April update : market performance

 

Land Registry data

February 2018 Av.price  Monthly change  12 Month change
 England  £242,176 +0.2% +4.6%
 London  £471,986  -2.1%  -1%
Royal Borough of Kensington and Chelsea  £1,409,606  +1%  -0.2%
 City of Westminster  £1,047,866  +0.2%  -2.4%
  • In London property prices have decreased by 2.1% in the last year and have decreased by 1% between January and February 2018.
  • The average property price in Fulham is now £725,829 – representing an annual drop of 5%.
  • Redbridge was the London borough that recorded the highest annual price increase (8.9%) in February. The average property price in Redbridge is now £441,869.
  • In February 2018, the most expensive borough to live in was once again Kensington and Chelsea, where the cost of an average house was just over £1.4 million whilst cheapest borough remains Barking and Dagenham, where an average house costs £293,180.
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£125m of apartments sold to one international investor

 

The final apartments at CIT’s 41-storey building South Bank Tower have been sold in one deal to an international investor.

South Bank Tower (formerly King’s Reach Tower) was purchased without planning permission in a joint venture with Jadwa Investment in June 2010, and delivered a residential, retail and office redevelopment. CBRE and Savills have been handling residential sales.

CIT, acting as development manager for South Bank Tower Limited, turned the 31-storey 1970s block into a 193-unit luxury residential scheme.

 

 

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South Kensington hotel site offered for £130m

A large freehold site in South Kensington near Gloucester Road tube station in SW7, is being offered for sale. JLL and Michael Elliott have been instructed to market the site on Harrington Gardens inviting offers in excess of £130m.

The cluster of properties is currently a hotel with 201 guest rooms, a restaurant, bar, ballroom, meeting rooms and a fitness centre spread over 121,000 square feet – (GIA). The row of townhouses was converted into a hotel back in 1991 by NH hotel, then sold in 2014 for a reported £89m.

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One of China’s largest developers buys it’s first London site

A Chinese company that is among the world’s largest residential property developers has bought its first site in Britain at a cost of £80m.

Guangdong-based Country Garden partnered with a Hong Kong fund for the acquisition of the Ailsa Wharf site in east London, which has been approved for development into a £400 million project of thirteen housing blocks ranging from three to 16 stories high.

The sellers, British developers Galliard Homes and Lindhill, spent five years acquiring the 270,000 square foot (25,084 square metre) site from several landowners.

Through the acquisition, Country Garden builds on a portfolio of overseas housing projects that includes developments in Melbourne and Sydney, as well as its $100 billion Forest City mega-project in Malaysia and projects in Thailand and Hong Kong.

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