The Canary Wharf Group have bought the long leasehold interests at One Park Place near Westferry Circus for £17.5 million, marking one of the largest acquisitions in Central London so far this year.
The group have been interested in the office space for years but finally acquired it from Park Place SARL this week. The commercial property previously belonged to Bernard McNamara who bought the site in 2007 for £55 million. Last week McNamara told the Irish media he was in debts of £1.3 billion after he was successfully sued following a fallout from a property deal.
The site is made up of 0.87 acres of land which currently holds 2 planning consents: one for a 45-storey office building and one for a separate project.One Park Place lies in E14 and is surrounded by the Canary Wharf Estate. It’s currently bordered by 25 Cabot Square, which is currently occupied by Morgan Stanley and 15 Westferry Circus, which is occupied by Tubelines.
The group have yet to announce plans for the site but have said the deal is an “excellent opportunity” for expansion.
“There is a relative lack of prime office space being developed in Central London after 2011,” said CWG’s Chief Executive George Iacobescu. “With an improving economy, transport enhancements and further regeneration elsewhere in East London, Canary Wharf sites such as One Park Place will become increasingly attractive to potential tenants.”
In similar news, CWG have confirmed a series of lettings; both for existing tenants and new ones. The Financial Services Authority have committed to 55,800 square feet at One Canada Square, while Euler Hermes re-structured its lease on the 35th and 36th floors. Global Sage, MetLife Inc and Novartis have also taken on space in the building. Premier FX Investing have taken on a new lease of 3,553 square feet at 40 Bank Street in a deal which was finalised at the end of 2009.