Although, Grahame Whateley of Castlemore Securities said that the property at 40 Holborn Viaduct is not up for sale, insiders believe otherwise. Castlemore Securities owns the leasehold of the property and will have possession of it till 2052. It has been reported that several investors have been approached to buy the property, including Delancey and AEW Europe.
The 178,000 square feet of commercial property in central London is owned by Crown Estate and is currently just lying in an indeterminate state. Most of the space in 40 Holborn Viaduct is vacant, but the Irwin Mitchell law firm and the Pret a Manger sandwich chain have come forward and acquired leases in the property. Many companies like Gaz de France are yet to reach an agreement with Castlemore on the issue.
Castlemore Securities financed the project under the leadership of Grahame Whateley with a credit line of £74.5m from the Royal Bank of Scotland. This dates back to September of 2005 when De Beers Diamond Company sold the lease to Castlemore Securities. The current market value of this property is estimated to be around £60m.
The property is a major one but much of the available shared offices remain empty. The harmful implications of having empty lots in it will have to be considered in the marketing plan being designed for the property. If Castlemore Securities or the Royal Bank of Scotland ever do officially plan to sell, they will have to feature this aspect in the negotiations. It is reported that the owners are currently re-evaluating their stand on the matter.
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on Tuesday, July 7th, 2009 at 6:03 am and is filed under Commerce Guide, Market, Plugs.
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