Sunday, 16 January 2011

Rents soar to three-year peak in central London | Business

Rents soar to three-year peak in central London | Business

Knightsbridge and Mayfair are leading the way as rents in central London's most sought-after addresses surged to their highest level for nearly three years, property agent Knight Frank said today.

It came as British Land announced a £40 million redevelopment of Marble Arch House near Hyde Park and Oxford Street, including 10 flats which could fetch as much as £3.5 million.

Rents across central London are just 5% below their March 2008 peak after jumping 16% last year.

The strongest areas in Knightsbridge and Mayfair, prime areas for corporate lettings, soared more than 20% amid strong demand for scant properties.

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