Home Commercial Deloitte’s City office sold in £255m deal

Deloitte’s City office sold in £255m deal

by LLP Editor
29th Mar 21 9:10 am

Henderson Park, the European real estate investment platform, announces that it has exchanged contracts for the sale of Athene Place at 66 Shoe Lane in the City of London to a consortium led by Wing Tai Properties Limited, a Hong Kong based real estate company, for £255 million.

Henderson Park acquired the 147,000 sq. ft. office in June 2018 after Deloitte vacated the building. Henderson Park undertook a full refurbishment and repositioning of the asset to capitalise on strong demand for prime modern offices in the Midtown area, particularly those offering high levels of transport connectivity. Athene Place is in close proximity to numerous National Rail and London Underground hubs including the new Elizabeth Line which is due to open next year.

In November 2018, Henderson Park secured a 75,000 sq. ft. pre lease, with a 15 year term, back to Deloitte, who then agreed a further pre-let for the rest of the building in October the following year. The building will form part of Deloitte’s wider London campus, being opposite the company’s new headquarters at 1 New Street Square.

Having received a BREEAM Excellent sustainability certification, the refurbishment works were completed in the fourth quarter of 2020 and Deloitte took possession.

Nick Weber, Founding Partner of Henderson Park, said: “We acquired Athene Place in June 2018 after the Brexit referendum with a view to undertaking a full refurbishment to create a first class, prime new workplace that could meet the specific needs of the modern occupier both now and in the future. We put a strong focus on technology, sustainability and, with features such as roof terraces and enlarged balconies providing fresh air spaces, the wellness of personnel. Within a short space of time we had fully pre-let the building to its former occupier and were then able to work with Deloitte to tailor the refurbishment works to its requirements, creating a first class institutional quality asset offering long term income from one of the world’s leading advisory businesses.

This sale to the consortium led by Wing Tai Properties Limited underlines the ongoing appeal of prime, well let London offices to international investors and the important role we believe they will continue play in the daily working life of the future. At the same time this transaction allows us to conclude our business plan for Athene Place, ahead of schedule, and deliver a positive return for our clients.”

Eastdil Secured and CBRE acted for Henderson Park while Deloitte acted for Wing Tai.

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