Indians
accounted for over half the investment flow from overseas into the
central London property market, according to latest figures. A
property analysis report by one of the world's largest commercial
real estate services and investment firms CBRE found that Indian
investment accounted for 55 per cent or 241 million pound of overseas
investment in the second quarter of 2014, in contrast to 2013 where
no land was purchased by Indian investors. "Overseas investors
have shown strong interest in development opportunities in the
Central London during Q2 2014, supported by strong market
fundamentals and the recovering economy," said Peter Burns,
executive director of Central London Development at CBRE. "As a
result of this growth, investor appetite for development
opportunities including residential is expected to remain strong.
There has been continued growth in the London residential market
since the financial crisis and strong demand for residential-led land
sales has caused demand to spill out into markets such as Southbank
and west London," he added. The 'Central London Property Market
Review: Cautious Optimism' report released by CBRE South Asia points
out that Indian investors have been acquiring large lots mainly for
residential conversions. India Bulls' purchase of 22 Hanover Square,
representing for 155 million pound, was the largest deal in the
second quarter of 2014. This followed the acquisition by the Lodha
Group of New Court in Carey Street in early 2014 for 90 million and
1/3 Grosvenor Square for £306 million last year. Both schemes are
due to be converted into residential developments, with the Carey
Street scheme is set to deliver 148 new flats. The year 2014 has seen
general heightened activity in land acquisitions from overseas
purchasers in central London, accounting for 53 per cent of take-up
in the second quarter, with a large proportion (42 per cent) flowing
from Asia.
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