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In 2014, Blackstone acquired St Katherine Docks – located in the eastern City fringe of Central London – as part of the firm’s £448 million purchase of the Max Property Group, and sought to add value through a series of refurbishments and lettings.
A major letting for the scheme was completed in October 2016, when QA Ltd – who already occupy 30,000 sq ft of the site – signed a 10-year lease to take on an additional 16,000 sq ft. Further lettings, such as WeWork taking 55,800 sq ft at the end of 2016, strengthened Blackstone’s position, and now the company has decided to put St Katherine Docks on the market.
The scheme consists of six buildings totalling 500,000 sq ft, occupied by over 80 companies. Improvements to the facilities, such as better restaurants, have helped draw employers to the area. Blackstone hopes to sell the scheme for £435 million, and according Eugene O’Sullivan, Director and Surveyor at Morgan Pryce; “demand is likely to be very strong from foreign investors”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.