HSBC considers Canary Wharf HQ sale

5 February 2007

HSBC is considering selling its London headquarters in Canary Wharf and then renting it back in a deal that could raise up to £1 billion.

The global bank currently occupies the HSBC Tower in Canada Square - a building it also owns.

However, it appears that the lure of the buoyant UK property market is too much of for the bank's decision-makers, who are considering selling up and then renting the building back over a 15-year period.

At current market prices, it is estimated that the tower could fetch as much as £1.1 billion, based on the average cost of renting space in Canary Wharf at £45 per square foot per year.

The tower, designed by architect Sir Norman Foster is one of the tallest in Canary Wharf, and houses more than 8,000 workers.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development