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HSBC has agreed the sale and leaseback of its head office building in Canary Wharf, London for �1.09bn . . . the largest single property deal in UK history. A wholly-owned subsidiary of Metrovacesa SA, one of Europe's most respected property companies, and HSBC have exchanged contracts on the deal which sees the bank retain full control of occupancy while Metrovacesa takes a 998-year lease. HSBC has leased the building back for 20 years at an annual rent of �43.5m, with an option to extend for a further five years.
HSBC's 1.1 million sq ft, 210metre high tower at No 8 Canada Square will remain the group's global headquarters.
HSBC has been headquartered in London since 1993 and announced plans for the new head-office building in 1998.
It moved in in 2002 having incurred some �500m in construction costs. The building houses 8,000 staff and includes advanced facilities, such as a gym that occupies an entire floor, dining rooms, shops and a medical centre.
HSBC, which became the first bank to go carbon neutral in 2005, last year achieved an overall rating of 'Excellent' for the head-office building from the Building Research Establishment (BRE), the UK's leading environmental standards authority. This was the first time any building in the Canary Wharf development received the highest possible rating for site management.
Key to the building's design is the use of energy-efficient systems and practices.
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YOU ARE HERE: 11 November 2007 / tribune.ie / 2007 / 05 / 06
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