Wed, 30 Jul 2014 | COMMERCIAL PROPERTY
The iconic Gherkin tower has been placed on the market, a few months after its owners placed the building into receivership after issues with currency meant they ran into difficulties.
The agents, Savills and Deloitte Real Estate, are hoping for offers around £600 million to £650 million, an increase on the £550 million plus expected back in April when it entered receivership.
Marketing for the 505,000 sq. ft. 40-storey City of London site nicknamed the Gherkin, is set to begin and will involve an advertising campaign and dedicated website.
The sale is expected to draw potential buyers “from all corners of the globe”.
Several interested parties have come forward to potentially make bids so far. Stephen Down at Savills said he believes a deal will close by the end of September or start of October. The property has been well cared for and he added that “it’s in very good order”.
Possible buyers may include a sovereign wealth fund from the Middle East or Asia, a private equity outfit or large pension fund.
At present the Gherkin has 20 tenants, including its original owner Swiss Re. Opened in 2004, the building quickly established itself as a familiar part of the skyline, featuring in films such as Basic Instinct 2 and many TV programmes.
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