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The influence of Asia on the London commercial property market is continuing, with India following where China has led in investing in the UK capital’s property.
Indiabulls Real Estate is the third large investment by an Indian company within less than a year.
The company is part of the Indiabulls Group, and has recently purchased 22 Hanover Square in Mayfair. The property comprises almost 87,500 square feet and was sold at auction by Scottish Widows Investment Partnership, which is now part of Aberdeen Asset Management.
The property was originally put on the market in April for £130 million, although the property in fact sold for £155 million. Part of its attraction is the fact that it is fully let to one te
nant, JLL, for £5.5 million a year, together with its proximity to the forthcoming Crossrail service, whose Bond Street entrance will be just 50 metres away.
The India Times has reported that the new owner hopes to convert the property into residential accommodation, presumably after the lease to the current tenants comes to an end in 2017.
This, no doubt, is one of many Indian deals that will take place in the capital in coming months and years as the country’s economy grows in strength and influence. It has been reported by luxury property agent Wetherall that wealthy Indian individuals are also a significant sector in property purchases in London, making up 25% of purchasers of Mayfair properties, and being now the largest overseas-purchaser sector, having so far invested £1 billion into the London property market.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.