London’s property market received a double boost yesterday as figures showed booming demand for West End stores while FTSE 100 giant Landsec pulled off a major office block deal.
Estate agency Savills said investment in central London retail sites was expected to climb to more than £2billion this year – the highest level since 2018.
It marks a further boost for Oxford Street as the capital’s beleaguered shopping artery fights to recover after an exodus of major retailers and influx of tatty candy stores and vape shops.
Separately, Landsec’s deal saw it agree to sell London office block Queen Anne’s Mansions, used by the Ministry of Justice, for £245million to billionaire hotel tycoon Surinder Arora.
Britain’s real estate market has faced a difficult period over recent years. Bricks-and-mortar retailers have been hammered by the rise of online shopping, a trend exacerbated by the pandemic.
A punishing business rates regime and Labour’s employer National Insurance hike have also piled on the pain. Landsec shares fell 1.1 per cent, or 6p, to 568p yesterday.
West End boom: London’s Oxford Street is fighting to recover after an exodus of major retailers and an influx of tatty candy stores and vape shops
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