News and Views

East Side Roll!

The focus on the EC3 property market and the east side of the City core looks set to continue after a recent spate of headline transactions.  

The huge majority pre-let of insurer Generali's 430,000 sq ft office scheme at 120 Fenchurch Street, EC3 has been confirmed to fund management group M&G.  The company has taken a 20-year lease for approximately three quarters of the office space, consolidating all their London offices into this one location. 

The planned office building at 1 Mitre Square, EC3 by Helical Bar has received funding from Healthcare of Ontario Pension Plan Trust Fund to facilitate construction of a 17 storey building consisting of approximately 270,000 sq ft of offices.  A completion date of Q4 2016 has been projected. 

The sale has also been confirmed of Bankside House, 107 Leadenhall Street, EC3, to London & Oriental.  RBS Real Estate has agreed to sell the mulit-let unit for a sum reported to be close to £60m, a yield of 5.75%. Long-term redevelopment of the site has long been mooted.  

The extraordinary regeneration of the Spitalfields area over the past two decades is set to continue following confirmation of backing by M&G Real Estate for Exemplar Properties’ proposals for the Fruit & Wool Exchange.  The building is set to offer approximately 320,000 sq ft of office retail and leisure accommodation.  

For further discussion please contact Jon Beilin or David Alcock.

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