Billionaire John Caudwell, who founded the Phones4u retail chain, is piling into Britain’s beleaguered commercial property market in a sign that some investors believe that prices may be bottoming out.

Caudwell, who has spent much of his time promoting his charitable foundation since selling his business empire in 2006, said that he had spent about £80m of his money on commercial property in London and elsewhere during the last three months as prices nose-dived in parts of the country.

'It sounds a bit smart Alec but I have been forecasting this recession for the last two years,' he said.

Analysts are divided about how much further commercial property prices are likely to fall, but most agree that there are significant declines which have yet to be priced into the market as the recession deepens.

Sunday Telegraph