Savills and Deloitte to sell the iconic Gherkin in the City of London (UK)

Savills and Deloitte Real Estate have been jointly instructed to sell The Gherkin at 30 St Mary Axe in the City of London following the appointment of Phil Bowers, Neville Kahn and Alex Adam of Deloitte LLP as the Joint Fixed Charge Receivers on the landmark office building.
Marketing of this iconic 505,000 ft² (46,914 m²) office building is about to commence with interest expected to come from all corners of the globe.
Designed by Lord Foster, the 40-storey skyscraper opened in 2004 and is currently multi-let to approximately 20 tenants including Swiss Re, Kirkland & Ellis International LLP and ION Trading.
Stephen Down, Head of Central London Investment at Savills, comments: “This is a prestigious appointment on what is a globally recognized landmark building, which sits in the heart of London’s business core. 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.”
Jamie Olley, Head of City Investment at Deloitte Real Estate, says: “The Gherkin is one of London’s famous landmark buildings and the most iconic office tower in the City’s skyline. For investors, this prime office property provides an attractive combination of stable and reversionary income with opportunities to add value via asset management. The property will appeal to a wide range of domestic and international investors and we are confident of maximising returns to the receivers and creditors.”
Source: Savills