buy a residential property. However a large obstacle for these first time buyers is the amount of deposit that is required from them to purchase a home with a mortgage.

Housing Market September 2011

With these points considered September prices for the housing market remains stable with a number of agents reporting that there have been price rises rather than price falls. It is expected in areas that are prime especially in Central London over the next three months there are likely to be increases in price rather than any declines.

Many investors are now favouring property over financial markets more today than they were at the start of the year. This is especially the case in the West End. Property is somewhat viewed as a safe haven again for investors who are actively seeking options to put their monies into.

Generally Victor Harris Commercial reports the activity across the whole of the UK remains flat however Central London remains an active hub for not only UK investors but also on a global scale. For any individual looking for representation or any advice regarding residential property please feel free to contact us on our e-mail info@victorharris.co.uk.

The 21 storey property will potentially be placed onto the market and the price will be reliant on the agreed rent for the leaseback. This is for an amount to be agreed by the bank and the potential owner. For more advice on the likely price of the building Victor Harris are able to offer proposed landlord’s with professional advice and representation.

Victor Harris believe the sale will allow Credit Suisse to raise equity and therefore have funds in place for other projects.

Also in the news from the City…

There is a 3.3 acre site on Minories, EC3 which has been announced is up for sell the site comprises approximately 190,000 sq ft of existing buildings with planning consent for a new 970,000 sq ft office scheme. The site is currently available – for more information please e-mail info@victorharris.co.uk who are not retained however are able to source this opportunity on behalf of investors.

At Victor Harris we are able to source commercial leasehold or freehold properties on behalf our client’s. To keep unto date on the latest market information why not join our Facebook page or add us to twitter. Both can be found on our website www.victorharris.co.uk.

At Victor Harris we strongly believe there has been significant improvements to the commercial property market in London. Recently we have placed onto the market a property in Marble Arch which has seen strong demand from a range of different businesses. However despite these improvements Lloyd Harris who is director of Victor Harris believes landlord’s still need to be proactive in ensuring they secure tenants especially in fringe locations outside of the prime locations in London.

We are constantly encouraging our client’s who dispose office space in London to come up with different ideas to successfully market their premises. However buildings in Mayfair continue to see demand however it is believed this is because London still remains a popular destination amongst the global market.

Businesses particularly choose Mayfair because of its prestige not to mention the fact it is a well known global platform to conduct business. Using Grosvenor Estates as an example they currently have significant demand and have seen amongst their Mayfair portfolio a lack of leasehold offices available. Whilst this is encouraging for the market agents also believe this creates different problems especially for businesses who seek affordable space. Victor Harris suggests tenants firstly consult with an agent such as ourselves to explore different commercial property locations in London to move their business into.

For more property information please e-mail us on our e-mail info@victorharris.co.uk.

The drop reflects a decline in sales by 32.7% from the following year taking the total to £255.7m. The operating profit  in Arsenals property arm fell from £15.2m to £12.6m in May this year. Despite this Arsenal report that the business remains debt-free with the overall group net debt being reduced from £135.6m to £97.8m.

In 2012 it is expected that Arsenal-owned properties will be bringing to market a further 21 properties in the roads that run close toHighbury Square. In total the football club have completed on close to 69 residential apartment sales. This means that there is 16 remaining apartments out of the 655 flats left for sale.

Victor Harris Commercial understands that Arsenal are currently holding discussions with Islington council for developments on Hornsey Road and Holloway Road.

Areas outside the West End like in Islington have seen a decline as many investors continue to prefer investing their monies into safer locations that are less likely to experience decline due to their demand on a global level. Prime Central London markets within tube stations Zone 1, 2 and 3, Victor Harris Commercial believes, are the most appropriate places for investment unless opportunities arise for motivated sellers elsewhere.

For any property advice in relation to purchasing property in London please contact Victor Harris Commercial via e-mail info@victorharris.co.uk or visit www.victorharris.co.uk.

The largest landlord’s are members of the Westminster Property Association and are going to pay an extra £26,000 for each major project this will benefit Westminster Council who deservedly will require additional funds to provide justification for their staff to work additional hours in the planning department for each major project.

Victor Harris Commercial supports the move as it will allow major Landlord’s such as Derwent London and Great Portland Estates to work with the council  more closely ensuring major schemes are given the right level of attention. It is our understanding that the fees the Council currently receive in Westminster covers less than a third of the cost that is involved in providing the planning service.

It has been reported that Westminster’s Council deputy leader supports the move as they currently do not have the resources to dedicate to major schemes that require additional advice from his staff. With this being the case with additional finances being provided to Westminster Council they will be able to focus more closely on projects in Westminster.

The increase in charges will be implemented from 1st October until 21st March 2012. At this point it is expected there will be regulations that allow locally-set planning  fees to be in place.

Heron International has 285 flats within the tower, which is based in EC2 out of these available flats 200 have been sold already. This is an astonishing achievement because this has taken place only in a short period of time. Heron Tower was launched to the market only recently last year March 2010.

This therefore means that there are only 30% available apartments available within the tower these include:-

• Range of two and three bedroom apartments.
• The towers panoramic collection.

When Gerald Ronson launched the Heron Tower onto the market he declared that this 440,000 sq ft Tower building was two thirds unlet seven months after. However recently this year the situation is now opposite with the building being two thirds let.

Strong demand is unsurprising because it is a demonstration that everyone wants to be in London as it continues to remain a wonderful city. The newest property tenant’s to have moved into the Commercial Office space include the Partners Group, City Credit Capital and Chicago Trading Company.

Heron Tower General Information:

Victor Harris…

Victor Harris took clients round the scheme recently and are currently looking at various offices in the City on behalf of our client’s. We are able to offer a focused service for office requirements, which provides not only good coverage, but also detailed information for schemes such as Heron Tower. Currently we are disposing space in Marble Arch that is also in a Tower building known as Marble Arch Tower.

For any general queries or information please feel free to contact director Lloyd Harris at Victor Harris he will be delighted to provide businesses with any information they require relevant to their property requirements or queries regarding the property market.