Linklaters HQ in London for Sale for £330 Million

Freeman News - March 29, 2006

Linklaters headquarters at Milton and Shire Houses, Silk Street, London, EC2 is to be sold by German Fund Manager Commerz Grundbesitz Investmentgesellschaft mbH. The landmark office buildings total 430,000 sq ft and were substantially redeveloped by Development Securities and pre-leased to Linklaters in 1996. Linklaters leases both buildings on a total of eight leases, which have staggered rent reviews but all expire in September 2021.

Whilst the two tower buildings are connected on the lower levels, they can be occupied and owned separately with each having its own reception areas, atrium and service plant. The buildings are well located to benefit from a number of significant developments in recent years including Citypoint and Slaughter and May’s headquarters, and forthcoming developments of neighbouring sites including 500,000 sq ft British Land tower at Ropemaker Place.

A guide price of £330m is being quoted, which equates to a net initial yield of circa 5.25% based on the current passing rent of £18,256,451 pa. The rent equates to circa £41.60 sq ft overall for the office accommodation. Sphere: Related Content