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Ballymore is set to develop 211,000 sq ft of prime office accommodation at its Embassy Gardens site in London’s Nine Elms over the next three years; and the company has been awarded an £82m development loan to complete the project.
The ten-storey building will be the first office development of Nine Elms. The building is already substantially pre-let by Penguin Random House and is due for completion in 2019.
Eugene O’Sullivan, Director at Morgan Pryce and expert Chartered Surveyor, explains; “Nine Elms is currently in development phase. The area will soon be gentrified, making the office rental market more competitive; West End and City landlords will have to give away more incentives to incoming tenants.”
John Mulryan, UK Managing Director at Ballymore, says; “This significant new backing from Lloyds Bank underlines the quality of this transformative development and the wider Embassy Gardens regeneration project. For Ballymore, this also marks the start of an important new relationship with Lloyds Bank.”
The American Embassy is also soon to be re-located to the up and coming area in a deal negotiated between the UK government and the Barack Obama administration. Current president of the United States, Donald Trump, has expressed his extreme dislike of the new Nine Elms developments by cancelling a planned visit to the UK in February, in which he was expected to open a new $1bn (£738m) US embassy in London.
President Trump has commented on the issue: “Reason I canceled my trip to London is that I am not a big fan of the Obama Administration having sold perhaps the best located and finest embassy in London for “peanuts,” only to build a new one in an off location for 1.2bn dollars. Bad deal. Wanted me to cut ribbon-NO!”
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.