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Commercial property sales fall for second quarter but Glasgow bucks trend

Commercial property sales values in Glasgow surpassed those of Scotland’s capital for the first time since 2015, new research has found.

Analysis of Q2 2019 data by the Scottish Property Federation (SPF) showed that the total value of commercial property sales in Scotland continued to fall.

At £614 million, sales were the lowest in five years. While sales values fell, the number of transactions increased, indicating a decrease in higher value transactions rather than a lack of activity.

However, Glasgow broke from the national trend with the total value of commercial property sales rising against both the previous quarter and the same quarter in 2018. Sales in Glasgow totalled £172m for Q2, accounting for 28% of Scotland’s total commercial property sales.

Edinburgh lost its dominance to Glasgow in Q2 2019, following a significant fall in the total value of commercial property sales. At £108m, Edinburgh’s sales values decreased by £156m on the previous quarter and £14m on Q2 2018. The proportion of Scottish commercial property sales located in Edinburgh fell from 35% in the previous quarter to just 18% for Q2 2019.

SPF director David Melhuish said: “Glasgow was very impressive this quarter, outperforming Edinburgh for the first time in four years against a wider Scottish market that saw a reduced value of sales activity.

“Glasgow’s sales increase was fuelled by a number of £5m-plus deals, totalling £129m, whereas Edinburgh only secured £33m in the same category.

“A notable feature of Scottish commercial property investment in the Q2 period was the rise of capital sourced from Asia, which topped £250m for the first time on record, according to CoStar data.

“Ryden reported a standout £48m transaction for a Korean client of Knight Frank Investment Management.”

Source: Scottish Construction Now

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Glasgow beats Edinburgh for property deals

INVESTMENT from Asia helped the value of commercial property deals in Glasgow exceed Edinburgh for the first time since 2015.

However, the overall value of deals continued to fall in the second quarter, according to the Scottish Property Federation (SPF).

Deals worth a total of £172 million were concluded in Glasgow in the second quarter, up from £104m for the same period last year, compared with £108m in Edinburgh, down £14m.

It was the first time the value of deals in the west exceeded the capital total since the first quarter of 2015, with the market in Glasgow boosted by the £48.4m purchase of 110 St Vincent Street by South Korean investors. The building is occupied by Bank of Scotland.

While deal values rose in Glasgow, the overall value of sales in Scotland slipped to its lowest in five years, at £641m.

SPF director David Melhuish said: “Glasgow was very impressive this quarter, outperforming Edinburgh for the first time in four years against a wider Scottish market that saw a reduced value of sales activity.

“Glasgow’s sales increase was fuelled by a number of £5m-plus deals, totalling £129m, whereas Edinburgh only secured £33m in the same category.

“A notable feature of Scottish commercial property investment in the Q2 period was the rise of capital sourced from Asia, which topped £250m for the first time on record, according to CoStar data.”

By Scott Wright

Source: Herald Scotland

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Commercial property investment surpasses £100m in 2019

COMMERCIAL property investment in the north has surpassed £100 million this year, according to a new industry report.

The latest data from Lisney reveals a better than expected last quarter, with the recorded £60m investment between April and June 9 per cent up on the same period in 2018.

The resilient performance brings the total value of transactions in the market for the first half of 2019 to £101m.

The largest deal completed in the second quarter was Citi’s purchase of its Belfast office in the Titanic Quarter for £34m, with other notable transactions, including the sale of Antrim Business Park of £12.5m and the £5.25m acquisition of Timber Quay in Derry.

A total of £45m worth of commercial property was on the market in the last quarter, including the Great Northern Tower and Boat in Belfast, along with Clandeboye Retail Park in Bangor.

PwC’s decision to acquire additional space and occupy the entirety of its new 155,000 sq ft Merchant Square Belfast headquarters pushed take-up within the sector to 75,171 sq ft in the three months to June. That being said the total is down on the previous year, while a shortage of Grade A office space within Belfast city centre continues to be a challenge for the market until new stock comes online later this year.

The struggling retail sector was boosted by Primark’s opening of a second city centre store at Fountain House on Donegall Place and the expansion of its Abbey Centre outlet. In relation to the industrial sector, the biggest letting of the year was a 113,550 sq ft site on the Lisdoart Road in Ballygawley.

Declan Flynn, managing director of Lisney Northern Ireland, said the local market continues to perform admirably in spite of the uncertain political climate

“We’re continuing to see healthy levels of local activity at a smaller lot sizes with pricing remaining resilient. That said the appetite of external investors is undoubtedly hampered in the current climate,” he said.

“This is understandable as the capital markets reflect the risk associated with Brexit. The retail sector continues to be a major talking point as the sector remains in the midst of a correction, given how our volumes have been traditionally dominated by retail this is a particularly pertinent for the Northern Ireland commercial property market.”

By Gareth McKeown

Source: Irish News

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5 Commercial Finance Myths You Need To Be Wary Of

Is your take on commercial finance based on a myth? Read on to find out!

The UK financial market is among the largest in the world. It’s been growing every year, giving millions of people an opportunity to build enough wealth to fund their dreams. With big money, however, come big myths.

At Commercial Finance Network, we regularly come across borrowers who are genuinely worried and apprehensive, all thanks to these distorted truth and outright lies. So, we’ve decided to run a series of blogs that will, we hope, help dispel these myths.

This is the first entry in that series. You may want to visit and bookmark our blog for when you want to return. You can also sign up for our incredibly useful newsletter that will keep you posted about the latest news, updates and articles from the world of commercial finance.

Myth #1. Private/Alternative Lenders Are Always “Predatory”.

This is probably the most common myth of them all. Most entrepreneurs and young businesses have little to no experience of making commercial finance work in their favour, and, as a result, they end up relying heavily – almost too heavily for their own good – on whatever finance options they come across first. These, as you can guess, usually happen to be big banks and high-street lenders.

So, if and when banks fail to give them the deal they want, they either shelve their projects, or turn to alternative lenders as the last resort, but not without a great deal of apprehension.

This is something that will take years to change but change it must!

If you can keep your options open, you can always find alternative lenders who are willing to offer you quotes that are far cheaper, more flexible and faster than the ones you’d receive otherwise. While it’s true that there are many lenders out there who run predatory practices, it’s important to know that when you work with reputed brokers like Commercial Finance Network, you shield yourself from such threats.

Myth #2. I’ll Just Exhaust My Personal Credit Cards First. That’ll Be Cheaper.

 When you’re looking to finance business expenses – they can range from buying a property to funding refurbishments or exiting an active project – it’s very tempting to use the most accessible options first up.

Consequently, many business owners, even before they approach us, have already used up all their personal credit. This includes exhausting credit cards (often, including their partner’s) and stretching personal savings thin. This approach may even work in certain cases, especially when you are confident of establishing a firm source of revenue/investment soon.

But when you aren’t, it may just be better (and often cheaper) to turn to commercial finance for business needs.

Personal loans, more often than not, are small, short-termed and unsecured loans. They can take care of unexpected, emergency expenses, but that’s about it. They have, time and again, proven to be incompatible with business needs, despite an apparent rise in their popularity.

So, in summary, don’t stay under the impression that a personal loan can be a good alternative to commercial finance.

Myth #3. Commercial Finance Is Not For Those Who Have Bad Credit.  

A misconception, more than a myth. This false notion cuts across all commercial finance products, holding back many businesses that shouldn’t even be worrying about bad credit to start with.

It’s true that lenders do and will check your credit file. It’s also true that much will depend on your credit history. What’s not true, however, is that not everything depends on your credit file.

Many lenders specialise in working with individuals and businesses with bad credit. Such products may be a touch more expensive and may require additional security, but they can certainly help in the hour of need.

At Commercial Finance Network, we have a panel of specialist lenders who offer adverse credit mortgages to applicants across the UK.

Myth #4: We Can’t Afford To Wait This Long.

Everybody wants things to move fast, and that’s a perfectly reasonable expectation.

It’s undeniable that commercial finance used to move at a snail’s pace a few years ago. Thankfully, things have changed for the better (we, at Commercial Finance Network, have been at the forefront of this change).

When you work with an experienced broker, you can make things move really fast. For example, every commercial finance product that we broker is designed to take shape at an industry-leading speed. In essence, now is the right time to do away with the misconception that commercial finance is slow and sluggish.

Myth #5: It All Seems So Complicated!

It probably does, and we don’t blame you for it, at all.

Brokers and lenders have a track record of complicating commercial finance products to such an extent that they appear puzzling – especially to first-time borrowers. There are far too many numbers to process, making the whole process a winding dread.

But we’ve got good news. There are experts out there willing to understand your requirements and make these products work for you. Thankfully, we’ve got the best among these experts on our board – and they’re here to help you. When you apply for commercial finance using our portal, we make sure that you are always in charge, and every little detail is explained to you. There’s no room for confusion and there’s no scope for ambiguity. You get what you see.

In Conclusion: Explore Your Commercial Finance Options Bravely, They’re Always Worth It.

Commercial finance is indispensable. Once your business grows past a certain stage, using your personal savings just doesn’t cut it. You’ll need more robust, customised and cheaper financing options that will also be scalable.

Don’t be bogged down by the intricacies of commercial finance. Explore your options freely and make the most of your creditworthiness to fuel the growth of your business. To know more about how our commercial finance services can help you, please contact us here. You can also call us on 03303 112 646 to request a prompt call back.

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Commercial property: Lack of supply demands developments

There is no shortage of investors and developers looking to gain exposure to the Edinburgh office market.

However, as many landlords opt to hold on to their investments – attracted by rental growth and yield compression, there is a growing appetite to refurbish or redevelop older buildings in the Capital to meet the demand for quality office accommodation.

Edinburgh is experiencing historically high levels of occupier demand from a wide variety of sectors, with employers attracted by the city’s talent pool and the quality of life in the Capital.

However, the office market faces dwindling supply and we anticipate seeing a spike in rents as tenants compete for limited space.

Rents for grade-A offices in the city centre are currently around £35 per sq ft and could top £40 next year.

At present, there is little more than 250,000sq ft of prime office space available in Edinburgh and the two speculative developments currently in the pipeline – 
62 Morrison Street and 
20 West Register Street – are mostly or completely pre-let.

The Capital has lost more than 1.2m sq ft of office space to alternative uses in recent years, while take-up is running at 1m sq ft a year.

This poses two big questions: where will the money go? And where can thriving businesses house their growing numbers of staff?

Professional and legal services, the burgeoning tech sector, and a financial industry that continues to thrive – the market has rarely looked so good from an investor’s perspective.

Companies don’t want to relocate, even partially, because the city and lifestyle are key attractions for the talent that is the lifeblood of these service sector businesses.

But there are few – if any – sites in the city for large-scale speculative development still available.

Where possible, landlords are either substantially refurbishing older buildings or selling up, thereby avoiding construction and letting risks.

Competition for refurbished space is likely to hot up as the shortage becomes more acute; we are starting to see businesses actively competing for the best office locations.

Beyond that, the obvious escape valve for city centre-based companies lies to the west, around South Gyle and Edinburgh Park.

With excellent connectivity to the city and available space, we anticipate increasing demand and more interesting developments.

However, the city centre remains the most prized location for wealthy and ambitious, people-focused companies, and – where possible – older buildings will make way for more contemporary offices.

The re-development of Haymarket has been a start, but with investors poised and firms demanding more space, the next few years should see more interesting developments appearing.

Demand for office space around Edinburgh is likely to keep outstripping supply. As a result, rents look set to keep moving higher, especially as the city’s tech start-ups mature into larger companies, with a need to attract talented people.

By ELLIOT CASSELS

Source: Scotsman

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Investor enthusiasm for UK commercial property slumps

Investor enthusiasm for commercial property in the UK has slumped further as sentiment swings towards France and Germany.

Only 27 per cent of international professional real estate investors said the UK is their preferred market, down four per cent in the last 12 months as Brexit uncertainty continues to weigh on investor sentiment.

Meanwhile support for the French market saw a 20 per cent year-on-year increase and appetite for German investments rose by seven per cent, according to the latest commercial property investment barometer by real estate platform Brickvest.

There was also a drop in the volume of assets under management that investors are planning to plough into real estate over the next year according to the quarterly survey of 6000 international professional investors.

Investors are planning to commit 2.5 per cent of their total AUM, a drop of 33 per cent on the planned amount of 3.7 per cent in the second quarter of last year.

Brickvest chief executive Emmanuel Lumineau said: “The latest figures of our Barometer reveal the continued negative effect of Brexit uncertainty on the UK commercial property market among international investors and particularly those based in France and Germany.

“We can expect this to continue over the third quarter and the October deadline at the very least.

“In the meantime, France and Germany are becoming more attractive destinations for international real estate capital.”

By Jess Clark

Source: City AM

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Post-Brexit binge in commercial property?

Pent up demand could see a boost to the commercial property market post-Brexit, according to new analysis of the commercial property market from Shawbrook Bank.

The ‘UK Commercial Property Market Report1, produced by Shawbrook Bank and compiled by the Centre for Economics and Business Research (CEBR) assesses the state of the current commercial property market, exploring the various sub-sectors comprising the market, historic and future trends, and the impact of the changing political landscape.

The Shawbrook report shows that uncertainty over Brexit has weighed on the commercial property sector in recent quarters, as owners and tenants take stock. But despite activity slowing, the market remains a profitable place to invest and deliver a solid income over the medium to long term. Over the past 18 years, the commercial property market has returned 308% to investors compared to 209% for the FTSE100, and yields have remained stable; average yields across the commercial property sector have stood nearly unchanged at 5% since 2015.

Rob Lankey, Director of Commercial Property Investment, Shawbrook comments: “Although uncertainty is present, the commercial property market remains fundamentally resilient in terms of both yield and capital growth. Despite investors taking a wait-and-see approach, we believe many are stockpiling cash and simply postponing activity until we have a definitive Brexit outcome.

“With the long-term view and fundamentals of the commercial property market still compelling, I would go as far to say that we will see a ‘post-Brexit binge’ from professional investors looking to utilise the cash they have stockpiled to take advantage of investment opportunities in the post Brexit landscape. However, not every commercial property investment will automatically generate great returns. Doing your homework on potential investments is more important than ever. There are good and bad opportunities within all sectors.”

Factories, warehouses and other industrial properties have shown the most resilience

Underpinning the resilience of the commercial property market are factories, warehouses and other industrial properties, which over the past few years have become the best performing sector over one, three and five years, with yields in line with the commercial sector more broadly2. Stockpiling activity and strong demand for warehouses from online retailers have helped the sector to withstand economic headwinds to date, however, the unwinding of the stockpiling effect poses a risk to this asset class as does a no-deal Brexit, which would severely harm many of the manufacturers that are the current tenants of the industrial assets.

Table 1: capital value growth across industrial, retail and office properties

Capital value growth
Cumulative capital value growth Industrial Retail Office
One year: Jan 2018- Jan 2019 12% -8% 3%
Three years: Jan 2016- Jan 2019 31% -11% 5%
Five years: Jan 2014- Jan 2019 71% 1% 37%

Table 2: (Initial) yields across industrial, retail and office properties

(Initial) Yields
Industrial Retail Office
Jan-19 4.6% 5.7% 4.5%
Jan-16 5.4% 5.3% 4.0%
Jan-14 6.6% 5.7% 5.1%

 Growing popularity of serviced offices

In the office sector, demand has been strong following the recovery from the last recession. The increasing importance of professional and business services for the UK’s economy provides a strong macroeconomic background for assets in this category and growing popularity of serviced offices is becoming particularly important as new business start-ups and smaller businesses struggle to keep up with rising rents in cities such as London and Manchester and as a result are looking for more flexible spaces.

Retail needs to adapt to remain relevant

For retail properties, a number of factors have come together to create a ‘perfect storm’. On the back of a decade of very low real wage growth, consumers have turned away from the high street and increasingly do their shopping online. Recent research on high streets in Great Britain by the ONS shows that over half (56%) of addresses on high streets are now residential.3

Rob Lankey adds: “The challenges faced by retail won’t be solved by a shift to residential, but the trend will be a significant boost to opportunities for property owners. Irrespective of broad capital value trends, retail property can continue to provide strong rental returns for landlords where the combination of tenant and property location are meeting modern consumer demand. For investors of mixed-use space to realise the full benefits that can be had, there will have to be a level of collaboration in the property sector moving forward. Another beneficiary of the declining high street will be for shared office spaces, such as WeWork which would likely use former retail premises in UK town and city centres”.

Shawbrook Head of Products & Markets, Daryl Norkett adds: “Broadly, if we look at the sub-sectors that are performing today and consider the analysis brought to life in this research, there is opportunity for experienced investors to grow and diversify their portfolios. However, it is important to highlight that the current market requires a certain level of expertise, knowledge, understanding and commitment of time in order to make the right property investment decisions but if you do your homework, it can be a great investment.”

Source: Property 118

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Sharp fall in Scottish commercial property market

An analysis of commercial property sales during the first quarter of 2019 from the Scottish Property Federation (SPF) claims that total the value of sales in Scotland fell by 21 per cent compared to the same period in 2018. The drop in value was largely driven by fewer high-value transactions for this period, with the number of £5m+ sales down by nearly one-third compared to Q1 2018.

The SPF analysis shows a 21 per cent (£203m) year-on-year decrease in sales by value in Q1 2019, with the value of commercial property sales in the quarter totalling £763m. The SPF also reported £3.03bn in property sales across Scotland for the last four quarters, the lowest rolling annual total since Q2 2014.

Property data experts at CoStar reported a similar decrease in investment in Scotland in Q1 2019. Investment volumes fell compared to Q4 2018 and Q1 2018 by 41 per cent and 54 per cent, respectively. CoStar points to investment into alternative assets as the key driver of activity in Q1 2019, with below average investment into Scotland’s industrial and office sectors.

Edinburgh bucks the trend

Edinburgh showed a break from the national trend in Q1 2019, with higher values than the same quarter in 2018. The Capital recorded a total value of £264m in commercial property sales, accounting for 35 per cent of the total value of commercial property sales in Scotland.

Aberdeen also saw commercial property sales recover against the previous quarter, with an increase from £14m to £41m. However, year-on-year, the total value of Aberdeen’s sales fell sharply by £125m.

Glasgow experienced a decrease in the total value of sales by £26m (15 per cent) from the previous quarter but rose by £49m on Q1 2018. Nineteen per cent of the total value of Scotland’s commercial property sales in Q1 2019 occurred in Glasgow, totalling £171m.

David Melhuish, Director of the SPF, commented: “The sales report for Q1 2019 shows a clear fall in total value of commercial property sales compared to the previous year. This aligns with investment data suggesting a subdued start to 2019 for the Scottish commercial property sector.

“However, the sales data does underline the current strength of Edinburgh’s commercial property market, with the Capital accounting for 35 per cent of the Scottish market by value. The investment data also highlights the rise in investor appetite for alternative property asset classes, such as hotels and build-to-rent. For investors, Edinburgh remains a hotspot, while more broadly, low growth and lack of certainty in the economy is weighing down on activity.”

By Neil Franklin

Source: Workplace Insight

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Commercial property investment falls as Brexit impasse continues

Commercial property investment across the Midlands has fallen as the ongoing Brexit impasse continues to have a negative impact on the market, a new report has revealed.

Lambert Smith Hampton’s (LSH) latest UK Investment Transactions(UKIT) report, says that at £10.9bn, Q1 investment volume across the UK dropped to its lowest quarterly total since the aftermath of the EU Referendum in Q3 2016.

Heightened investor caution in the weeks leading up the UK’s scheduled exit from the EU has clearly been reflected in investment activity. £10.9bn of assets changed hands in the quarter, 26% below average and a substantial 34% below Q4 2018, the largest recorded quarter-on-quarter percentage fall in five years.

Adam Ramshaw, LSH’s regional director for the Midlands, said that in Birmingham and the West Midlands a total of £313m of investment deals were completed in Q1, compared to £470m in Q4 2018. Compared to the same quarter last year there was a 33% drop in investments, with a 54% decrease on the figure for Q4 2018.

Across the East Midlands, there was investment of £197m in Q1, a year-on-year decrease of 67% and a 66% drop compared to Q4 2018, added Adam.

The national impasse was most clear with larger lot size deals. Q1 saw only 19 transactions in excess of £100m, the lowest number since Q4 2012 and significantly below the quarterly average of 31. That said, the total numberof recorded deals in Q1 was only 15% below average, indicating a stronger tolerance to current uncertainty across the wider market.

The market was in some respects turned upside down in Q1. For the first time on record, the three traditional core sectors accounted for less than half of volume. Offices took the brunt of the drop-off in Q1, with volume at a ten-year low of £2.7bn, down a substantial 60% quarter-on-quarter and reflecting a moribund period for large-lot size deals in Central London.

Meanwhile, a perfect storm of structural change and Brexit uncertainty saw retail volume sink to its lowest quarterly total on record, at just over £1bn. Industrial volume dropped to £1.4bn in Q1, far removed from the record £2.2bn in Q4 2018 but only 18% below the trend.

Other sectors proved notably more resilient. Hotel & leisure volume of £2.6bn in Q1 was its strongest quarter in 13 years, boosted by a number of portfolio deals and the UK’s largest deal in Q1, Queensgate Investments’ £1.0bn acquisition of the Grange Hotel Portfolio. Collectively, the specialist sectors also bucked the trend in Q1, with volume of £2.7bn being 35% above average and fuelled by twelve Build to Rent forward funding deals.

The heightened caution in the UK market in Q1 was evident across each of the main investor groupings. Quoted property companies were the least acquisitive buyers compared with trend, with volume of £680m at below half the average, followed by UK institutions where volume of £2.0bn was 35% below average. While investment from overseas investors was also subdued by recent standards, tellingly, they remained major net buyers of UK property, to the tune of £3.3bn in Q1.

The All Property average transaction yield moved out by 14 bps in Q1 to stand at 5.48%. While all the main sectors moved out, retail saw the largest outward movement of 68bps to stand at an average of 6.21%.

Ezra Nahome, CEO of Lambert Smith Hampton, said: “Q1 turned out much as we expected, with investors of all persuasions opting to take a backseat in the crucial run-up to the UK’s scheduled EU exit date. For the first time ever, the so-called alternative sectors collectively accounted for well over half of total volume, a telling reflection of the direction of travel in the market and the insatiable demand for long-income deals.

“While many will be relieved the UK avoided a no deal Brexit outcome, frustratingly, the EU’s extension to later in the year will only act to preserve uncertainty in the market. Despite the generally sound fundamentals of UK real estate investment, this is likely to prove detrimental to the rebound in volume we had been expecting for the latter part of 2019.”

By Rachel Covill

Source: The Business Desk

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North’s commercial property market reports healthy start to 2019 and further positivity ahead

THE north’s commercial property sector enjoyed a positive start to 2019, according to the latest market research.

The new report from Lambert Smith Hampton, which covers the first three months of the year, shows the total investment volume of £42.5 million was almost three times higher than the same period a year ago (£17m). However, that figure is 47 per cent below the five-year quarterly average.

The latest Investment Transactions Northern Ireland Bulletin is a continuation of consistent investment witnessed over the last year, but the total of five transactions last quarter is the lowest in five years.

The deals struck in the first three months of year were largely dominated by the office sector, with the largest transaction at the start of 2019 a local government department’s £16m purchase of James House at the Gasworks in Belfast.

Other notable transactions included the £9.6m sale of Donegall House to a private investor group, as well as retail operator Henderson Group’s £7.6m acquisition of a portfolio of petrol filling stations, which they already occupied as tenant

While there were a flurry of large retail transactions at the end of the year, retail was notably absent at the beginning of 2019.

Looking ahead a significant pickup is forecast in the second quarter of the year, with 21 deals either completed or agreed, totalling approximately £75m.

Lambert Smith Hampton director of capital markets, Martin McCloy said the local market continues to be impeded by ongoing political uncertainty.

“It is generally accepted that the six-month extension to the EU/UK withdrawal date and preventing the UK crashing out of the EU in a ‘no-deal’ scenario was the best outcome at the end of the March for the UK and Northern Ireland. However, there is no doubt that the continuation of this period of uncertainty will continue to frustrate the investment market,” he said.

Since the EU referendum in 2016 there has been a steady decline in investment activity in Northern Ireland, with the quarterly average

of the ten quarters pre-referendum (£101m) more than a third less more than the average during the same period post-referendum (£63m)

Coupled with the lack of a Northern Ireland Executive it has led to a ‘wait-and-see’ attitude, which has created a lack of supply to the market. That being said good quality assets remain in demand, according to Mr McCloy.

“Properties with solid fundamentals will remain attractive to investors. A recent report by MSCI reported that Belfast was among the top performing UK office investment markets in 2018. Coupled with the strong office occupier market, we expect that in 2019 office investment will become the predominant asset class in Northern Ireland, over taking retail,” he added.

By Gareth McKeown

Source: Irish News