The Weekly Wrap
Barclays HQ to be ‘sold’ for £350m!
The well-known 20 Gracechurch Street building is considered
to be sold for up to £350m according to CoStar.
Joint partnership of Northwood Investors and Aviva Investors
have engaged one of the real estate companies over a potential sale of former Barclays
headquarters, 20 Gracechurch Street. The building has recently gone under a
major refurbishment as the owners are looking for a buyer for a 50% interest in
the development. However it is now considered as an outright sale of the
The 17-storey building provides 302,000 sq ft of office space
and has been completely renovated in 2008 with a double height entrance and a
In 2013, the freehold Interest in 20 Gracechurch Street was
sold to Northwood for £120 by the Atlas Capital Group, reflecting a yield of
5.2%. This deal was funded by debt from Aareal Bank. The freehold interest was
subject to a rent sharing lease with Aviva Investors, also a comprehensive
refurbishment was completed by Aviva and Atlas back in 2009. The property contains
a roster of insurance and financial tenants and currently is the headquarters
of Catlin Insurance which occupies 128,000 sq ft on a lease which will expire
in April 2025.
There are other leases that have various expirations between
2024 and 2025.
the Queen pays a visit to The City of London
Queen Elizabeth II has arrived at the City of London on
November 7th to visit the new Schroders Headquarters to open up a
new chapter in the history of the firm which has traded in London for many
The international asset management Company has already been
using the offices for the past two months which are at the Barbican. During her
time there, the Queen was given a tour around the building, showcasing how it
aims to blend the City of London’s history with its future. The headquarters
have been built to accommodate two ancient parts of the capital, The Roman
London Wall and the ruins of the medieval tower of St. Alphage’s Church.
During the Queens visit, Her Majesty met many of the people
working at the firm including the company’s longest serving employee and those
on the trading floor.
Johan Heinrich Schroder and his Brother Johan Friedrich set
up the firm back in 1804 which was the beginning of the company’s financial
life in London. The Queen was shown some of the artwork which was made up of
bonds and share certificates that was used over the past 200 years by the
lettings at The Scalpel as Tower now half let
National Australia Bank and insurer Lombard International are
the latest occupiers-to-be at the newest office tower on London's skyline, The
Scalpel, at 52 Lime Street, EC3.
Over half of the tower, which owes its unusual shape to
protected views of St Paul's Cathedral, is now pre-let or under offer as the
building nears completion.
National Australia Bank (NAB) has taken 26,864 sq ft on
levels 9 and 10, with Lombard International signing for 9,189 sq ft on level
27. Of a total of 387,000 sq ft, just 180,000 sq ft remains to be let on floors
ranging in size from approximately 6,500 to 15,500 sq ft.
Rolfe Lakin, chief financial officer of NAB said: “After
months of deliberation we are really looking forward to relocating to 52 Lime
Street in late 2019 or early 2020."
John Hillman, group chief executive at Lombard International,
said: “Having looked at various options, we felt this prestigious City location
and iconic building best represents our brand and values. We look forward to
welcoming our partners and clients when we move in during the latter part of
quarter one next year.”
The 190m tall skyscraper comprises over 387,000 sq ft of
office floor space over 35 floors.
Situated on the corner of Lime Street and Leadenhall Street,
opposite the Lloyd's building and adjacent to the Willis Building, the
development also includes a new 11,000 sq ft public square at the base of the
building as well as enhanced retail.
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