70 Gracechurch Street
Site acquired

Site acquired

05/04/2022 by Buildington
 
Site acquired

Canadian investor Cadillac Fairview and UK developer Stanhope have finalised an agreement to buy 70 Gracechurch Street.

The property offers a rare combination of attractive day one yield running into a significant 600,000 sqft development opportunity.

The 600,000 sqft development opportunity is currently occupied by a 10-storey building leased by Marks & Spencer and AXA-owned insurer XL Catlin with existing planning consent for a 34-storey tower offering.

Stanhope and Cadillac Fairview are working on a few sites together, including at White City Place, the expanding creative and life sciences hub that Cadillac Fairview acquired in 2020.

Jenny Hammarlund, managing director, Head of Europe, Cadillac Fairview commented: “Following our recent agreement to develop Oxford North as well as recent investments in the logistics and the residential sectors in the UK, our acquisition of 70 Gracechurch Street further demonstrates our commitment to grow our investment portfolio in the UK. We see continuing opportunities for high quality, differentiated office, particularly in London, and this is a long-term investment in the future success of the City of London.”

David Camp, Chief Executive of Stanhope said: “This is a unique asset being a prime Freehold in the heart of the City with well-secured income and planning consent in place for a new city tower. Reflecting the rapidly evolving needs of occupiers and the imperative that we must be continually pushing the boundary of carbon neutrality and broad ESG and EDI principles we will undertake a thorough, research-based, review of the design to ensure that the building is robust in meeting the needs of occupiers into the 2030s and beyond.”

CBRE acted for Stanhope and Cadillac Fairview, Savills acted for the Vendor.

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