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April 27, 2012
Bankers shift to commercial property
According to The Evening Standard and based on our in-house research, a dramatic shift has emerged in the way London’s bankers are investing their bonuses. They are turning away from flats in Belgravia and toward commercial property.
The Kensington-based consultant Khalil & Kane says wealthy City bankers moved away from prime, high-end residential properties towards income-producing shops, pubs, office and leisure investments that are relatively hassle-free and give higher yields.
The proportion of commercial investments against residential ones has rocketed from 26.5% in 2007 to 68.25 % last year. While the average transaction from 2007-10 among the company’s City clients was £2 million or more, most properties bought since 2010 have cost between £500,000 and £2 million.
A spokesman said of the commercial buys: “Location is important, but we place as much emphasis on ensuring the fundamentals of the property are right. ”