Tuesday 1 October – Media Release
Sale of 50 Bank Street, Canary Wharf
Canary Wharf Group has today exchanged contracts for the sale of 50 Bank Street to Crosby Investment Holdings Inc. for a consideration of £153.5m. 50 Bank Street is a 216,000 sq ft (20,067 sqm) building with office accommodation on 11 floors. The building is fully let, with the exception of level 3, to Northern Trust, under a lease which expires in 2022. CWG will be providing a 3 year rent, rates and service charge guarantee in respect of level 3. The total annual income including the rent guarantee is approximately £8.58m.
It is intended that the sale proceeds will be used to help fund future investments in the Group, incorporating development projects on which CWG is currently embarking. These include the 58 floor residential tower at Newfoundland, the extension to Canary Wharf on land to the east of the existing Estate where outline consent has been obtained for a 4.9m sq ft mixed use development and the redevelopment of the Shell Centre site on London’s South Bank where the final go ahead is sought for a 1.35m sq ft mixed use development.
NOTES TO EDITORS
About Canary Wharf Group plc:
Canary Wharf Group plc is an integrated property development, investment and management group of companies. It is focussed on the design, construction, leasing and management of grade A office space and high-quality retail, residential and leisure facilities in central London. Over the past 20 years Canary Wharf Group has regenerated derelict wharves into one of the world’s premier business and shopping districts, constructing over 16m sq ft of office space; more than any other company in London. These buildings are now occupied by over 100,000 people.
Canary Wharf Group’s tenants, clients and occupiers include some of the world’s leading business organisations from the media, legal, accounting, financial services, IT, energy and transport sectors. Canary Wharf Group has also developed and successfully let over 300 shops, bars, cafes and restaurants including many of Britain’s leading brands.
In addition to development on the Canary Wharf Estate, the Group is also involved with projects across London. The Pan Peninsula and Drapers Gardens developments have been successfully completed and construction continues on 20 Fenchurch Street (Walkie Talkie) in the City of London which is already 87% let. The Group is also in a joint venture with Qatari Diar for the redevelopment of the Shell Centre on London’s South Bank.
For more information, please contact:
Canary Wharf Group
John Garwood / Ajay Teli
Canary Wharf Group plc
Tel: +44 (0)20 7418 2000
Brunswick Group LLP
Tel: +44 (0)20 7404 5959
J.P. Morgan Cazenove (Nominated Adviser and Corporate Broker to Songbird)
Tel: +44 (0) 20 7742 4000