2022-01-19-莱坊-Investment_Yield_Guide_January_2022_1页_95kb

Prime Yield Guide Summary (January 2022)

This summary analyzes the Prime Yield Guide for January 2022, based on data from January to January 2022. The guide highlights trends in bond yields, market sentiment, and rental income assumptions for various property sectors. Key findings include the overall stability in most sectors, with positive trends in some areas and negative in secondary or tertiary classifications. Note that bond yields fluctuated due to interest rate changes, and market sentiment is mixed.

Bonds & Rates

• Interest rates increased notably, with SONIA rate rising from 0.045% to 0.195% and base rate up to 0.25%.
• Swap rates and gilt yields showed volatility, reflecting market adjustments.

High Street Retail

• Bond Street and Oxford Street maintained stable yields and sentiment.
• Secondary and tertiary retail showed negative trends in rental income.

Shopping Centres (Sustainable Income)

• Local schemes saw stable yields, while challenged ones declined negatively.
• Regional and sub-regional schemes remained stable, indicating resilience in income streams.

Out of Town Retail

• Essential retailers like Open A1 and Solus properties showed positive trends with declining yields.
• Secondary schemes remained positive, suggesting strong demand.

Leisure

• Prime and good secondary leisure parks had stable yields, while secondary and tertiary showed consistency without change.

Specialist Sectors

• Car showrooms and healthcare showed positive trends with indexed uplifts.
• Student accommodation and budget hotels maintained steady positive growth, despite covenant and lease variations.
• Mixed office sectors showed stability in prime areas but some decline in regional multi-let patterns.

Warehouse & Industrial Space

• Prime distribution yields declined positively in some cases due to shorter terms.
• Secondary estates and roytel properties showed positive in multi-let scenarios but mixed in single let.

Offices (Grade A)

• City prime and South East locations showed stable or minimal changes.
• West End non-core areas had positive sentiment with slight decreases.

Overall, the guide indicates a mixed market with positive sentiment dominating in key sectors like retail, leisure, and specialist properties, while negative trends are concentrated in lower-quality or challenged areas. Rental yields generally responded to broader economic shifts, with some declines attributed to multi-let risks and inflation adjustments.