TfL’s Greenwich HQ hits market for £120m

The Greenwich headquarters of Transport for London is up for sale for £120m, a revival of a disposal that was aborted almost a decade ago. German fund manager Deka has kick-started the marketing of 14 Pier Walk, SE10, an office block opposite the O2 Arena, which it tried unsuccessfully to sell in 2013. Deka appointed agents at CBRE and Savills this week to market the long leasehold to the building, in a sales process launched at the MIPIM property conference in Cannes. 14 Pier Walk has housed around 1,800 TfL employees since the transport operator moved there in 2009 as part of a cost-cutting drive. It contains 211,000 sq ft of office and retail space with seven shops on the ground floor. TfL’s office lease at the site runs until 2029. Deka bought the property in August 2010 for just over £97m from Greenwich Peninsula Regeneration, which was a joint venture between Lendlease and Quintain. The wider peninsula area is still the subject of a major regeneration push, which could help enhance the value of 14 Pier Walk, with the nearby Greenwich Design District having opened to the public last year. That is part of the broader regeneration scheme brought forward by Knight Dragon, a cluster of 16 workspace buildings by eight different architects, intended to provide affordable workspace for around 1,800 people across the fields of fashion, food, tech and other creative industries. Knight Dragon has led the £8.4bn development of the peninsula for the past decade. The massive project contains 17,500 homes and around 750,000 sq ft of office space. Deka, Savills and CBRE declined to comment on the sale. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> Image © Farrells