London & Regional is close to completing a £102m off-market deal to buy satellite giant Inmarsat’s Old Street headquarters.
The Livingstone brothers’ property company is under offer to buy 99 City Road, EC1, from Matrix Property’s unit trust for a 5.6% yield.
Built by Helical Bar in 1991, the 162,200 sq ft block occupies a prominent spot overlooking Old Street Roundabout.
Inmarsat – the International Maritime Satellite Organisation – bought the 999-year long leasehold interest in the building from freeholder BP in 1992. It then sold the interest to a private investor in 2004 who flipped it to Matrix in 2005.
“Every major property company was interested in this site for the long-term development opportunity around Old Street,” said one agent.
Derwent is thought to have been among a long list of underbidders that have been jockeying to buy the building for several months.
Options for the site include a comprehensive refurbishment of the building, including re-cladding to update the façade.
The site has also been earmarked by Islington council as having the potential for redevelopment and being suitable for buildings in excess of 100ft.
Allsop advised London & Regional.
? Canary Wharf is lining up agents to sell the headquarters of Northern Trust at 50 Bank Street , E14, for £150m-£160m – a 5.25% yield. The 230,000 sq ft property is expected to be brought to market next month via Knight Frank and GM Real Estate. US financial services giant Northern Trust occupies all but the third and fourth floors of the 11-storey building, with most of its space on 15-year leases expiring in 2020.
jack.sidders@estatesgazette.com
