Land Securities yesterday signaled signs of the commercial property market bottoming out after two years of decline. LandSec sold £357.4m of investment property for the quarter to 30 June. The reported peak-to-trough value is -44.1%, whilst the rolling capital value figures stand at -30.8%.
Attacking the credit crunch in his own way, the owner of Hill Lodge in Holland Park has placed a home-made for sale sign outside his property in London. Although the sign does not display the price, just a website (http://hilodge.com), the house is reported to be on the market for more than £30 million. With Estate agency charges usually around 2.5 per cent the seller could save himself more than £750,000 but marketing the property privately.
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