The research also shows that there is £4.10bn of available stock across 87 opportunities, which is the highest volume this year to date, with 50% (by lot size) derived from the 10 largest sales, suggesting there is greater willingness to ‘market test’ assets than earlier in the year.

Savills is tracking over £1bn under offer, of which 42% by volume represent deals agreed within the last two months and despite the lack of trade, which is typical of the summer period, it is tracking eight bids processes called in July, including 125 Shaftesbury Avenue, W1 and 60 Great Portland Street, W1 (Q. £95M, 4.93% NIY, £1,114 psf), both of which will provide strong bellwethers of market sentiment for value-add and core-plus opportunities of scale, respectively. Savills prime West End yield remains at 4.0.

Stephen Down, executive director and chairman of Central London & International Investment, Savills, says: “Although we’ve seen a decline in activity this year against the current economic backdrop, it’s encouraging to see large trades taking place and a healthy pipeline of activity for the remainder of the year, showing signs of the West End market picking back up. So far the buyer audience has included investors from across the globe including unlevered, cash rich family offices, plus funds from the US and Europe, all seeking Core product and where predominantly the “sweet spot” for purchases is between £50m and £100m.”

The largest trade was Liberty House, 76 & 80 Hammersmith Road, W6 which was acquired for £48m by McAleer & Rushe (MRP). The freehold interest in this 1.4 acre site contains two office buildings comprising 89,874 sq ft. Both buildings were provided with full vacant possession upon completion.

Savills, on behalf of Labtech, has also disposed of the freehold interest in 1-11 Hawley Crescent, Camden, NW1, a comprehensively refurbished 24,258 sq ft mixed use building. The offices are solely occupied by Airwair International, trading as Dr Marten’s, with the building serving as Dr Marten’s European Headquarters for a further 3.75 years at a passing rent of £46.90 psf. The building has been acquired by a European property company.