Would you pay £650m for a Gherkin?

The Gherkin skyscraper in London

The Gherkin skyscraper in London

First published in Business News

LONDON'S Gherkin skyscraper has been put up for sale, with interest expected from Chinese, other Asian, and US buyers, estate agency Savills has said.

The City of London tower is expected to fetch offers in the region of £650m, the firm said.

Savills and Deloitte Real Estate have been jointly instructed to sell 30 St Mary Axe, which is the building's formal title.

The skyscraper was placed in receivership in April by its creditors after one of its owners was placed in insolvency.

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, said: “This is a prestigious appointment on what is a globally recognised 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.”

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