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OVERSEAS BUYERS ARE EYEING BRISTOL BUILDINGS FOR CREDIT CRUNCH BARGAINS

The fact that overseas buyers are taking a keen interest in Bristol‘s business buildings could signal that the impact of the “credit crunch” on commercial property prices has done its worst, according to the largest firm of international property consultants in the South West.

Rob Codling, a senior surveyor in the investment team at King Surge said:  “A growing number of very well known commercial property investors, together with substantial overseas investors are poised to buy office blocks, retail buildings, and industrial developments in the Bristol area and the rest of the UK.

“This could end the recent fall in commercial property values, unless the market encounters another shock like the collapse of Bear Stearns”, said Mr Codling.

Addressing journalists at King Sturge‘s annual media briefing in Bristol, Mr Codling explained that, while the commercial property market is not in crisis, it has certainly suffered a reduction in values and transactions in recent months.

“In truth, we have probably seen a necessary re-pricing, with previous price levels having become unsustainable during a period of very easy access to money.  This adjustment has discouraged both buying and selling, so February saw transactions totalling just £2.2 billion – the lowest level since 2004”, said Mr Codling.

“But some overseas investors, and a number of opportunistic UK funds, have spotted that the re-pricing may have gone far enough to restore the appeal of commercial property as a good-value investment”, he added.

“Bristol has established a strong record of attracting European and overseas commercial property investors, with many of the city‘s major buildings now owned by organisations as far apart as Ireland, Germany, Scandinavia and the USA”, Mr Codling pointed out.

 ENDS             10th April 2008

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk

Notes to editors

King Sturge is one of the largest international property consultancies in Europe (52 offices in 17 countries), with a comprehensive network of over 165 wholly owned and associated offices throughout the world.  Over 3,800 staff throughout these offices cover all property sectors and specialisms, including plant and machinery.  In Europe, King Sturge operates in principal mainland European cities.

In Asia Pacific, King Sturge has associations in Australia, Indonesia, Malaysia, New Zealand and Singapore.

In North America, King Sturge has business partners in the Americas and Canada through King Sturge CORFAC International.