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PrimeYieldGuide-September2025
KnightFrankIntelligence
Basedonrackrentedpropertiesanddisregardsbondtypetransactions
Thisyieldguideisforindicativepurposesonlyandwaspreparedon09September2025.
Clickheretoviewpreviousdata
SECTOR
SEP-24
MAY-25
JUN-25
JUL-25
AUG-25
CHANGE
SEP-25
BondStreet
2.75%-3.00%
2.75%-3.00%
2.75%-3.00%
2.75%-3.00%
2.75%-3.00%
2.75%-3.00%
HighStreet
OxfordStreet
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Retail
(institutional
PrimeTowns
6.75%
6.50%
6.50%
6.50%
6.50%
6.50%
lotsizes)
RegionalCities
7.25%
7.00%
7.00%
7.00%
7.00%
7.00%
GoodSecondary
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
SENTIMENT
POSITIVE
POSITIVE
STABLE
STABLE
STABLE
ShoppingCentres
(sustainableincome)
RegionalScheme
8.00%
7.50%
7.50%
7.50%
7.25%-7.50%
7.25%-7.50%
POSITIVE
Sub-RegionalScheme
9.25%
9.00%-
9.00%-
8.75%-9.00%
8.75%-9.00%
8.75%-9.00%
POSITIVE
LocalScheme(successful)
10.50%
10.00%-
10.00%-
9.75%-10.00%
9.75%-10.00%
9.75%-10.00%
STABLE
NeighbourhoodScheme(assumes<25%ofincomefromsupermarket)
10.00%
10.00%-
10.00%-
10.00%-
10.00%-
10.00%-
STABLE
OutofTownRetail
OpenA1Parks
5.75%-
5.25%-5.50%
5.25%-5.50%
5.25%-5.50%
5.25%-5.50%
5.25%-5.50%
STABLE
GoodSecondaryOpenA1Parks
7.00%
6.50%-6.75%
6.50%-6.75%
6.50%-6.75%
6.50%-6.75%
6.50%-6.75%
STABLE
BulkyGoodsParks
5.75%-
5.50%
5.50%
5.50%
5.50%
5.50%
STABLE
GoodSecondaryBulkyGoodsParks
7.00%
6.50%-6.75%
6.50%-6.75%
6.50%-6.75%
6.50%-6.75%
6.50%-6.75%
STABLE
SolusOpenA1(15yearincome)
6.00%
6.00%-
6.00%-
6.00%-
6.00%-
6.00%-
STABLE
SolusBulky(15yearincome)
6.00%
6.00%-
6.00%-
6.00%-
6.00%-
6.00%-
STABLE
Foodstores
Leisure
AnnualRPIIncreases[NIY](20yearincome)
5.00%
4.75%
4.75%
4.75%
4.75%
4.75%
POSITIVE
OpenMarketReviews(20yearlease,5yearlyreviews)
Discounters(20years,5yearlyindexation)
6.00%
4.75%
5.75%
4.50%
5.75%
4.50%
5.75%
4.50%
5.75%
4.50%
5.75%
4.50%
POSITIVE
POSITIVE
STABLE
PrimeLeisureParks
8.00%
8.00%
8.00%
8.00%
8.00%
8.00%
GoodSecondaryLeisureParks
9.00%
9.00%
9.00%
9.00%
9.00%
9.00%
STABLE
PrimeYieldGuide-September2025
KnightFrankIntelligence
Basedonrackrentedpropertiesanddisregardsbondtypetransactions
Thisyieldguideisforindicativepurposesonlyandwaspreparedon09September2025.
Clickheretoviewpreviousdata
SECTOR
SEP-24
MAY-25
JUN-25
JUL-25
AUG-25
SEP-25
CHANGE
SENTIMENT
Offices
CityPrime(10years)
5.25%-5.50%
5.25%-5.50%
5.25%
5.25%
5.25%
5.25%
POSITIVE
WestEnd:PrimeCore(Mayfair&StJames's)
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
POSITIVE
WestEnd:Non-core(Soho&Fitzrovia)
4.75%
4.75%
4.75%-
4.50%-4.75%
4.50%-4.75%
4.50%-4.75%
POSITIVE
MajorRegionalCities(10years)
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
STABLE
MajorRegionalCities(5years)
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
STABLE
Secondary,RegionalCities
11.00%+
11.00%+
11.00%+
11.00%+
11.00%+
11.00%+
NEGATIVE
SouthEastTowns(10years)
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
STABLE
SouthEastTowns(5years)
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
STABLE
Secondary,SouthEastTowns
11.50%+
11.50%+
11.50%+
11.50%+
11.50%+
11.50%+
NEGATIVE
SouthEastBusinessParks(10years)
8.00%+
8.00%+
8.00%+
8.00%+
8.00%+
8.00%+
NEGATIVE
SouthEastBusinessParks(5years)
10.50%+
10.50%+
10.50%+
10.50%+
10.50%+
10.50%+
NEGATIVE
Warehouse
&Industrial
PrimeDistribution/Warehousing(20years[NIY],higherOMV/index)
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
STABLE
PrimeDistribution/Warehousing(15years,OMRRs)
5.50%
5.25%
5.25%
5.25%
5.25%
5.25%
STABLE
SecondaryDistribution(10years,OMRRs)
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
STABLE
GreaterLondonEstates
5.00%-
4.75%
4.75%
4.75%
4.75%
4.75%
STABLE
SouthEastEstates
5.25%-
5.00%
5.00%
5.00%
5.00%
5.00%
STABLE
GoodModernRestofUKEstates
5.25%
5.00%-5.25%
5.00%-5.25%
5.00%-5.25%
5.00%-5.25%
5.00%-5.25%
STABLE
GoodSecondaryEstates6.75%-7.00%6.50%-7.00%6.50%-7.00%6.50%-7.00%6.50%-7.00%6.50%-7.00%STABLE
SpecialistSectors
CarShowrooms(20yearswithindexeduplifts&dealercovenant)
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
STABLE
BudgetHotelsLondon(20years,5yearlyindexedreviews)
4.75%
4.50%-4.75%
4.50%-4.75%
4.50%-4.75%
4.50%-4.75%
4.50%-4.75%
STABLE
BudgetHotelsRegional(20years,5yearlyindexedreviews)
5.50%
5.00%-5.25%
5.00%-5.25%
5.00%-5.25%
5.25%+
5.25%+
STABLE
StudentAccommodationPrimeLondon(25years,Annualindexation)
4.25%+
4.00%
4.00%
4.00%
4.00%
4.00%+
+
STABLE
StudentAccommodationPrimeRegional(25years,Annualindexation)
4.50%+
4.25%
4.25%
4.25%
4.25%
4.25%+
+
STABLE
Healthcare(NotforProfitOperator,30years,Annualindexedreviews)
4.75%
4.50%
4.50%
4.50%
4.50%
4.50%
STABLE
Healthcare(SPVcredit,30years,Annualindexedreviews)
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
STABLE
DataCentres(Leased,15years,Annualindexation)
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
STABLE
LifeSciences(15years)
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
STABLE
IncomeStrips(50years,AnnualRPI/CPIH+1%RRs,AnnuityGrade)
3.75%
4.00%
4.00%
4.00%
4.00%
4.00%+
+
NEGATIVE
GroundRents(125years,AnnualRPI/CPIH+1%RRs,
<15%EBITDAcover,VacantPossessioncover<40%)
3.25%
3.50%
3.50%
3.50%
3.50%
3.50%+
+
NEGATIVE
PrimeYieldGuide–September2025
KnightFrankIntelligence
Thisyieldguideisforindicativepurposesonlyandwaspreparedon09September2025.
Clickheretoviewpreviousdata
DEBTMARKET–8September2025
mailto:lisa.attenborough@knightfrankcom
Source:Macrobond,ICAP
Globalbondyieldstouchhighsbeforeeasingslightly.Long-datedgovernmentbondshave
movedhigheracrossmajormarkets,withUK30-yeargiltsrecentlyreaching5.47%,thehighestsincethe
1990s.Whileyieldshaveparedbackfromtheirrecentpeaks,theadjustmenthighlightshowglobal
marketsarerepricinglong-termratesamidpersistentfiscalpressuresandevolvingpolicyexpectations.
ResilientlendingsupportH2UKCREoutlook.UKCRElendingremainedresilientinJulyat
￡1.8bn.TheBoE’sQ2CreditConditionsSurveyshowsbankshaveeasedavailabilityforthepast18
months,andthebalanceoflendersplanningtoimproveavailabilityoverthenext3monthsroseto
34.2%,thehighestsince2007.Withcreditimproving,lendingshouldsupportinvestment.
PrivateequitypatientinH1,asSWF’sincreaseactivity.Cross-bordersovereignwealthfund
(SWF)investmentintoUKCREsurged+320%year-on-yearinH12025,standingoutagainstaquieter
periodforprivateequity.Thescaleofinflowshighlightshowlong-term,lessleveragedcapitalhasbeen
quickertore-enterthemarket,whileothergroupsremainmoremeasuredfornow.
ESG
PlanningasustainableLondon|Rooftop
solar–amissedopportunity?
IntelligenceLab
UKHotelDashboard-H12025
10-yearIndexedGiltYield0.52%1.49%1.44%1.59%
LEADINGINDICATORS
BONDS&RATES
SEP
2024
JUL
2025
AUG
2025
9SEP
2025
BankofEnglandBaseRate
5.00%
4.25%
4.00%
4.00%
5-yearSONIASwapRate
3.59%
3.68%
3.67%
3.76%
10-yearGiltRedemptionYield
3.88%
4.55%
4.52%
4.64%
RetailInvestmentUpdate
PrimeYieldGuide-September2025
KnightFrankIntelligence
Thisyieldguideisforindicativepurposesonlyandwaspreparedon09September2025.
UKRealEstateNavigator
TheUKRealEstateNavigatoroutlinesthekeyoccupierand
investmenttrendsacrossthedifferentsectorswithincommercialreal
estate.
KEYRESEARCH
Didyouknow
Inadditiontovaluingassetsinthemainpropertysectorsand
havingawardwinningteamsintheHealthcare,Studentand
Automotivesectors,KnightFrankalsohasexpertisein:
?WasteandEnergy
?Infrastructure
?GardenCentres
?FilmStudios
?ServicedOffices
?DataCentres
?LifeSciences
?IncomeStrips
?GroundRents
?Tradingassets
?ExpertWitness
?IPOs
KnightFrankV&A
KEYCONTACTS
Welikequestions.Ifyouwouldlikesomepropertyadvice,orwantmoreinformationaboutourresearch,wewouldlovetohearfromyou.
EmilyMiller
Partner–Valuation&Advisory-HeadofUKFundValuations
+442078611483
Emily.Miller@KnightF
SimonGillespie
Partner–Valuation&Advisory-HeadofCentralLondonValuations
+442078611292
Simon.Gillespie@KnightF
MatthewDichler
Partner–Valuation&Advisory–UKFundValuations+442078615224
Matthew.Dichler@KnightF
JeremyTham
Partner–Valuation&Advisory-HeadofRealEstateFinanceValuations
+442078611769
Jeremy.Tham@KnightF
ChrisGalloway
Partner–Valuation&Advisory-HeadofBusinessDevelopmentUKFundValuations
+442078611297
Chris.Galloway@KnightF
WillMatthews
Partner–Research-HeadofCommercial+442039096842
William.Matthews@KnightF
KnightFrankResearchprovidesstrategicadvice,consultancyservicesandforecastingtoawiderangeofclientsworldwideincludingdevelopers,investors,
fundingorganisations,corporateinstitutionsandthepublicsector.Allourclientsrecognisetheneedforexpertindependen
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