Lend Lease Europe Limited and Quintain Estates and Development plc are bringing 14 Pier Walk, Greenwich Peninsula to market seeking a price in excess of £96 million, reflecting a 5.94% net initial yield.  International real estate advisor Savills is advising on the sale.

Located on the Jubilee Line, one stop to Canary Wharf and 20 minutes to the City and West End, the new 198,252 sq ft (18,418 sq m) office property is let in its entirety to Transport for London on a long lease expiring July 2029.  The rent is £5.8 million pa equating to only £29 per sq ft.  The building is designed by leading architect Farrells and is one of the most sustainable office developments ever built in the UK with a BREEAM Excellent rating and a carbon footprint at 41% below current building regulations. 

Arranged over ground and six upper floors, 14 Pier Walk sits at the heart of what is the first new Central London office district in a generation.  The 3.5 million sq ft office district forms part of the Greenwich Peninsula Masterplan, which is being developed by Greenwich Peninsula Regeneration Ltd (GPRL), the Lend Lease and Quintain Joint Venture.  The masterplan includes 150 shops and restaurants and 10,000 new homes.

14 Pier Walk is the first of many Class A commercial buildings being developing at Greenwich Peninsula. The second 116,000sq ft building, 6 Mitre Passage has recently been completed and designs are progressing for the next 250,000sq ft, Grade A office building.

Jon Crossfield, director of Savills Central London international team, says: “The property represents a rare opportunity to acquire a first class building, let for 20 years to a Government tenant in a new and exciting London destination.  Its sustainability credentials set it apart from most other buildings in London and this, together with a combination of low total occupational costs and the fact it is only one stop from Canary Wharf and a few stops from the City and West End, will prove compelling to both occupiers and investors alike.”

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For further information, please contact:

Jon Crossfield, Savills                             Tel: +44 (0) 20 7409 8886

Victoria Cambridge, Savills press office    Tel: +44 (0) 20 7409 8940

Notes to Editors

For further information about the Greenwich Peninsula, contact

Kate Fisher, London Communications Agency, 020 7612 8480, 07977-141216, kf@londoncommunications.co.uk

Greenwich Peninsula

The £5 billion regeneration of 190 acres of Greenwich Peninsula is being led by Lend Lease and Quintain working in collaboration with the Homes and Communities Agency, the national regeneration agency – a true public private partnership.  The scheme will create a thriving new riverside community for London over the next 15 years, comprising 10,000 new homes, a new commercial district, shops, restaurants, community facilities and high quality public realm.

www.greenwichpeninsula.co.uk

Lend Lease

Lend Lease, listed on the Australian Stock Exchange, is a leading real estate specialist which creates and manages real estates assets around the world.  In the UK its business is focussed primarily in the delivery of large scale mixed use schemes which lead to the regeneration of major urban sites.

www.lendlease.com

Quintain

Quintain creates value from property, operating through three businesses: fund management, property investment and urban regeneration. Quintain is listed on the London Stock Exchange.