As I sit in Morgan Pryce’s office by Oxford Circus I can’t help but think about noise disturbance. Bearing in mind our office is located almost on top of Oxford Circus in one of the busiest spots in the world it is not exactly a quiet and tranquil environment surrounding the office. The sound of police cars, buskers, street dancers and general screaming from the public are a day to day occurrence that happen so frequently that the most it normally causes is a deep sigh.

This week’s news that the residential property market in the UK and particularly London is mirrored on a larger scale in terms of commercial property development. A greater availability of lending has contributed to the stimulation of the commercial sector – and in fact the trend of increased development is a UK-wide one, not restricted to the capital.

The first half of 2013 has seen take-up from Law firms hit the highest level since 2008. This week saw the latest law firm to acquire office space in the City, with Field Fisher Waterhouse acquiring 80,000 sq. ft. of office space in Riverbank House. According to the latest figures produced, 2013 has seen 297,000 sq. ft. of office space already acquired by law firms alone with a further 272,000 sq. ft. still to be acquired in the second half of the year producing a total of 615,000 sq. ft.

The area popular with the TMT sector, Shoreditch, is set to see a new development by British Land, following a successful bid by the company for the project. The company has contracted with the City of London Corporation in the form of an option agreement and, subject to an amended planning consent, the two-acre Shoreditch Estate will be developed into a mixed-use project. 

Recent figures involving residential property values appear to be affecting the picture of house prices in the UK as a whole. Much as the commercial property conditions in the capital cannot be viewed alongside the UK-wide commercial property market, the residential situation, driven – like the commercial sector – by overseas investment, is in its own ‘bubble’. 

Part of London’s attractiveness to overseas investors is the relative simplicity involved in property investment in the UK. The legal system in terms of property acquisition and ownership is easy to understand and navigate while strict rules involving the registration of property at the Land Registry mean that deeds are reliable and available.

Morgan Pryce has recently completed the acquisition of 5,000 sq. ft. office space in the heart of Waterloo. Morgan Pryce acted on behalf of a large charity that is currently located in Victoria.

This government scheme is designed to tackle the under supply of housing in Britain. Essentially under new planning regulations converting B1 office spaces into residential units without the previous requirement of obtaining special change of use permission.  Previously it was mandatory to obtain such planning permission, which was a long and time consuming process that had no guarantee of approval. 

An opportunity has been provided to some of the UK’s top architects to design the new headquarters for the Metropolitan Police. And for the organisation itself, the chance to rebrand also lies behind the decision to relocate. 

The German family investment vehicle is looking to purchase their second large office deal within months. Sirosa, who is acting on behalf of Conley Family, are close to completing one of the largest West End office deals ever, as they look to spend £610 million to purchase Shell-Merx House at 80 strand WC2 for a net initial yield of 4.2%.