Canary Wharf group, who own over 8 million sq ft of workspace, is to sell £208 million worth of office space in London. The group are to sell 5 Churchill Place in London’s Docklands to a private investor in the Bahamas. The price is almost one fifth higher than the book price cited earlier this year. The amount is indicative of the boom in London commercial property, fueled by the weakness of sterling and rock bottom prices.
JP Morgan is the main tenant at the office block, which is spread over 12 floors. Canary Wharf Group acquired the location after the fall of US Investment giant Bear Stearns in 2008. CWG are prolific in the London office market, having created more buildings than any other developer in the last decade.