Office developer to dispose of office portfolio and focus on retail

PROPERTY developer Hammerson has announced it will dispose of its office portfolio and instead focus on a retail strategy.

The company, which published its year end results for 2011 on Friday, said it would look to sell off its office properties in the medium term and concentrate on its retail portfolio which includes shopping centres such as Brent Cross in North London and the Bullring in Birmingham.

Hammerson owns several office developments in the City which it will be now looking for buyers for. These include 99 Bishopsgate, 1 Leadenhall C ourt, 125 Old Broad Street and 10 Gresham Street.

David Atkins, Chief Executive of Hammerson, said:

“Following the review of our strategy we will focus on being the best owner-manager and developer of retail property within Europe. Hammerson has created a retail business delivering outperformance from prime assets in winning locations. We now intend to sell our standing office investments over the medium term to maximise returns, redeploying capital into the retail sector to exploit our expertise and build on our existing scale. This will create efficiencies that lead to further cost savings and income growth from our portfolio.”

For Sale: Tower 42, for £290 million

The City of London”s iconic Tower 42 has been put for sale with a price tag of £290 million.

The tower at 25 Old Broad Street, originally known as the NatWest Tower, is one of six buildings in the City being put up for sale by owners Blackrock and LaSalle Investment Management.

“With limited supply and increasing demand exerting upward pressure on rents in the City market, investors can anticipate strong returns and considerable long term growth potential,” said Jeff Morton, managing director at Blackrock.

When building of the tower was completed in 1980, it was London’s – and the UK’s – tallest building; a badge of honour it kept for ten years until it was overtaken by the One Canada Square at Canary Wharf.

PropertyWeek.com lists the other buildings up for sale as:

• 20 Old Broad Street (36,000 sq ft)
• 30 Old Broad Street (49,000 sq ft)
• the Plaza Restaurant (3,500 sq ft).
• 15 Bishopsgate (46,000 sq ft)
• the grade I-listed Gibson Hall (13,000 sq ft).

 

Police Appeal for Witnesses to Bus Accident

City of London Police have appealed for witnesses to come forward after a pedestrian received life threatening injuries after being hit by a bus at the junction of Old Broad Street and Liverpool Street.

The pedestrian was struck at about 1.45pm on Monday 1st June.

Sgt Bill Holder said: “The collision happened outside the busy train station at a time when many City workers and visitors will have been on their lunch breaks. We need to hear from anyone who saw the incident.”

Anyone with information about the incident is asked to contact the investigating officers by calling 020 7601 2222 or call Crimestoppers on 0800 555 111.

City Thief Sentenced

A thief who targetted the City of London has been given an 18 month suspended sentence by Southwark Crown Court.

The 37 year old man from Hackney targetted people in Bishopsgate, Old Broad Street and Broadgate and would purport to show them bargain items for sale in a carrier bag, but the bag itself was the cover he used to swipe wallets and mobile phones.

He was also issued with an 18 month supervision order and required to visit drug rehabilitation programme for 12 months.

Related Link: City of London Police