A major property investment has suggested that the London commercial property market is in very good health.
The commercial property market in London is continuing to show strong growth, according to a major
property investment firm.
Shaftesbury Plc, the biggest
commercial development landlord in the Carnaby Street area, made the claim as it announced profits of £122.7 million for the final six months of the last fiscal year.
It is the first time the firm has made a profit in over two years, with the sharp turnaround indicating the relative strength of the London market.
"Consumer spending in our locations remains buoyant, which is reflected in strong demand for our shops and restaurants and historically low levels of voids throughout the portfolio," the firm's chairman John Manser said in a statement.
Market confidence over Shaftesbury's announcement is tempered, however, by a claim made earlier this week by the Financial Times.
The newspaper suggests that the prosperity of the capital's commercial property market is masking the fact that growth is much lower across the rest of the country and in some areas is non-existent.
Posted by Tess Nelson.
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