As the first part of the renewal and redevelopment of the original eighties buildings that make up the Broadgate Estate in London, UBS has signed what is the biggest property deal this year.
The development of 3, 4 and 6 Broadgate has long been expected and the deal will see UBS take 65,000 square metres of space in the new building that will be designed by Make who have taken over from nascent work that was done pre-credit crunch by Rogers, Stirk, Harbour and Partners.
When the traders aren't busy earning enormous bonuses they can always shift their desks to one side for a game of football - it will contain four trading floors of 6,000 square metres each, or one and a half acres in size giving an idea of the scale of it.
Given the scale of the plot in question, a logical size for the building would be anything up to about 16 floors which should translate into perhaps a final height of 67 metres if the floor to ceiling heights of elsewhere in Broadgate are taken into account.
With UBS set to pay a rent after discounts, but before inflationary increases of approximately £35,288,750 a year and the cost of the land which has already been paid for by the shareholders, this represents an impressive initial yield on the construction cost of the project of 10.3% showing just how much UBS is happy to pay to stay put.
The £340 million redevelopment, slated for completion in 2014 should it get planning permission, is the first joint venture between British Land and Blackstone under their new vehicle, Bluebutton Properties, which has been formed in the wake of British Land selling part of their share of the Broadgate Estate to Blackstone.
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