Flourishing Fenchurch Street
With near record levels of letting and
investment activity in London in 2014, and with the City of London particularly
active, it comes as no surprise that the saga of another EC3 asset is moving to
Recent reports indicate that 80 Fenchurch Street, EC3, is
now under offer. Partners Group, a Swiss based private investment management
company, has agreed terms to buy the scheme out of receivership for a rumoured
sum of £50 million. There was bidding competition for ownership of the site and
completion of the sale will conclude an ongoing struggle concerning the
development which has been continuing since 2012.
The 80 Fenchurch Street site covers an area of 0.6 acres and
is thought to represent a development opportunity worth in the region of £300
million. Planning consent for a 245,182 sq ft office building designed by
Fosters and Partners has already been granted. With the constraints on City of
London office supply predicted for some time, a new development of this scale
in the heart of the City insurance district may attract keen pre-let interest
The proposed scheme continues the ongoing transformation of
Fenchurch Street, one of EC3’s main thoroughfares. With completed/proposed
developments including the Rafael Vinoly designed 20 Fenchurch Street, the
420,000 sq ft Generali led 120 Fenchurch Street and TIAA Henderson’s Leadenhall Triangle scheme, Fenchurch Street seems set to gain increasing allure.
Newton Perkins have been particularly
active within the vicinity in recent weeks, having let 2 floors and placed a
3rd under offer at AIK’s comprehensively refurbished 140 Fenchurch Street. AIK
welcome Hua Nan Commercial Bank and Harman Kemp to the building, which was
previously occupied in its entirety by AXA.
The building has been
extensively refurbished throughout, including a remodelling of its reception,
which now incorporates the alluring feature ‘watchstrap’ wall.
AIK will be delivering 3 further
floors to the market in Q1 2016. Please call Jamie Nurcombe or Chris Sutcliffe
for further information.
For further discussion, please contact David Alcock or Harry Trotter.
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