Deloitte receivers put Gherkin up for sale

by Richard Crump

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29 Jul 2014

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Gherkin Building in City of London

RECEIVERS AT DELOITTE have put the City's iconic Gherkin up for sale up for sale with the landmark building expected to fetch around £650m.

Deloitte's real estate arm and Savills have been jointly instructed to sell 30 St Mary's Axe after the building collapsed into receivership earlier this year.

The building, designed by Lord Foster, will be marketed to buyers across the world, the firm said. Interest is expected from Asian and US buyers.

"For investors, this prime office property provides an attractive combination of stable and reversionary income with opportunities to add value via asset management. The property will appeal to a wide range of domestic and international investors and we are confident of maximising returns to the receivers and creditors," said Jamie Olley, head of City investment at Deloitte Real Estate.

Deloitte partners Phil Bowers, Neville Kahn and Alex Adam were appointed joint fixed charge receivers in April after its owners IVG Immobilien struggledd to pay back its consortium of lenders, defaulting on debt since 2009.

The deal is expected to close by the end of September or the beginning of October.

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Divisional Financial Controller - Social Sciences

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