PROPERTY NEWS
GROSVENOR RENTS SHOW BUOYANT MARKET
Property giant Grosvenor says it has secured a record rental price of £93 per sq ft for a prime property on Green Street in Mayfair, smashing the average area price of between £63-£65 per sq ft. The firm said the new tenants of the triplex apartments are European including one Englishman and one Italian, working in the West End. The deal equates to an annual rent of £250,000 for the biggest triplex. The leases are one year with no break clause, with the option to extend for a second year. The company says there are additional apartments available to rent, in the same development, on lower floors.
CHINA COULD BE A PROPERTY INVESTOR’S DREAM
A new report by Jones Lang LaSalle has highlighted the property investment opportunities in a number of Chinese cities. The firm says growth areas include Chengdu, Chongqing, Dalian, Hangzhou, Nanjing, Shenyang, Suzhou, Tianjin and Wuhan. The firm says over 80m sq m of modern retail and nearly 30m sq m of Grade A offices will be built in China’s main cities over the remainder of the decade, bringing much needed stock to the market. Jones Lang LaSalle predicts that retail will provide the greatest real estate opportunity.