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

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

June 2019

Procession House

55 Ludgate Hill, London EC4M 7JW

Description of Procession House

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

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.

Connected Companies

Main Contractor:

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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