29 June 2021
Ballymore, the property development company, announces that it has completed the sale of landmark office building One Embassy Gardens to buyer Kennedy Wilson at a price of £177.5m, reflecting a 4.5% yield.
The 156,000 sq ft building, which overlooks the US Embassy, is currently let by the world’s biggest book publisher Penguin Random House, leading illustrated reference publisher DK Publishing and global leadership search firm Perrett Laver.
The tenant profile, along with Apple’s new nearby London campus, underlines the strong appeal of the Nine Elms district as a commercial location. The area represents one of the biggest transformation stories London has ever seen, which when completed will provide over 6.5m sq ft of commercial space in addition to its significant residential and retail offerings.
Ballymore worked with renowned architect Lee Polisano of PLP Architecture to design One Embassy Gardens. The building represents modern workspace architecture at its best, with the design offering maximum flexibility to tenants who can create their ideal workspaces from the floor up.
One Embassy Gardens is part of Ballymore’s Embassy Gardens scheme, a vibrant new neighbourhood which combines homes, offices, retail and leisure space, and new public areas.
Agents JLL and Savills acted for Ballymore and Cushman and Wakefield acted for Kennedy Wilson.
John Mulryan, Group Managing Director at Ballymore, said:
“The sale of One Embassy Gardens shows that the investment market now sees Nine Elms as one of London’s most compelling commercial locations. With the US Embassy, Apple and Penguin Random House and DK already committed we are proud to be part of this area’s ongoing growth story. The future development of our 300,000 sq ft EG:HQ development directly adjacent will add further critical mass to the establishment of Nine Elms as a commercial centre in London.”