Potency Advisors

Though it is not officially being sold, if you believe what Grahame Whateley has to say, the market buzz is that Castlemore Security’s 178,000 square feet commercial leasehold in Central London is up for grabs. The property at 40 Holborn Viaduct, the leasehold of which is valid until 2052, was developed under the leadership of Grahame Whateley. This was after Castlemore purchased the leasehold from De Beers Diamond Company in 2005. The property is owned by the Crown Estate.

Going back into the records of the leasehold – as per Companies House – shows that Castlemore purchased the leasehold with a credit line of about £75 million from the Royal Bank of Scotland. The line of credit was issued in September 2005.

Irwin Mitchell law firm and the Pret a Manger sandwich chain have bought leases on the property. However, a considerable portion of the office space is un-let, which may prove to be detrimental to its marketing prospects. Any buyer is likely to employ it as a negotiating ground and understandably so. Either RBS or Castlemore, whoever commences the sale process, may have to mull long and hard over this. For information on office space to let opportunities, click desk space London.

Gaz de France is currently in negotiations with Castlemore over a partial lease. Moreover, Delancey and AEW Europe are believed to have entertained presentations on the potential offering. The choices available to Castlemore and RBS for now are many and they are believed to be contemplating over the course of action. We may have to wait and watch as to how things transpire in this matter.