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US bank Goldman Sachs may be rethinking its plans to move into a huge new office complex next year, and is instead looking to negotiate a sell and leaseback deal in a bold move that serves to demonstrate the firm’s confidence in the London market despite the apparent uncertainty for foreign investors since the vote to leave the European Union.
It has been well publicised that many experts have predicted a stagnation and even weakening of the market once the UK leaves the European Union, and although some companies are still exercising caution when it comes to making large, long-term financial commitments to the capital, the market has in fact strengthened since the vote was called.
According to figures released by property experts Savills, deals amounting to a huge £443.4 million were agreed in the City of London during January, demonstrating significantly higher investment than in January of last year. Furthermore, approximately £1.7 billion of commercial property in the Square Mile has come to the market since the start of 2018.
Goldman Sachs were due to move into a large new office headquarters; however, rather than pushing ahead with plans to relocate to the new site, the firm has appointed agents at CBRE to explore the possibilities of a sale and leaseback. Some preliminary predictions for the sale have indicated that it could fetch up to £1 billion.
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.