Welsh commercial property transactions rose 143% in Q3
Commercial property sales in Wales grew by 143% in Q3, 2012, according to the latest figures released by real estate consultancy Lambert Smith Hampton.
The figures just released show that between July and September 2012, the total amount of sales generated for commercial property within Wales was £90m.
The figures were a stark contrast to the Q2 of 2012, which generated £37m in revenue collected from commercial property sales.
Within Q3 – 2012, the vast majority of property that changed hands happened within the retail sector. According to the figures, the growth rate reflected an increase of 114%.
The report identified the Welsh office market as being particularly healthy, with its growth in Q3 – 2012 equating to a staggering 1,100%; representing £12m of completed transactions within the quarter, a stark contrast to the £1m of Q2 – 2012.
The industrial sector remained at a constant level throughout Q2 and Q3.
The report identified three large transactions in the commercial property markets of Wales, which was a major factor attributing to the outstanding growth within the area for the third quarter.
[caption id="attachment_3137" align="alignleft" width="243"] Capital Tower in Cardiff - google[/caption]
The transaction which produced the largest yield - 18.9% - was by Topland Group, who purchased Capital Tower and Friary House in Cardiff for £12.35m.
The deal, when combined with two others within the area, gave the property markets of Wales a “buoyant third quarter,” according to Owen Jones, associate director of Lambert Smith Hampton’s investment division.
The encouraging figures look set to attract further investment in its market from potential investors, looking to build their portfolios. The figures build on previous reports finding an increase of logistics property take-up within 2012.