Minerva in talks with Santander about leasing the Walbrook Building.
Santander are said to be considering the property in London’s Square Mile.
Minerva has announced that it is in talks with Santander concerning the leasing of the Walbrook building in London. The company have been finding it hard to secure a tenant for 410,000 square feet office building on Cannon Street.
“The market was quite quiet in the second half of last year. It has begun to improve in the last few weeks but the City is not racing away,” commented Tim Garnham, development director at Minerva.
Minerva is currently in takeover discussions following an unwanted bid from the company’s largest shareholder, entrepreneur Nathan Kirsh. The firm have blamed the current market for the lack of tenants whilst dismissing rumours that Minerva’s lender have set a rental price level on the property.
Santander is currently in talks with Minerva about leasing office space in the building, previous companies that have shown interest include Bloomberg and Schroders.
The company is marketing the property on a floor by floor basis in case it cannot find a sole tenant. The current lack of available quality office space in the UK capital means that Minerva will most likely benefit from rising city rents when they sign on tenants.
Minerva is also looking for prospective tenants for the top floors of its other large development in London’s Square Mile, St Botolph. As it stands around 45 per cent of the property is leased by companies such as insurance broker Lockton, café chain Eat and law firm Clyde & Co.