Posted by Gareth Williams, Partner
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
Result has destabilising effect on investment and rental values
Uncertainty following Britain’s decision to quit the EU could have wide-reaching implications for London’s commercial property sector, a major player in the market has warned. Great Portland Estates said that the outcome of last month’s referendum was likely to have …
Uncertainty following Britain’s decision to quit the EU could have wide-reaching implications for London’s commercial property sector, a major player in the market has warned.
Great Portland Estates said that the outcome of last month’s referendum was likely to have a knock-on effect on investment and rental values in the capital.
Toby Courtauld, chief executive of Great Portland, said: “In the near term, we expect confidence to reduce and some business investment decisions to be deferred whilst negotiations to establish our trading arrangements with the EU are undertaken.
“As a result, we can expect London’s commercial property markets to weaken during this period of uncertainty.”
The company’s warning this month follows news that six separate property funds, worth a combined total of £14billion, have blocked investors from withdrawing their money.
Shaun Port, an online investment expert, said: “We think all of these funds will now [close], probably for the remainder of the year.
“Investors tend to invest on the understanding that they can sell their investment at any time, but the underlying assets – large buildings – are themselves very hard to sell at short notice.”
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