Receivers ready to sell City office tower
A tall office tower in the City of London is now on the market after the previous owners went into administration.
The offices at 6-8 Bishopsgate (pictured) are now being marketed for sale with a price tag of between £95m and £100m. The previous owners of the building, Canadian investment managers Jesta Capital purchased it in 2006 for £108m. Jesta Capital itself attempted to sell the building late last year.
The 24-storey office block offers total floor space of approximately 147,000 sq ft and is currently let to Deutsche Bank until 2015. The indicative yield for the building is 7%.
There were plans for a new replacement tower on the site but the design for the original DIFA tower were criticised and the proposed scheme lapsed. 6-8 Bishopsgate has undergone a refurbishment programme in recent years including a complete refit of the fire safety systems.
Last month another City office block that was previously owned by Jesta Capital also came to market. Peterborough Court in Fleet Street is up for sale at a price of around £300m. The 370,000 sq ft complex is actually two buildings comprising of the smaller 39,000 sq ft Daniel House and the larger 280,000 sq ft Peterborough Court. The remaining space in the buildings is used for retail and ancillary floorspace.
Formerly the offices of The Daily Telegraph, the building is currently occupied by investment banking giant Goldman Sachs. It is believed that Goldman Sachs pay approximately £18m per year in rent, or around £49 / sq ft, on a lease that runs until 2026.
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