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London’s Shard Owner Estimates Towers’ Value at $3.9 Billion

Irvine Sellar
Sellar Property Group Ltd. Chairman Irvine Sellar Irvine Sellar said a decision hasn’t been made on whether to lease or sell the Shard’s 10 apartments, which will have views stretching as far as 44 miles. Photographer: Chris Ratcliffe/Bloomberg

The Shard, the European Union’s tallest skyscraper, and its neighboring London building, The Place, may together be worth as much as 2.5 billion pounds ($3.9 billion) when they are fully leased, according to Irvine Sellar, one of the buildings’ developers. The tower will open July 5.

Sellar Property Group Ltd. and Qatar Central Bank will spend about 1.5 billion pounds constructing the buildings, Sellar, chairman of the London-based company, said in an interview. The final cost includes the purchase price of the sites and interest on debt, he said June 29 at the development next to London Bridge rail station.

The tower is being completed as the U.K. suffers a double-dip recession and Bank of England governor Mervyn King warns it may take five more years before the global financial crisis recedes. The 310-meter (1,017 feet) Shard will have a Shangri-La hotel, about 585,000 square feet (53,350 square meters) of office space for which no tenant has been found, 10 luxury apartments and some shops. The Place will have a further 600,000 square feet of office space, which also hasn’t been leased.

“Are we concerned about full occupation of this? No, we’re not. We’re taking a long-term view,” Sellar said. “We’re certainly not in a position of being put under pressure to take shortcuts to get this space occupied.”

Lease Talks

The developers are in talks to lease “well in excess of 100,000 square feet” of office space, Sellar said. He declined to identify the companies.

Qatar Central Bank owns 95 percent of the building with Sellar Property Group owning the remainder, according to a statement by the bank in April.

The building’s three floors of restaurants will be at the same height as The London Eye, a 135-meter Ferris wheel. They will have Michelin stars and be “brands that I think you’ll be familiar with,” Sellar said. The shops in the building have all been leased, the developer said.

A decision hasn’t been made on whether to lease or sell the building’s 10 apartments, which will have views stretching as far as 44 miles (71 kilometers), Sellar said. He declined to estimate the apartments’ value.

“If you’re entertaining your people in the lounge, there you won’t need television or Monopoly to keep your guests busy,” he said.

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