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London’s Tower 42 Up For Sale

London’s Tower 42 Up For Sale

Tower 42, a landmark office skyscraper on Old Broad Street in the City, has again been put on the market.

Last July we reported that the iconic building, now the second tallest in London, was linked with Hong Kong-based billionaire Joseph Lau of Chinese Estates Group, who was reportedly in talks at the time to purchase the property for approximately £300m. The deal fell through and the following month, it emerged that the 600 ft tower had been pulled from the market.

The 324,000 sq ft Tower 42 is now back up for sale with a price tag of £290m, but it is not alone. Along with the 47-floor monolith, there are five other commercial properties also on the market within the 2.2 acre estate.

These include two modern properties on Old Broad Street of 36,000 sq ft and 49,000 sq ft respectively, the Plaza Restaurant, and two other buildings on Bishopsgate – one of which is the Grade I listed Gibson Hall, a former banking hall dating back to the late 19th century that now provides 13,000 sq ft of events and conference space.

Jeff Morton of BlackRock, joint owners of the Tower 42 Estate with LaSalle Investment Management, said that Tower 42 “remains one of the City’s prime landmarks.”

According to Property Week, he added: “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.

“The property affords not only high profile asset management initiatives but redevelopment and refurbishment potential alongside short term lettings of vacant space.”

The tower is multi-let and is home to a serviced office business centre on the fifth, sixth and seventh floors. Find out more about office space in Tower 42 online at officebroker.com.

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Author: | September 16, 2011 | 0 Comments

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