British property developers are buying millions of pounds (sterling) worth of real estate in Brussels, including the city's tallest building which is mainly lot to Belgian Government departments.
GV Tallest building in Brussels
SV Building's entrance
SV Name on building
SVs & GVs Workmen working on building (3 shots)
SV Building sign 'Sun Alliance & London'
SV Workmen working
SV TILT DOWN Another modern office block ZOOM INTO sign 'Jones Lang Wootton'
CU Sign 'Taylor Woodrow London' ZOOM OUT building
SV ZOOM IN British Westminster Bank building & sign
SV PAN Along building & sign showing British trade name PAN TO British Barclays Bank sign
British-owned property in Brussels -- including city's tallest building; new buildings being erected for British companies.
Initials SGM/0311 SGM/0326
Script is copyright Reuters Limited. All rights reserved
Background: British property developers are buying millions of pounds (sterling) worth of real estate in Brussels, including the city's tallest building which is mainly lot to Belgian Government departments. But from the city, meanwhile, come reports of fears among local businessmen that British property-dealing methods will forces up rents.
Some forty new office blocks are being built or are planned -- and at least half to two-thirds of them are for British companies.
According to some property experts in Brussels, British companies now control about eighty per cent of all office space in the city -- headquarters of the European Common Market which Britain joined on January 1. This production takes a look at the situation.
SYNOPSIS: British companies are buying millions of pounds worth of property in Brussels, the Belgian capital, including the city's tallest building -- the thirty-three storey Tour Madou, which is let mainly to Belgian Government departments.
Some forty new office block are being built, or are planned, in Brusecle at the moment -- and at least half to two-thirds of them are for British companies. Recently, it was estimated that British firms owned eighty per cent of all modern office space in Brussels -- headquarters of the European Common Market, which Britain joined on January the first.
But among local businessmen fears are growing that British property holdings there will lead to higher rents...which would have to be covered, in case like the Belgian Government offices, by the Belgian taxpayer.
The reasons for the boom are many, say the experts, -- the enlargement of the Common Market, the relative cheapness of land compared to other European capitals, and the chances of big profit-taking if real estate prices rise quickly, as seems likely.