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Final days for interest in Gherkin building

15th August 2014

Final days for interest in Gherkin building

Parties interested in registering their interest to purchase one of London’s most iconic landmarks have just until the 16th August to do so, on the dedicated website.

London’s iconic and uniquely shaped office building, the Gherkin, is currently up for sale, with Deloitte and Savills jointly acting as agents, as Deloitte has been instructed as receiver.  

The property was placed in receivership earlier in the year, in April, when a refinance deal could not be finalised, and in part because the Swiss-franc affiliated loan was creating problems; the property was valued in an increasingly strong sterling. The property has high-profile tenants such as insurer Swiss Re (who built the tower and sold it to IVG Immobilien and a Mayfair investment bank), which occupies 15 floors, and Sky News, on the top floor, US law firm Kirkland and Ellis and solicitors Hunton and Williams. 

The tower is built on the site of the former Baltic Exchange, which was extensively damaged in the 1992 IRA bomb. It was originally planned that a higher tower of 92 storeys would stand on the site, but the never-to-be Millennium Tower was abandoned at planning state and made way for the current world-recognised building designed by Lord Foster. 

The skyscraper is on the market for over £640m, with the sale process beginning on the dedicated website mentioned above. 

It is expected by many in the industry that an overseas buyer, possibly from the Middle East or emerging Asian markets, will be the final purchaser, given the pattern of investment from these regions into the London commercial property market, by both state investors and very high-net-worth individuals. 

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.

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