First-round bids have been submitted to forward-fund and purchase Unilever’s new London HQ that is being developed in Kingston-Upon-Thames.
PropertyEU understands interested parties submitted offers on Thursday for the office component of the Eden Campus.
The bids are understood to be in the range of £200 mln (€233 mln) to £220 mln (€256 mln) for the two-interlinked offices that will house 2,000 staff, with interest coming from a variety of countries and continents, including Germany and Asia. The starting price of £200 mln represents a yield of 5%.
All parties declined to comment, but it is believed around a dozen bids were expected in the lead up to Thursday's deadline.
Developer Cube Real Estate is being advised by agents JLL and Cushman & Wakefield.
Unilever is consolidating five existing sites for a workforce expected to occupy the campus in the winter of 2023 or 2024, according to an announcement made by Unilever last year. In a statement at the time, Unilever said developer Cube had submitted plans for a mixed-use development within the southern part of Kingston’s town centre.
Sebastian Munden, general manager and executive vice president of Unilever UK & Ireland, said the company had enjoyed a presence in Kingston for many years and was looking forward to being an even bigger part of the local community.
‘For Unilever, this represents a rare opportunity to bring together teams in a highly sustainable, accessible and inspiring office designed for future ways of working, which will be a hive of collaboration for our employees, and for retailers, suppliers, consumers and other organisations.’
Unilever has taken a 15-year pre-let on the complex in a move which will bring together all of its employees from the five existing sites in London and Surrey. The consumer giant is behind household brands such as Persil, Dove, Magnum, and Marmite.
The Anglo-Dutch company’s agreement to relocate to Cube’s project represented an about-turn after previously announcing in 2018 that it would situate its global HQ in Rotterdam. That idea was shot down amid fierce criticism from shareholders.
The new 32,000 m2 workplace campus will be located near the banks of the River Thames banks, 12 miles from central London.
Cube’s Eden campus will integrate into the area's local historic townscape, with all four buildings situated in a green urban setting. The scheme aspires to be net zero carbon in operation with efficient office space and layout, rooftop photovoltaics, and methodical insulation.
As part of the project, The Hogsmill, one of London's lost rivers, will be restored with natural banks, reed beds and local species planted.
The entire plan includes two-interlinked office buildings, a 22-storey residential building, and a car park designed for electric vehicles. Up to 156 new homes are being proposed for the residential tower, of which 35% will be affordable homes.
The sustainable car park will facilitate electric charging and will replace the existing multi-storey car park. It will be available to use by employees during the week and visitors at the weekend.
However, the height of the residential tower remains controversial. Residents of the town have raised concerns about 'over-development of the site'.
