As the elections draw ever nearer the fear of increased interest rates resonate among the population of the UK. As a general rule UK commercial property appears to be able to absorb small rises in interest rates because unlike most other financial assets, property has not re-priced adjusting to the current very low interest rates; presently sitting at a comfortable 0.5%. 

There has been talk about the Pinnacle site getting back on track to become another among the skyscrapers in the City of London. In 2011 the development grinded to a halt due to funding, since then the start to the development, which was seven storeys has become known as the Stump.  

Recently Morgan Pryce completed a deal at 4 Millbank in Westminster, however this was no ordinary deal it was Ollie Salter’s first deal. It was a long one – completing four months after Morgan Pryce was instructed! 

Lim Por-yen a Chinese Billionaire makes up the final piece of the Hong Kong conglomerate to purchase a portion of land in London next to the Gherkin, 30 St Mary’s Axe. Lim has put forward £100 million to help Lai Sun, a Chinese development company who is using London & Oriental to invest in the UK, to buy 100 Leadenhall Street from Nord Capital.

Deloitte’s annual ‘Crane Survey’ was released earlier this month and makes for very interesting reading. Breakdowns of construction in London’s regional centres, from the West End to the City, across to the Docklands and Southbank are explained in detail via the report. The survey results show that office construction is “down by 17% over the past 6 months to 7.7 million sq. ft.”, whilst “41% of space under construction” is already let; the availability of space under construction is limited, and will invariably be at the highest end of the market.

One of London’s most iconic buildings, 30 St Mary Axe, or The Gherkin as it is more commonly known, has been sold to Brazilian investment group, Safra. The fee is believed to be in the region of £700m+ and highlights the ever diversifying nationalities that are being attracted to London; such a landmark property was always going to attract a multitude of investor types and nationalities and only strengthens the concept of London being a magnate for savvy, trophy asset hungry overseas investors.

Rents across London are continuing to increase, from super high prices in prime Mayfair locations to increased values in Midtown. Now, offices in the City have seen a record prime rent in one of London’s newest and most iconic buildings, 122 Leadenhall Street – AKA the Cheesegrater. 

When the plunge is finally made to start up your own business, how do you know where to turn for help? There is so much guidance now, that it can be quite overwhelming to work out what to concentrate on first.  Here are a few ideas from Ahmed Al-Ansari, Media Manager at Morgan Pryce, which could help identify where you should focus your efforts to maximise time and money in the early days of a new business. 

According to research done by CBRE and Morgan Pryce, the supply of office space in the Central London market is the lowest it has been for just over six and a half years; Fraser Williams a director at Morgan Pryce states that “the supply of office space has been trending downwards since the recession and shows no sign of slowing down at least until the new developments in the pipeline are complete – then we should see the pressure ease off, but this will be in a year and a half to two years’ time.”

Since August 2012, property prices have been on the rise, with market optimism reflecting the enhanced mood within the industry. However, there are some within the property world that believe that the market will no longer improve at the rates seen over the last couple of years, as Fraser Williams of Morgan Pryce notes,