Monday, April 30, 2007

Calling the top of UK commercial property?

HSBC sells London HQ for £1bn

"Spanish property company Metrovacesa is paying £1.09bn for the London headquarters of global bank HSBC in the biggest ever single-property deal in the UK. The skyscraper at 8 Canada Square in Canary Wharf, where 8,000 people work, is 210m high with 1.1m sq ft of space. On a yield of 3.8 per cent – thought to be the highest price paid for a big UK office block – the building reflects how commercial property prices have gone through the roof in recent years. " HSBC selling up? How badly do they need cash to cover bad-debt losses? Or, with Swiss Re having recently sold the Gherkin, are HSBC also calling the top of the market?

Posted by dohousescrashinthewoods @ 01:48 PM (614 views)
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One thought on “Calling the top of UK commercial property?

  • now that is slick. whoever sorted that deal is gonna get a massive bone-ass… am sure the devil’s in the detail. but the article’s got a few interesting points.

    -‘£80m on fixtures and fittings’ think about that next time you’re buying a place.
    -‘The bank also provided the debt for the Metrovacesa deal.’???

    whoa, hang on there…. so let me get this right the tenent is lending the money to the landlord? so what happens when they move out and half the building is empty?? fyi, there are some slick new buildings going up this area.

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