A listed Singaporean developer is under offer to buy the former Nomura headquarters close to St Paul’s Cathedral.
Ho Bee Investment has agreed terms to buy 1 St Martin’s le Grand, EC1, from the Japanese banking giant for around £163m – a net initial yield of 5.25%.
The 270,000 sq ft office block was bought by Nomura for £125m in 1986 to house its UK banking operations. But it began subletting the majority of the space following its move to One Angel Lane, EC4, in 2009.
The refurbished building is now let to tenants including Mitsui & Co, Fidelity, Julius Baird and SS&C.
Nomura appointed long-time property adviser Deloitte Real Estate to seek a buyer for the building in November last year following the letting of 55,000 sq ft at the building by Mitsui.
Deloitte initially mooted a price of around £150m but received strong interest from predominantly Asian investors, including Indonesia’s Sinar Mas.
Ho Bee’s purchase of the building comes after its UK debut purchase last year of the 150,000 sq ft government-let Rose Court, SE1, which it is expected to convert to residential.
The company had been expected to snap up the neighbouring Riverside House in December but lost out to fund manager M&G.
Savills is advising Ho Bee.
