UK

Gherkin Could Be Yours For £650 Million

29/07/2014 11:13 BST | Updated 29/07/2014 12:59 BST
Stefan Rousseau/PA Wire
Embargoed to 0001 Thursday June 12 File photo dated 25/02/10 of a view of the Gherkin and Canary Wharf at sunrise from the City of London as tourists are forced to splash the cash more in London than in any other major world city, according to a survey.

The City of London's Gherkin building has been put up for sale by administrators after it fell into a financial pickle.

Administrators are looking for bids of at least £650 million for the 40-storey tower, which has been part of London's skyline for over a decade.

The Gherkin, which is found at 30 St Mary Axe, fell into receivership last year after debts secured against the tower soared, with estate agents Savills and Deloitte Real Estate now tasked with selling it on.

The tower, which was designed by Lord Foster for insurance firm Swiss Re, opened in 2004, and was later bought by the London investment bank Evans Randal and German real estate firm IVG Immobilien in 2006 for £600 million.

The sale of the 505,000 sq ft (46,914 sq m) building is expected to draw interest from all corners of the globe. Overseas investors have put in well over half (67%) of the £71.1 billion invested into central London's commercial property sector, according to research by Savills.

Stephen Down, Savills' head of central London investment, said the Gherkin was a "globally recognised landmark building" sitting "in the heart of London’s business core".

Down said that he expected to have the sale concluded by mid-Autumn.

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