City offices on Threadneedle Street sold for £176m
The former City offices of the London Stock Exchange have been sold for £176 million.

Hammerson has disposed of the freehold of the premises at 60 Threadneedle Street, which in turn has been purchased by St Martins Property Investments - the state of Kuwait's real estate investment vehicle in the UK.

In June of this year, the 214,200 sq ft building was valued at £165 million after it was constructed by Hammerson in January 2009. It cost the firm £124 million to complete the nine storeys of central London offices.

Tenants with a base here include the Toronto Dominion Bank, Talbot Underwriting, Berenberg Bank and the Universities Superannuation Scheme.

Other organisations with City offices close to 60 Threadneedle Street are Deutsche Bank, UBS, Baker Botts, AXA Insurance and the City of London Corporation.

Commenting on the sale, Hammerson chief executive David Atkins said: "Having originally acquired the former stock exchange site in 2002 - and progressed two separate developments - we generated significant value through the sale of 50 per cent of 125 Old Broad Street in 2006, and have now realised a substantial profit on cost from the sale of 60 Threadneedle Street."

Like the rest of the Square Mile, the location is well-connected across the capital, with six London Underground stations within a ten-minute walk.

Bank is the closest, followed by Monument and Cannon Street, making it an ideal place for financial organisations that require frequent meetings with clients in other parts of the city. Canary Wharf can be reached in just under 15 minutes, for example.

Earlier in November, commercial property sources suggested the sale of 60 Threadneedle Street would go ahead for around £175 million, with St Martins keen to raise funds so it could purchase bigger assets.

In order to do this, it recently sold £750 million of secondary commercial property investments.

Posted by Emma Davies

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