Irish investors ''flocking to London'' - commercial mortgages

21 April 2008

In news which may interest those seeking commercial mortgages, the London commercial property sector is reportedly in line for a boost from an influx of new Irish investment.

Caroline McCarthy, head of international capital markets at CB Richard Ellis in Dublin, told the Sunday Post that the recent downturn in the London market has suddenly created a situation where investment prices were more attractive.

This buying was being sensibly targeted at places with clear prospects for the long-term, she stated, commenting: "They are going for the West End and mid-town and are looking for buildings with good tenants where rents are at sensible levels."

She said that prime yields in the West End were now up at five per cent, having previously hit a low of 3.75 per cent.

Last week the Royal Institution of Chartered Surveyors said that the West End was better equipped to manage through the current market downturn phase than other parts of London such as the City.