Wales is proving to be one of the best places for commercial property, with the sector apparently full of vigour and energy. In the third quarter of 2013, it has been revealed that the value of commercial property in the country increased by an astonishing 143 per cent.
This was the finding of Lambert Smith Hampton in its UK Investment Transactions report. In the third quarter (between July and September), the total value of commercial property deals in Wales came to GBP 90 million. In the second quarter that figure stood at GBP 37 million.
The Daily Post reported that a large part of this boost has come from deals made in the retail sector, with the number of transactions taking place rising by a whopping 114 per cent. In the third quarter, that amounted to GBP 77 million, up from GBP 36 million in the second quarter.
Owen Jones, associate director of Lambert Smith Hampton's investment division in Wales, described the third quarter as being buoyant and that the successes of the Welsh commercial property market had been driven by "a handful of high value deals".
"Overall, investors continue to be wary of regional investment due to the depressed occupier market," he told the online news provider. "The ongoing trend, which shows no signs of abating, is investors are still focused on London."
Mr Jones added that one trend which materialised during this quarter was that when "opportunities in large, modern and well-let regional retail locations come to the market, they attract purchasers". This is because of the security of income they provide.
Things have changed around considerably in Wales. In 2010 for example, Lambert Smith Hampton reported that the commercial property market in Wales made for bleak reading, with a noticeable decline in demand compounded by the fact that investors were still cautious due to the ongoing economic uncertainty.