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News Release

London

Jones Lang LaSalle Success Rate Soars to 88%

Results from the latest Commercial Property Auction


London, 14th March 2012 – Jones Lang LaSalle’s property auctions team has reported an 88% success from its 6 March auction at the Le Meridien Piccadilly Hotel, W1.  The auction raised almost £10 million and included the sale post-auction of a long leasehold geared industrial investment let to the London Borough of Greenwich.  The property sold for £4.25 million, reflecting a net initial yield of 5.80%. 
 
Commenting on the sale, Jones Lang LaSalle’s principal auctioneer Felix Rigg said “The market’s changing.  Last year saw larger lots struggling to sell.  This year our average lot size is running over £700,000, which shows that buyers are bidding with greater confidence on opportunities that absorb more of their buying power.  I can’t wait for our 3rd May auction now.”  
 
The next Jones Lang LaSalle commercial property auction will take place on Thursday 3 May at the Le Meridien Hotel, 21 Piccadilly, London W1.  For further information or to discuss entering a property, please contact Jason Birch, Director Jones Lang LaSalle Auction Team.