Malaysia’s Lembaga Tabung Haji is planning to refurbish a City of London office building after the collapse of its occupier, King & Wood Mallesons, thwarted a potential £220m sale.
The government fund for Muslim pilgrims has instructed Knight Frank to provide strategic asset management advice for 10 Queen Street Place, EC4, which provides 232,000 sq ft of offices adjacent to Southwark Bridge.
Tabung Haji had instructed Savills to sell the riverside block in May 2016 for a price reflecting a yield of 4.3%.
However, the sales process collapsed after the European arm of KWM filed for administration in January. The law firm was due to have a rent review in 2018 on its lease, which expires in 2025.
Knight Frank will now provide advice on refurbishment options, leasing, investment and property management.
The office block was Tabung Haji’s debut purchase in London in 2012, when it paid Irish investor Jaguar Capital £165m.
Julian Stocks, partner, Knight Frank who is leading the mandate, said: “This is a great opportunity to reposition a landmark City of London building.”
Dan Gaunt, partner and head of City agency, Knight Frank, added: “The building provides fantastic river frontage in a strong central London location, and has one of the best roof terraces in London. We expect demand to be strong.”
[caption id="attachment_848466" align="alignright" width="200"] 10 Queen Street Place, EC4[/caption]
Malaysia’s Lembaga Tabung Haji is planning to refurbish a City of London office building after the collapse of its occupier, King & Wood Mallesons, thwarted a potential £220m sale.
The government fund for Muslim pilgrims has instructed Knight Frank to provide strategic asset management advice for 10 Queen Street Place, EC4, which provides 232,000 sq ft of offices adjacent to Southwark Bridge.
Tabung Haji had instructed Savills to sell the riverside block in May 2016 for a price reflecting a yield of 4.3%.
However, the sales process collapsed after the European arm of KWM filed for administration in January. The law firm was due to have a rent review in 2018 on its lease, which expires in 2025.
Knight Frank will now provide advice on refurbishment options, leasing, investment and property management.
The office block was Tabung Haji’s debut purchase in London in 2012, when it paid Irish investor Jaguar Capital £165m.
Julian Stocks, partner, Knight Frank who is leading the mandate, said: “This is a great opportunity to reposition a landmark City of London building.”
Dan Gaunt, partner and head of City agency, Knight Frank, added: “The building provides fantastic river frontage in a strong central London location, and has one of the best roof terraces in London. We expect demand to be strong.”
• To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
