The Broadgate Quarter office space in London has been put up for sale by its joint owners. US real estate developer, Hines and HSBC Alternative Investments have listed the building for a price of £430m.
Located on the edge of Broadgate Estates within the Square Mile, the sale adds to the £7bn worth of London office space that has changed hands so far this year. Other large sales include Madame Tussauds and the Walbrook office building for £332m and £575m respectively. Both pieces of real estate were purchased by Taiwanese investors.
The lack of availability of office space in the City of London is said to be a crucial factor in the significant rise in prices.
Having paid £290m for the development 3 years ago, both investors are set to inherit large profits from the deal, despite having invested in a large overhaul. Though not yet confirmed, property agent’s Knight Frank and DTZ are said to be handling the sale, whose other clients include the law firm Ashurst, bank UBS and wholesale brokerage firm GFI Group.
Hines’ £2.1bn portfolio includes other properties located in the capital such as Cannon Place and 25 Cabot Square.
By: Kirsty MacGregor
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