The Gherkin in London is reportedly for sale, with Savills and Deloitte Real Estate having been appointed to handle the transaction. The 40-storey building opened a decade ago and has become a landmark of the city thanks to its unique design by Lord Foster. Market watchers will be watching closely to gauge the strength of the London office sector, as international investors have been pouring into the city in search of prime properties.
“This is a prestigious appointment on what is a globally recognised landmark building, which sits in the heart of London’s business core,” said Stephen Down, Head of Central London Investment at Savills. “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.”
A recent study by Deloitte Real Estate revealed that new office development has fallen below average levels over the past five years. At the moment, 9.2 million square feet is currently under construction in central London.
