Plantation Place South, 60 Great Tower Street

London EC3R 5AD


A rare, 0.54 acre freehold corner site in the heart of the City of London's insurance district.

  • A highly specified office and retail building, developed by British Land in 2004.
  • 163,788 sq ft (15,216.4 sq m) of Grade A office and retail accommodation arranged over basement, ground and nine upper floors.
  • Multi-let to seven global tenants including Beazley Management Ltd, Sucden (UK) Ltd and Arch Insurance Company (Europe) Ltd.
  • The building produces a total income of £8,512,542 per annum (inclusive of vendor rent guarantees), reflecting a low overall rent of only £51.97 per sq ft.
  • The property benefits from a range of lease lengths with over a third of the income on long lease terms expiring beyond January 2025.
  • Strong asset management potential given the low overall passing rent and near term vacant possession of some of the best floors in the building.
  • Offers are invited in excess of £159,300,000 (One Hundred and Fifty-Nine Million, Three Hundred Thousand Pounds) for the shares in the BVI company that owns the freehold interest in Plantation Place South, subject to contract and exclusive of VAT.
  • This represents an attractive net initial yield of 5.25%, assuming acquisition costs of 1.80%.


Plantation Place South is exceptionally well located within the core of the City of London, situated at the junction of Great Tower Street and Mincing Lane.

The property is in a strategic location within the heart of the prestigious EC3 insurance district. This position is close to the 'Eastern Cluster', the area designated by the City of London for high-density commercial tower buildings.

EC3 - A globally renowned address

Plantation Place South resides within the EC3 postcode, which is synonymous with London's globally recognised insurance district. The address is highly sought after by insurance businesses due to the close proximity of Lloyd's of London, the world's leading specialist insurance market.

Lloyd's of London was founded in 1688, when London had emerged as a strategic global trade destination. With shipping and cargo insurance becoming increasingly prominent, Edward Lloyd's Coffee House became the premier destination to acquire bespoke insurance. This early conception very quickly evolved into building the largest specialist insurance market in the world.

Lloyd's of London was previously located in the Royal Exchange from 1774 until 1928, when the market moved its operations to 12 Leadenhall Street, EC3. As insurers required quick access to the market place for syndicates to underwrite risk, insurance companies began to congregate around Lloyd's, with the location holding strong links to the insurance industry ever since.

In 1986, Lloyd's took occupation of 1 Lime Street, EC3 which was designed by renowned architect Richard Rogers and has become iconic for incorporating the building's services on the exterior. Referred to as 'The Lloyd's Building', it is the prime location for insurance businesses and considered the centre of the EC3 market.

'Eastern Cluster' - High-density commercial towers

Plantation Place South is located to the south of the 'Eastern Cluster' - an area the City of London has declared suitable for the development of commercial towers. This cluster has brought forward substantial development in the City of London and has produced part of London's enviable skyline of globally recognised buildings, including The Leadenhall Building (the 'Cheesegrater'), 30 St Mary Axe (the 'Gherkin') and Salesforce Tower. Additionally, the construction of the distinctive 20 Fenchurch Street (the 'Walkie Talkie') outside of the traditional cluster further expanded the acceptable zone for large-scale tower developments.

Plantation Place South will also benefit from a wider strategy to enhance the streets and public spaces of the Eastern Cluster, which will have a positive impact upon the immediate surroundings.


Plantation Place South is ideally located close to a wide variety of amenities ranging from historic landmarks, pubs & bars, retail and gym operators.


With demand for health & fitness continuing to grow and becoming increasingly desired by companies and employees, Plantation Place South benefits from strong access to a variety of providers. These include brands such as Fitness First, Gymbox, Nuffield Health, PureGym and Third Space, all within a 10 minute walk.


Leadenhall Market
Within a five minute walk to the north west lies the historic Leadenhall Market. Dating from the 14th Century, what was once a meat and game market is now a thriving boutique retail, restaurant and leisure destination set within period Victorian architecture.

The Royal Exchange
Situated right at the heart of the City, this former centre for trade and previous home of Lloyd's of London offers several bars, restaurants and high-end, luxury retail. This includes brands such as Boodles, Mont Blanc, Omega, Tiffany & Co., Watches of Switzerland and from November 2018, Fortnum & Mason.

The Ned
Located next to the Bank junction, The Ned is the new venture from The Soho House Group and Sydell Group. Inside the period building of what was the former Midland Bank is now a 252-bedroom hotel and members bar, along with multiple restaurants, bars and cafes.

A Vibrant Array of Pubs & Bars
In keeping with a rich tradition of public houses, Plantation Place South is within close proximity to several historic pubs, including the Jamaica Wine House and Simpson's Tavern. The City also boasts fantastic contemporary offerings including the renowned Sushi Samba at Salesforce Tower, as well as the Sky Garden at 20 Fenchurch Street, offering a selection of quality bars, restaurants and stunning views across London.


The Monument
The Monument is one of the City of London's most recognisable attractions. Originally built between 1671 and 1677, it stands to commemorate the Great Fire of London of 1666, which began in a bakery on Pudding Lane. The Monument lies within a four minute walk to the south west of Plantation Place South, with visitors able to climb to the top and observe panoramic views of London.

The Tower of London
Located within a seven minute walk to the south east lies the Tower of London, one of the capital's four UNESCO World Heritage sites. Famously used as a prison during the Tudor period, the castle is a hugely popular attraction for tourists visiting the capital.

Bank of England Museum
The Bank of England Museum offers a variety of exhibitions and displays, showing the Bank's origins and role in the economic history of the UK. The museum also boasts a gallery displaying banknotes throughout history and tourists can visit the Bank's impressive gold vaults.

Open House London
During September every year, members of the public are given the opportunity to visit some of London's most iconic buildings which are normally closed to the public. In the City, this includes Bloomberg's headquarters at Bloomberg Place, The Leadenhall Building, Mansion House, the Guildhall and Tower 42.


Plantation Place South benefits from excellent connectivity via 10 transport nodes, all within a 15 minute walk of the property. These stations provide access to eight different London underground lines, DLR, National Rail services and the Elizabeth Line.

Please see the Marketing Brochure for further information.


Plantation Place South consists of a modern office and retail building designed by global architects, Arup Associates.

Plantation Place South takes its name due to being located on the former site of Plantation House. With a long-standing association with tea trading, the site was formerly home to multiple plantation companies and traders.

The building forms the southern part of the Plantation Place Estate, which was developed by British Land in 2004.

Plantation Place South comprises 163,788 sq ft (15,216.4 sq m) of Grade A office and retail accommodation, arranged over basement, ground and nine upper floors. Access to the building is via an impressive, double-height reception, with dual entrances onto Great Tower Street and Plantation Lane.

The reception was upgraded in 2016, providing a striking display upon entering the building.

The building offers a variety of highly flexible floor plates ranging from 7,000 sq ft to 19,000 sq ft, arranged around a central lift core. This enables the office floors to be efficiently divided to accommodate smaller occupier requirements.

The ground and first floors further comprise a self-contained retail unit of 4,452 sq ft let to Davy's, a high-end wine bar and restaurant. In addition, the property has a shared basement with Plantation Place, accessed via Rood Lane.


Plantation Place South benefits from a high, Grade A office specification which includes the following:
  • Striking double-height reception
  • Six x 16 person passenger lifts and one goods lift
  • Floor-to-ceiling heights of 2.70m
  • VAV air-conditioning
  • Metal tiled suspended ceilings
  • New LED lighting (6th floor)
  • Raised floors
  • Newly refurbished WCs throughout
  • Bicycle facilities
  • Basement storage


Details of the property's net internal areas can be found in the Accommodation Schedule below.
The net internal floor areas shown in the Accommodation Schedule have been measured by Plowman Crave in accordance with the RICS Code of Measuring Practice (6th edition).


The property is held freehold under title number NGL790356.
The approximate extent of the site is shown in green on the Situation Plan.


The property is multi-let to seven tenants with a distinct leaning towards insurance occupiers that include Beazley, Axis and Arch.

The building produces a total contracted rent of £7,005,048 per annum. Taking account of the vendor's rent guarantee of the vacant accommodation, the property produces a total rent of £8,512,542 per annum, reflecting a low overall rent of £51.97 per sq ft.

The property benefits from a range of lease lengths, with over a third of the income on long lease terms expiring beyond January 2025. There is also some shorter term income, including Beazley that has a number of lease expires in 2021, offering an opportunity to crystalise the inherent rental reversion on the best floors of the building beyond the current relatively low levels.

The tenancy produces a WAULT of 6.0 years to expiry and 4.4 years to break options.

Covenant Information

38% of the contracted income

Beazley Management Ltd is a subsidiary of Beazley Group plc, a global insurance underwriter listed on the London Stock Exchange. Founded in 1986, the firm began as a specialist Lloyd's of London syndicate, which gave the business access to a vast array of insurance products. The firm now operates globally across North America, Europe, Asia and Australia, with all the business subsidiarys rated A (Excellent) by A.M. Best. The lease to Beazley Management Limited is guaranteed by Beazley Group plc.

13% of the contracted income

Arch Insurance Company (Europe) Ltd is a wholly owned subsidiary of global underwriter Arch Capital Group Ltd, operating as the company's UK and European insurance branch, providing insurance, reinsurance and mortgage insurance products. Based in Bermuda, the company has a global presence, with offices in Africa, Australia, Canada, the United States and the UK, and has a market capitalisation of $11.02 billion as of June 2018. Arch Insurance Company (Europe) Limited is rated A+ by both Fitch and S&P and A2 by Moodys.

12% of the contracted income

Sucden Financial is a leading global derivatives broker covering a vast array of markets, including equities, foreign exchange and OTC products. The firm was founded in 1973 as the brokerage arm of the Sucden Group, an independent trader in soft commodities. The company is headquartered in the UK with a further office in Moscow, as well as subsidiaries in Hong Kong [Sucden Financial (HK) Limited] and New York [Sucden Futues Inc.]. Sucden Financial is a key member of the London Metal Exchange (LME), providing access to the key markets throughout the globe.

7% of the contracted income

CDP Worldwide is a not-for-profit registered charity headquartered in the UK. Formerly known as the Carbon Disclosure Project, CDP operates a global disclosure system which encourages investors, companies and cities to supply their environmental information, in order to produce analytics and insights to better manage the respective impacts. The charity has hubs in Europe and America (through an affiliate), with further operations occurring in Australia, Asia & South America. In 2017, CDP Worldwide spent £9.8 million on its charitable activities, which was an increase from £6.9m the previous year.

6% of the contracted income

Axis Specialty Europe Ltd is a subsidiary company of Axis Capital, a specialist insurance and reinsurance provider. Headquartered in Bermuda, the company has an international presence with offices in the key markets of the United States, Canada, UK, mainland Europe, Brazil, Singapore and Dubai. In the UK, the firm operates a Lloyd's of London syndicate, offering access to one of the leading insurance markets. Axis Specialty Europe, along with the other Axis insurance companies, is rated A+ by S&P and also A.M. Best for claims-paying ability.

4% of the contracted income

The Barbican Insurance Group is a global insurance underwriter, headquartered in the UK. With offices in London, Manchester, Guernsey, Bermuda and the United States, the group provides access to a wide range of insurance products including accident & health, energy, financial & professional lines, healthcare and property insurance & reinsurance. The group has a variety of divisions, including a Lloyd's of London syndicate, an insurance programme offering financial solutions to global markets, as well as intermediary companies. One of these intermediaries is Castel Underwriting Agencies Ltd, which is in occupation at Plantation Place South and provides an underwriting cells creation service.

1% of the contracted income

Davy's is an independent, high-end wine bar and restaurant operator, with 24 bars and stores across central London. Founded in 1870 by Francis Edwin Davy, the brand offers a variety of services including wine tasting, dining, private functions and wine purchasing.

Please see the Marketing Brochure for further information.


The property has been elected for VAT.


Please see the Marketing Brochure for further information.


Details of capital allowances are available upon request and may be made available to a purchaser by way of separate negotiation.


An Energy Performance Certificate (EPC) is available upon request. The Building has an EPC rating of E (106).


Further information can be found in the online data room. Please contact the vendor's agents to arrange access.


Plantation Place South is held in a single asset BVI company.


We are instructed to seek offers in excess of £159,300,000 (One Hundred and Fifty-Nine Million, Three Hundred Thousand Pounds) for the shares in the BVI company that owns the freehold interest in Planatation Place South, subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive net initial yield of 5.25% (assuming acquisition costs of 1.80%).

Download Brochure

Google Maps


Please select a contact *


(* Required Field)