Foster’s Gherkin tower up for sale for £650m

NEWS_ Have you any savings in your pocket and you don't know what to do? 30 St Mary Axe, best known as the Gherkin, is now on sale for £650m.

According with Savills and Deloitte Real Estate, in charged of the sale, the icon skyscraper designed by Sir Norman Foster will appeal to a wide range of domestic and international investors from all corners of the globe. The 40-storey skyscraper opened in 2004 and is currently multi-let to approximately 20 tenants.

Credits: John Keogh; Cover Harshil Shah

The building was placed into receivership in last April after Germany's IVG Immobilien filed for insolvency.

Stephen Down, Head of Central London Investment at Savills said“The Central London commercial property market has benefitted from improving market conditions over the course of the last few years.  Not only have we witnessed a sustained appetite from international investors for assets in London but we have seen a substantial improvement in business growth and take up of office supply as the Capital’s economy continues to improve”.

According to Savills research, over the last five and a half years, Central London has seen £71.1 billion invested into the office and retail markets, with overseas investors accounting for £47.7 billion, equating to 67% of the overall volumes. The research notes that during this time period, investors from Asia Pacific represented 19% of total office and retail transactions, with European buyers accounting for 18%. US and Middle Eastern investors represented 13% and 10% respectively. 

Credits Daniel Chapman

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