Where to find the value in the property sector

ON SPECIALIST MARKETS

We believe that value for commercial property now lies outside the prime markets. At present, anything that is not prime is viewed as secondary and discounted significantly in comparison.

Valuers and the market seem to be applying a blinkered generic approach to assessing the value of secondary properties, taking little account of relative tenant strength, quality of location or underlying occupational demand. In reality, office or retail space in certain non-prime locations are performing very significantly and this is not reflected in how it is priced. We think that some non-prime property is more secondary than other and we seek to arbitrage this mispricing. We particularly like the South East office market outside central London, where established locations with go...