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Savills reports slump in property sales
Savills, the global real estate company, has revealed that there was a huge slump in the value of leisure properties that changed hands during 2008 compared with the previous year.
According to new research published by the company, total transactions within the leisure sector only amounted to slightly more than £50m last year, compared with more than £1bn in 2007, with not one leisure park changing hands during the past 12 months. Despite a lack of transactional evidence, Savills still predicts that initial returns on investment within the leisure sector will be around 8 per cent.
Andrew McGregor, Savills' director of investment, said: "This sector has defensive characteristics, often being multi-let, long-let with index linked rents." "With the prospect of further sources of income provided through parking charges, mall income and advertising revenue, we expect the leisure sector to move higher up the 'buy radar', particularly when the debt market picks up."
The company predicts that leisure spending could decrease by less than 1 per cent during 2009, compared with an expected decrease of 1.8 per cent in overall consumer spending.
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