The Hammersmith Towers, individually known as Landmark House and Thames Tower, are situated adjacent to each other on Hammersmith Bridge Road. They are steel frame constructions with the Thames Tower office space arranged over ground and ten upper floors and Landmark House arranged over fifteen floors – together they total 135,448 sq. ft. and have achieved rents of approximately £25 psf in early 2014. Landmark Tower was let to a series of tenants largely on subleases from Diageo which expired in March last year. Some of the larger tenants include US Airways, International SOS and Global Career, and are on short term leases all expiring by the end of September 2015. Thames Tower remains empty.
GEMS Education is the global children’s education provider based in Dubai who purchased the freehold interest of both towers as an investment from CBRE Investors two years ago, for a total consideration of £31.5 million which reflected a net yield of 8.12%. Jones Lang LaSalle acted on behalf of the CBRE Investors, who was the vendor; and Ereira Mendoza represented GEMS Education, the purchaser.
2 years on and GEMS Education has appointed CBRE to sell Thames Tower and Landmark House for between £55-60 million. The buildings will be advertised as prime development or refurbishment opportunity. A scheme proposed by Allies & Morrison architects includes office space, a terrace of housing on Angel Walk and flats which should appeal to the upper end of the residential market.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
