The Gherkin skyscraper could fetch up to £640 million.
The Gherkin, a landmark office building at 30 St Mary Axe in the City of London has been put up for sale, revealed joint marketing agents Savills and Deloitte Real Estate. Some media reports in the UK said the price is expected to reach £640 million.
Designed by Lord Foster and known for its striking architecture, interest for the 40-storey skyscraper which opened in 2004 will likely come from all corners of the globe.
Located in the heart of London’s business core, the 505,000 sq ft building is currently multi-let to around 20 tenants including Swiss Re, Kirkland & Ellis International LLP and ION Trading.
Stephen Down, Head of Central London Investment at Savills said, “The Central London commercial property market has benefitted from improving market conditions over the course of the last few years. Not only have we witnessed a sustained appetite from international investors for assets in London but we have seen a substantial improvement in business growth and take up of office supply as the Capital’s economy continues to improve.”
According to Savills Research, over the last five and a half years, Central London has seen £71.1 billion invested into the office and retail markets, with overseas investors accounting for £47.7 billion, equating to 67 percent of the overall volumes.
During this period, investors from Asia Pacific represented 19 percent of total office and retail transactions, European buyers accounted for 18 percent, while US and Middle Eastern investors represented 13 percent and 10 percent respectively.
Image: Global interest is expected for The Gherkin. (Photo by Savills)
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email: romesh@propertyguru.com.sg
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