A new development area in Knightsbridge has turned into a potential battleground with two planning group competing with each other for its acquisition.

The highest bid of around £540m made till now has come from the Olayan Group supported by partner group Chelsfield. The fully furnished desk space to rent area measuring 3.55 acres is situated at the Brompton Road. It is not only furnished with all the basic amenities but also boasts of being situated in the heart of one of the world’s most important financial centres.

Though the enormity of the bid by Olayan Group has thrown out several smaller contenders for the property out of the competition, there are a few big players such as the Qatari Investment Authority and the New York Thor Equities Group that are still in the picture.

According to a source from the London office space market, the interest in sale that is going to be one of the largest since the recession clearly indicates the increasing interest of overseas investors in commercial properties situated in Central London.

It might be interesting to note that the Olayan Group is comprised of over fifty different companies with a few from North America, some from Europe and a majority from Saudi Arabia. With the progress in recovery of London commercial property market from the effects of recession and the fact that a number of development projects were stalled during the recession, there are high chances that the future developments will carry a very high value as there will be a serious crunch of prime office spaces across the city.

This entry was posted on Wednesday, April 28th, 2010 at 7:12 am and is filed under Better Business, Plugs. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.