View to Ludgate London building from Farringdon Street.

View to Ludgate London building from Farringdon Street.

13.11.2020
View to the refurbished Ludgate London office building.

View to the refurbished Ludgate London office building.

13.11.2020
Ludgate London office building at Pilgrim Street corner.

Ludgate London office building at Pilgrim Street corner.

13.11.2020
View to Ludgate London on Pilgrim Street.

View to Ludgate London on Pilgrim Street.

13.11.2020
Entrance to Ludgate London on New Bridge Street.

Entrance to Ludgate London on New Bridge Street.

13.11.2020
Procession House under construction at Ludgate Circus in London EC4.

Procession House under construction at Ludgate Circus in London EC4.

October 2019
Considerate Constructors banner at Procession House.

Considerate Constructors banner at Procession House.

October 2019
Procession House under construction in Ludgate Circus, City of London EC4.

Procession House under construction in Ludgate Circus, City of London EC4.

June 2019

Ludgate London

Address:
55 Ludgate Hill, London EC4M 7JW
Local Authority:
City of London
Type:
Commercial
Completion:
2020
Offices:
1
Viewed:
6823

Description of Ludgate London

Ludgate London at 1 Ludgate Circus/55 Ludgate Hill is an office development in the City of London EC4.

The building was comprehensively refurbished in 2020 in conjunction with John Robertson Architects to include new building services, lifts and a 4th-floor terrace. The building has been awarded a BREEAM sustainability rating of “Excellent”.

The office accommodation covers 8,700 sq m of space from the ground floor up to the penthouse level on the 5th floor. There are also two terraces on the 4th and 5th floors with a combined area of 500 sq m. The remaining space is earmarked for retail, restaurants and storage. The basement contains 141 bicycle parking spaces plus changing rooms and showers. The highlight of the building is that tenants enjoy an unobstructed view of St Paul’s Cathedral.

Situated on Ludgate Circus on the western side of the City of London, it is close to St Paul’s Cathedral and the Old Bailey.

History

2020 June - Union Investment acquires Procession House at 55 Ludgate Hill, London from Goldman Sachs Merchant Banking Division and Greycoat. The acquisition of the office property is being made for the portfolio of open-ended real estate fund UniImmo: Europa. The purchase price was not disclosed. After Watermark Place and The Copyright Building, Procession House is the third investment in London for UniImmo: Europa, and the fourth investment in the UK. Following the acquisition, the UK share of fund assets has increased from 6.95 to 8.0 per Cent. In June 2020 c. 92% of the space is already let, with the main tenants being alternative asset manager the Intermediate Capital Group (ICG) and accountancy firm Crowe UK. Both leases run for 15 years.

2018 February - LGIM Real Assets (Legal & General), on behalf of its Managed Fund, appoints Savills to sell Procession House, seeking offers in excess of £67.5 million.

2017 November - Legal & General secured planning consent for a John Robertson Architects-designed scheme, which will significantly enhance the existing configuration and appearance of the building.

1999 - Procession House office building designed by John Robertson Architects completes.

Connected Companies

Developer:
Scaffolding:
Main Contractor:
Commercial Leasing:
Commercial Leasing:
Investor:

Transport

The nearest tube, train and bus stations.
City Thameslink Rail Station - 1 min. walking / 41 metres
Thameslink
City Thameslink Stn / Ludgate Circus - 1 min. walking / 39 metres
11, 15, 17, 26, 76, N11, N15, N199, N21, N26, N550, N551

News: (1)

Savills has sold the long leasehold interest of Procession House on behalf of LGIM Real Assets (Legal & General) to a joint venture between Goldman Sachs and Greycoat for £68.75 million.

The sale represents a net initial yield of 6.04% and a capital value of £649 per sq ft.

Occupying a 0.7-acre island site at Ludgate Hill, the property provides 105,944 sq ft (9,842m2) of office, retail and ancillary accommodation. The offices are single let to Goldman Sachs International on a lease expiring 28th September 2024, subject to a tenant only break option in September 2019. The topped up gross passing rent is £4,449,985 per annum, which reflects a rent of £42 per sq ft overall.

Procession House has a planning consent for a John Robertson Architects designed a comprehensive refurbishment scheme to create a striking new headquarters office building.

Robert Buchele, director in Central London investment team at Savills, said: "Following the initial purchase on behalf of LGIM in 2014 and obtaining planning consent for a comprehensive refurbishment, the sale represents an exciting opportunity for the new owners to take the scheme forward".

17/07/2018 19:28 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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