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Robert Irving Burns

Foreign Buyers Driving Record Quarter for Midtown Office Investments

December 5, 2018    |   Panny Antoniou

The latest figures show record levels of investment in the Midtown office market during the third quarter of 2018.

Turnover in the Midtown submarket saw an increase from 2017 with money invested mainly coming from overseas. Total office investment was almost four times higher than the 10-year average for the area. This rise in investment is driven by three major deals which completed in the last quarter, the £550m acquisition of the Adelphi Building by Pontegadea, Norges’ purchase of Sixty London which is part let to Amazon, and the landmark purchase of Goldman Sachs’ HQ for £1.2bn by Korea’s National Pension Service.

There is significant interest in Midtown investments due to the changing nature of the area which is becoming more and more of a destination location for businesses looking to base themselves in the heart of London.

Here at RIB, we are delighted to market a fantastic mixed use Midtown investment with a restaurant on the ground floor and office space in the upper parts as well as a duplex residential apartment. For further information, please see our brochure.

Lettings in the Midtown area were up from Q2 2018. As one of the most active agents in the Midtown area, we are delighted to market a number of stunning office lettings in this rapidly changing office location including the newly refurbished 6 Coptic Street and a further office located on the iconic Bloomsbury Square.

Speaking to Board Director Damien Field, he stated “The Midtown area is a very interesting  market with the very diverse submarkets of Bloomsbury, Holborn, Farringdon, and St Giles all seeing significant growth. It is exciting to see such promising deals take place in this vibrant area and we are certain that this will continue in the future as some of the more overlooked parts of Central London see significant investment and redevelopment. Additionally, the limited development pipeline and low vacancy rates in the area make Midtown a highly sought-after location for investors.”

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