Commercial property adviser CBRE has revealed that property buyers have invested £1bn in the retail space of central London in the first half of the year, which is far more than £700m in first-half average of the last few years.
This month alone, another £450m worth of properties are set to be sold.
Despite the uncertainty lurking over the country's status in the EU after the Brexit vote, the sale of retail properties is increasing. Among these include the sale of Debenhams property in Oxford Street to H&M chairman Stefan Persson for £400m.
Other investors include Hong Kong businessman Joseph Lau, who invested £183m on Zara’s new store in Oxford Street; and Sports Direct head Mike Ashley, who spent £108m on Oxford Street property to serve as a new corporate base, as well as the first Flannels flagship store, reported Standard.co.uk.
CBRE head of UK retail Phil Cann said every year, properties worth between £1.6bn and £2bn sell in central London.
He was quoted by the website as saying: “I think there is every chance of a record this year. Given the amount of bidding activity we have seen, there is still a significant amount of equity tracking London retail and it shows that buyers are still very happy with the London story.”
Property buyers from Hong Kong and Singapore are especially active in the London market.