GHERKIN’S SALAD DAYS OVER AMID FINANCIAL PICKLE FOR LONDON TOWER
The Gherkin, voted London’s favourite tower, has been put into receivership 10 years after its completion helped transform the capital’s skyline.
The 41-storey City landmark is likely to be put up for sale shortly and is expected to attract offers of more than £550m from Middle East sovereign wealth funds and other potential buyers.
In 2013 commercial property investment in the UK hit £53bn – mostly deals in London and the south-east – which was the highest since the financial crisis of 2008. But there were also warnings last night about the likelihood of the Gherkin’s financing problems not being the last.