London must be running out of towers to peddle as trophies to overseas investors. In a year of skyscraper deals the latest prize is the angular 240 Blackfriars Road. As a relative newcomer to the skyline, and lacking an affectionate nickname, it has failed to command the premiums secured by more iconic buildings.
Land Securities’ record sale of the “Walkie Talkie” skyscraper to Hong Kong’s oyster sauce maker Lee Kum Kee, for £1.3bn, was a 13% bump on book value. The £267m price tag paid by Dubai-based Easa Saleh Al Gurg Group for Blackfriars is by contrast a small premium, according to owners Great Portland Estates and BP’s pension fund. That is likely to mean single digits.
In terms of family silver, Blackfriars is an egg cup.
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