INDUSTRY NEWS

One of London’s most iconic office towers goes on the market

More London office space has been made available with the announcement that the Tower 42 estate has been put up for sale, with a market asking price of £290 million.

Owned by BlackRock UK Property Fund and LaSalle Investment Management, the centerpiece of the estate is the iconic office tower, which has 324,000 sq ft of space.

Positioned right in the centre of the capital, the tower is also joined in the estate by five other properties.

These include commercial premises at 20 Old Broad Street – featuring 36,000 sq ft of space – 30 Old Broad Street – featuring a further 49,000 sq ft – and the Plaza Restaurant – considerably smaller a 3,500 sq ft.

Jeff Morton, managing director for BlackRock, told Property Week: “With limited supply and increasing demand exerting upward pressure on rents in the City market, investors can anticipate strong returns and considerable long term growth potential.”

Continuing, Morton praised the potential that the estate possesses, adding: “The property affords not only high profile asset management initiatives but redevelopment and refurbishment potential alongside short term lettings of vacant space.”

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space

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