Home Commercial Property This iconic Canary Wharf building has just been sold for £152m

This iconic Canary Wharf building has just been sold for £152m

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1st Oct 14 12:02 pm

Songbird Estates, the developer behind the Canary Wharf financial district, has sold off one of its iconic buildings for £152.5m

50 Bank Street, an 11 storey block, has been bought by Crosby Investment Holdings.

But current occupants, US company Northern Trust, already signed an £8.6m a year deal with Songbird Estates in 2012 to lease the building until 2022.

According to City AM, the development company plan to use the proceeds from the sale for further developments. Songbird said: “It is intended that the sale proceeds will be used to help fund future investments in the group, incorporating development projects on which CWG is currently embarking.

“These include the 58 floor residential tower at Newfoundland, the extension to Canary Wharf on land to the east of the existing estate where outline consent has been obtained for a 4.9m sq ft mixed-use development and the redevelopment of the Shell Centre site on London’s south bank, where the final go ahead is sought for a 1.35m sq ft, mixed-use development.”

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