Investment Line: Is it too late to ride the commercial property recovery?

Peters says the likelihood of income tax and VAT rises after the next election will also put pressure on commercial property yields.

Despite this, he says Invista have identified some selective undervalued pockets of commercial property in the City of London, compared to the more overheated West End office market,where he sees more potential uplift.

He picks  UK Commercial Property (Ordinary Share) however as a relatively safe investment in the sector as it has no gearing issues, while for the slightly more adventurous, he picks Invista Foundation Property (Ordinary Share).

‘The dividend is only about 70% covered but it is interesting as it has cash to invest and they are good asset managers, who actively manage it and move tenants around.’

With Invista now at 44p after launching at 100p, Peters says it is hard to describe those who have not invested over recent months as having missed the boat.

Yet he does believe most of the share price appreciation of the last few months is now over, even if yields now look a little more solid.

‘Investors have missed the majority of share price appreciation, but I think yields look more sustainable now than they were. I don’t think we will see further big rises in NAV but we should see a solid steady progression.’