Sun rises on City skyscraper
A Hong Kong conglomerate founded by late garment billionaire Lim Por-yen is making a £100m play to piece together a site for a new skyscraper next door to the Gherkin, EC3.
Lai Sun, which invests in the UK via London & Oriental, has agreed terms to buy 100 Leadenhall Street, EC3, from German institution Nord Capital.
The building adjoins Bankside House at 107 Leadenhall Street, EC3, which Lai Sun and L&O bought from RBS for £60m in May this year.
A Hong Kong conglomerate founded by late garment billionaire Lim Por-yen is making a £100m play to piece together a site for a new skyscraper next door to the Gherkin, EC3.
Lai Sun, which invests in the UK via London & Oriental, has agreed terms to buy 100 Leadenhall Street, EC3, from German institution Nord Capital.
The building adjoins Bankside House at 107 Leadenhall Street, EC3, which Lai Sun and L&O bought from RBS for £60m in May this year.
Together the two buildings occupy a prime site on the north of Leadenhall Street, opposite the planned Scalpel tower and close to the Lloyd’s Building.
Also known as the ACE Building, 100 Leadenhall Street is let until 2017. Insurer ACE prelet the entire 108,000 sq ft of offices following a refurbishment in 2001, but the majority of the space is now sublet to other tenants.
Leases at Bankside House do not expire until 2025.
Lai Sun is expected to attempt a buy-out of the final 10,000 sq ft building, which occupies a small sliver of the site at 106 Leadenhall Street.
London & Oriental declined to comment on the ACE Building acquisition. But in an interview for EG London conducted prior to the purchase, director Mark Cannell said the company was “looking at all options and undertaking a number of feasibility studies” for the Bankside House redevelopment.
“We are pretty confident you can build at height on that site,” he said.
Savills advised the vendor.
jack.sidders@estatesgazette.com
