Investors snap up £7bn of UK business premises

Estate agent Savills handled a string of commercial property deals in London during the first half of 2017 – with a record 78 per cent fuelled by overseas buyers.

Foreign investors have given a massive vote of confidence to the British economy by snapping up £7billion of business premises, estate agent Savills has said.

The firm handled a string of commercial property deals in London during the first half of 2017 – with a record 78 per cent fuelled by overseas buyers.

Bosses said investors had accepted that Brexit made the future less certain, but still saw the country as a secure place to put their cash.

Brexit boost: Foreign investors have snapped up £7bn of business premises, estate agent Savills has said

Brexit boost: Foreign investors have snapped up £7bn of business premises, estate agent Savills has said

Successes included the £1.2billion sale of the 737ft 'Cheesegrater' skyscraper to a Hong Kong firm, the second-biggest such deal in UK history.

There were ten £100m-plus deals in the capital's West End and in St James's Square alone the Chinese bought three properties for £523million. 

The agent made a £32.4million profit in the first half of the year, up 27 per cent on the same period last year.

Its biggest growth came in Asia, where revenue climbed 26 per cent to £263.5million.

It means the region is snapping at the heels of the UK, which saw turnover rise by 7 per cent to £274.2million. 

Savills' sales volumes in London fell 3 per cent, although the average price was up £200,000 at £2.7million.

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