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Possible Sale of Heron Tower?

23rd September 2013

Possible Sale of Heron Tower?

One of the UK’s highest skyscrapers is facing possible sale by the bank that financed the project, which was completed in 2011. The building has failed to let to the expected extent, being only 59% occupied at present. 

Heron Tower is 46 storeys high and is situated close to Liverpool Street station. The property is owned by a trust that includes Heron International, which gives its name to the building. Other members of the trust include Oman’s largest sovereign wealth fund and Saudi backers. 

It is believed that indecision as to how to take the financing situation forward is one reason why the bank may have to appoint receivers to sell the property. If the financial deal is coming to an end, the lender will expect to be paid back, and without the refinancing of £315m – and £100m of additional equity – having been put in place by the owners, sale may be the only option.

Given the lack of tenant interest in this building and with other newly constructed buildings such as The Shard remaining emptier than their owners would like, some might say that the planning and construction of more such buildings in the capital may be unwise. After the financial crash many companies have remained where they are at their lease end, seeing this as a cheaper option and coming to more favourable deals with their landlords. While the insurance sector is very visible in its occupation of the tenant market, many other sectors and tenants are erring on the side of caution and staying put, none of which would have been anticipated before the banking crash.

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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