London Undergoes a Surge in Rehab Market
Article Abstract:
The rehabilitation of historic buildings has been strong in London. In 1981, there were over forty rehabs. 1982 saw ten rehabs, 1983 saw fifty-five, and many more are expected. Many of the rehab projects involve smaller buildings. England does not offer tax advantages for the historic preservation of buildings as the United States does. Instead, there are stringent preservation laws to protect older buildings. Sometimes preserving a facade is adequate, sometimes the interior must be preserved also. Rehabbing in the West End has made the office market particularly strong. England also has stringent height requirements and banking laws which have had a strong impact on building and development. Rentals in London go for about forty-five dollars a square foot for office space one-third more than in Manhattan. Net leases are standard in London, another major difference from the United States. Leases are often twenty-five years long in London and building size is smaller than in the United States.
Publication Name: National Real Estate Investor
Subject: Real estate industry
ISSN: 0027-9994
Year: 1984
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United Kingdom: Office Market Tight; Enterprise Zones Net Most Action
Article Abstract:
London's Aldgate district, on the edge of the financial area, has supported office development. It is a heavily socialist area. The district's make-up has improved greatly due to the encouragement of office development, but the district's rate base, or real estate tax, has also skyrocketed. The insurance industry has been particularly attracted to the area's development. Aldgate is near Lloyds, and offers lower rents. The high rent range in London is about thirty pounds sterling per square foot. Aldgate rents are slightly more than half of that. The industrial rental market is very low. There is a great abundance of industrial space, which is the result of huge development programs of local authorities. Enterprise Zones, with their tax advantages, are an exception to the slow general market.
Publication Name: National Real Estate Investor
Subject: Real estate industry
ISSN: 0027-9994
Year: 1984
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House-hunters on the landscape
Article Abstract:
Research by FPDSavills indicates that 70% of people seeking residential property through its Norwich, UK, office, are from outside Norfolk, the Home Counties and London in particular. The focus is on buying more expensive properties, where people can work from home for part of the week, whilst maintaining a smaller home in London. Some 40% of purchasers whose statistics are included in the research are in the 40-49 age group, with average salaries of 339,466 pounds sterling per annum.
Publication Name: Estates Gazette
Subject: Real estate industry
ISSN: 0014-1240
Year: 2000
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