The Victoria office market’s take-off continues, with the Japanese Nikko Securities rumoured to be the latest financial firm thinking of moving westward, into Norwich Union’s recent acquisition at 55 Victoria Street, SW1.
According to Bill Monk of agents Jones Lang Wootton, they are “having discussions with a number of people and there is no foregone conclusion”. But JLW are quoting a rent of £32.50 per sq ft, which, if clinched, would set a new record for the area. “It reflects our view of the market and the rents achievable,” says Bill Monk.
The 46,000-sq ft building was developed by United Real Property Trust and subsequently sold to Norwich Union by Mountleigh following their takeover of URPT. It was built in tandem with the Crown Estates Commissioners, whose adjacent half was recently taken by the Bank of Boston. NU are thought to have paid £20m for the property.
Nikko are one of the world’s largest securities houses and if they expand to Victoria they would be breaking the pattern which has seen most Japanese financial firms sticking close to the City.
At present, Nikko are based in a 15,000-sq ft building at 21 Godliman Street, EC4, in the shadow of St Paul’s Cathedral. They are thought to be interested in the Whitefriars site recently bought from News International by Kumagai Gumi, but it will be at least a couple of years before this space is ready for occupation.
