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One of the most iconic buildings in London, colloquially – and now always – referred to as the Gherkin, has been put up for sale, with a minimum asking price of £650 million.
The tower is a 40-storey, 46,914-square-metre office block, which has become a memorable feature of the London skyline, completed in 2003 and designed by Norman Foster and Arup Group.
The space-age building is expected to attract potential buyers from all over the world, with the most likely market being institutional investors such as pension funds, insurance funds or state-owned funds – though it has been suggested by Savills, one of the selling agents, along with Deloitte Real Estate, that an individual, non-institutional buyer is not out of the question.
In order to facilitate this unique sale, a website (www.gherkinlondon.com) has been set up that allows parties to register their interest, with bidding proceeding during September. Savills also commented that buyers are likely to arise from North America, both the USA and Canada, as well as countries such as Taiwan and China.
The building was put into receivership earlier this year as a result of the insolvency of one of its owners, German company IVG Immobilien. To place the building on the market is therefore a decision taken by the receivers, and it will be considered a good time to sell it, given London’s prosperous property market, the Gherkin’s prime location, the restrictions on overseas investment being loosened in the Far East and Asia, and the fact that the property is let to 20 tenants in a good landlord market.
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.