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A record price tag for London's "Walkie Talkie"

Friday, July 28, 2017 - 01:28

London's skyline claims a new record with the sale of the iconic 'Walkie Talkie' building. At £1.28 billion ($1.68 billion), it's the highest price ever paid for an office building in the UK.

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The highest price for one of London's most iconic buildings. The "Walkie Talkie" tower is to be sold to Hong Kong's LKK Health Products Group. The price tag - 1.28 billion pounds - the most ever paid for an office building in the UK. London has emerged as a hot property market for foreign investors, particularly from Hong Kong and China. Piling in after Britain's vote to leave the EU weakened sterling. (SOUNDBITE) (English) VICKY PRYCE, CHIEF ECONOMIC ADVISER, CEBR, SAYING: "The extraordinary thing is there is still so much confidence in the London economy despite Brexit and it is still a vibrant city, and it will continue to be a vibrant city. The more we hear right now about transition deals and the fact that the UK will still continue to operate as much as it is now in its relationships with the with the EU for considerably longer, the more excitement there will be still. For LKK Health Products Group, owned by Oyster sauce king Lee Kum Kee group, the deal is its first outside of Hong Kong and China. It says it will hold the property for long-term investment, which will provide it a reasonable return from rental income and a stable capital appreciation. The skyscraper, developed as a joint venture between Land Securities and Canary Wharf Group in 2010, is located in the heart of the city. As well as its distinctive shape, the building has also become a firm tourist favourite for its rooftop garden and panoramic views.

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A record price tag for London's "Walkie Talkie"

Friday, July 28, 2017 - 01:28