A weekly round up of the latest property news from the central London boroughs
City of London
EG reports that Samsung Life Insurance is considering a £425m sale of 30 Gresham Street, EC2, reflecting a prospective yield of 4.25%. DWS, the asset manager for Korean Investor, has appointed CBRE and Knight Frank to advise. The building is let to Investec and Commerzbank.
EG reports that Hermes Investment Management and Canadian Pension Plan Investment Board are looking to sell the 211,855 sq ft Aldgate House, EC3, for £175m – a net initial yield of 5.25%. The building next to Aldgate Underground Station generates more than £9m per year in rent at an average of £43.50 per sq ft. The four tenants are clearing house LCH, contractor ISG and tech firms Taboola Europe and Transperfect Translations.
EG reports that DekaBank has provided a £204.6m loan to the Korean buyers of 240,000 sq ft 20 Old Bailey, EC4. The building was bought by a consortium from Blackstone for £340m last month.
PW reports that Architecture practice Darling Associates has been appointed to overhaul the 133,494 sq ft office building for use by flexible workspace operator WeWork. WeWork now operates in 23 countries. 120 Moorgate will be refurbished and fitted with facilities including a gym, bicycle store and roof terrace. The building will also be stripped of its current facade and reclad. In December last year it announced plans to double the size of its UK business within 12 months.
EG reports that Alliance Property Asia has submitted plans to Tower Hamlets Council for a 540,000 sq ft, 19-storey office tower. The EIA application is for a site at 101 Whitechapel High Street, E1, next to Aldgate East Tube station. Alliance Property, an SPV set up to develop the project, acquired the site for £7.5m in 2016. The developers propose a land swap with an adjoining primary school, which would create a new playground with multi-sports facilities, improved access and a potential extension to the school.