- Total H1 figure of £1bn dwarfs recent average of £700m -

- Further £450m of transactions set to complete in August -

Investors acquired £1bn of Central London prime retail property in the first half of the year, with the market proving a safe haven before and after the vote to leave the EU, according to CBRE, the world’s leading global real estate advisor. This total dwarfs the H1 average of £700m seen in recent years. Total investment for 2016 is set to swell significantly in August, with a further £450m worth of deals set to complete this month. The market’s reputation as a secure long-term investment has also been bolstered by a third successive quarter of prime yields at record lows.

Investors continue to regard prime Central London retail as being relatively protected from the macroeconomic headwinds that have caused nervousness in other markets. London shops have proved particularly attractive to overseas investors, who represented 60% of volumes in H1. These investors are benefiting from recent falls in sterling, while also taking reassurance from the boost sterling depreciation will have on spending from overseas visitors.

Performance has also been enhanced by the high quality of assets available, with CBRE advising on recent deals including the sale of 169 New Bond Street for £65m – at a record £18,800 per sq ft, the highest capital value per sq ft paid for any UK retail asset to date. The weeks immediately following 23 June also saw the sale of Debenhams’ Oxford Street flagship by British Land in one of the biggest deals since the referendum and the sale of 361 Oxford Street by Aberdeen Asset Management.