City landmark up for sale for £30m (From Daily Echo)
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Southampton landmark Skandia House up for sale for £30m
8:10am Thursday 23rd February 2012 in Southampton
By Matt Smith, Politics and business reporter
ONE of Southampton’s most iconic office buildings has been put up for sale for nearly £30m.
The freehold of Skandia House, the landmark purpose-built headquarters for the financial services giant, has been put on the market for £28.5m by its pension fund owner Legal & General.
The move comes after Skandia Life business Services, which leases the building for Skandia’s UK headquarters, signed an extension to its tenancy.
It will give the buyer a £2m annual rent, or £19 per square foot, for at least the next 15 years.
The sale of the seven-storey offices will be a key test of investor appetite for top class offices outside London.
Legal & General bought Skandia House in October 2009 at the height of the downturn for £21.3m.
Property agents Jones Lang Lasalle hailed it as “one of Southampton’s finest office buildings”.
The offices were completed in 1990 and substantially refurbished during the last five years.
The sale for the 108,857 square feet Grade A office block would be the largest office deal in the city since the city council bought its new six-storey Guildhall Square offices for £25m in April 2010.
Pall Europe paid around £20m for Raymarine’s 110,680 square feet Marine House in Portsmouth in April last year.
Skandia last year confirmed it was laying off 86 staff at its city headquarters, around one in 20 of its workforce, as part of a restructuring drive. More of its Business is conducted online requiring fewer workers. It followed the announcement of 150 job losses in a cost-cutting programme in 2010. It now employs around 1,500 workers in Southampton.
Skandia UK is part of the wealth management business of South African financial giant Old Mutual plc.
Comments(28)
Stillness
says...
9:27am Thu 23 Feb 12
lightsouth
says...
9:51am Thu 23 Feb 12
Stillness
says...
10:01am Thu 23 Feb 12
lightsouth wrote:Nowhere. It says they have renewed the lease.
Where will skandia go?
peenut81
says...
11:06am Thu 23 Feb 12
''October 2009 at the height of the downturn''.
The depression is barely halfway through yet, i do wish the media were not so complicit in accepting the nonsense from govt, and certain parts of commerce and industry. When Brown bailed out the banks, he merely delayed the inevitable. The West's economic model is unsustainable and as banks step up their speculative attacks on individual countries the Euro crisis will derail any hope of recovery here. There can be no growth in an advanced developed nation without 3 things. 1, Exclusive access to an outstanding technological advance, 2, Further imperialism (theft) in poorer nations(Iraq, Libya, Syria, Yemen...Iran), or 3, the masses accept their living standards retreat 50years, no pensions, NHS or benefits. There is one alternative, maybe if we stopped allowing banks to create money instead of governments?
The Salv
says...
11:28am Thu 23 Feb 12
Stillness
says...
11:28am Thu 23 Feb 12
peenut81 wrote:Spot on peenut. I think of your three alternatives I quite fancy going back 50 years. It will only be those living now that find it hard. As many people managed to be happy 50 years ago as they do now, at least as many.
hahahaha
''October 2009 at the height of the downturn''.
The depression is barely halfway through yet, i do wish the media were not so complicit in accepting the nonsense from govt, and certain parts of commerce and industry. When Brown bailed out the banks, he merely delayed the inevitable. The West's economic model is unsustainable and as banks step up their speculative attacks on individual countries the Euro crisis will derail any hope of recovery here. There can be no growth in an advanced developed nation without 3 things. 1, Exclusive access to an outstanding technological advance, 2, Further imperialism (theft) in poorer nations(Iraq, Libya, Syria, Yemen...Iran), or 3, the masses accept their living standards retreat 50years, no pensions, NHS or benefits. There is one alternative, maybe if we stopped allowing banks to create money instead of governments?
George4th
says...
11:38am Thu 23 Feb 12
peenut81 wrote:What is your blueprint alternative?
hahahaha
''October 2009 at the height of the downturn''.
The depression is barely halfway through yet, i do wish the media were not so complicit in accepting the nonsense from govt, and certain parts of commerce and industry. When Brown bailed out the banks, he merely delayed the inevitable. The West's economic model is unsustainable and as banks step up their speculative attacks on individual countries the Euro crisis will derail any hope of recovery here. There can be no growth in an advanced developed nation without 3 things. 1, Exclusive access to an outstanding technological advance, 2, Further imperialism (theft) in poorer nations(Iraq, Libya, Syria, Yemen...Iran), or 3, the masses accept their living standards retreat 50years, no pensions, NHS or benefits. There is one alternative, maybe if we stopped allowing banks to create money instead of governments?
>
Banks - We have a nation that, in the majority, is trying to absolve itself from blame for being complicit in creating the biggest CREDIT Bubble and the biggest PROPERTY Bubble this country has ever seen! (E.G. Everyone who had a Credit card or an unaffordable mortgage!)
OK, there is a tiny excuse in that the Labour government forgot to regulate the Financial sector!
>
People have traded with money since the year dot - there is nothing wrong with trading in money.
a and e
says...
12:21pm Thu 23 Feb 12
Stillness wrote:Spot on , why do governments pay interest on money to a private bank , the Bank of England , who owns every central bank in the world ? The Rothchilds , the richest family on the planet ,it stinks !!!!
peenut81 wrote:Spot on peenut. I think of your three alternatives I quite fancy going back 50 years. It will only be those living now that find it hard. As many people managed to be happy 50 years ago as they do now, at least as many.
hahahaha
''October 2009 at the height of the downturn''.
The depression is barely halfway through yet, i do wish the media were not so complicit in accepting the nonsense from govt, and certain parts of commerce and industry. When Brown bailed out the banks, he merely delayed the inevitable. The West's economic model is unsustainable and as banks step up their speculative attacks on individual countries the Euro crisis will derail any hope of recovery here. There can be no growth in an advanced developed nation without 3 things. 1, Exclusive access to an outstanding technological advance, 2, Further imperialism (theft) in poorer nations(Iraq, Libya, Syria, Yemen...Iran), or 3, the masses accept their living standards retreat 50years, no pensions, NHS or benefits. There is one alternative, maybe if we stopped allowing banks to create money instead of governments?
peenut81
says...
1:30pm Thu 23 Feb 12
1990's, the man on the street is offered low interest rates to buy (or invest!!) property or lifestyle commodities that is thrust at him from every cultural angle, is it his fault when the politicians, media and business community assure him its legit and sustainable, that when the same elite mess up, that he not only has to pay it back in increased taxation for the next generation but also takes the blame?
You are like most people i suspect unaware of the process by which money enters circulation, or deliberatly misrepresenting my point. If anyone is interested may i suggest positivemoney.org
To blame Labour is lazy, they had no choice but to accept the dictates of the 'market' for fear of capital flight. We are all hostage/slaves to the banks unless we as a nation wake up, rise up and demand change.
George4th
says...
1:49pm Thu 23 Feb 12
peenut81 wrote:You clearly have not read some of my posts or you would know I came from a poor background. And yes, I believe in free trade/markets and I am against the minimum wage! (It has stifled opportunity for the very people the liberals thought it would help!)
Georgeiv from your comments on here over the months, i suspect you come from the class of society who has no idea about the realities of poverty, believes in the virtues of 'free trade' and votes blue like a religion.
1990's, the man on the street is offered low interest rates to buy (or invest!!) property or lifestyle commodities that is thrust at him from every cultural angle, is it his fault when the politicians, media and business community assure him its legit and sustainable, that when the same elite mess up, that he not only has to pay it back in increased taxation for the next generation but also takes the blame?
You are like most people i suspect unaware of the process by which money enters circulation, or deliberatly misrepresenting my point. If anyone is interested may i suggest positivemoney.org
To blame Labour is lazy, they had no choice but to accept the dictates of the 'market' for fear of capital flight. We are all hostage/slaves to the banks unless we as a nation wake up, rise up and demand change.
>
You get out of life what you put in. Sadly, too many people in the UK seem to think that life owes them a living. Too many people want to blame everyone else for their ills when in truth they should look at themselves. Take fat people for a start - if Pauline Quirk can lose 8 stone in a year then imagine what is achievable by everyone else!
Dasal
says...
2:49pm Thu 23 Feb 12
George4th wrote:Ummmm !!
peenut81 wrote: Georgeiv from your comments on here over the months, i suspect you come from the class of society who has no idea about the realities of poverty, believes in the virtues of 'free trade' and votes blue like a religion. 1990's, the man on the street is offered low interest rates to buy (or invest!!) property or lifestyle commodities that is thrust at him from every cultural angle, is it his fault when the politicians, media and business community assure him its legit and sustainable, that when the same elite mess up, that he not only has to pay it back in increased taxation for the next generation but also takes the blame? You are like most people i suspect unaware of the process by which money enters circulation, or deliberatly misrepresenting my point. If anyone is interested may i suggest positivemoney.org To blame Labour is lazy, they had no choice but to accept the dictates of the 'market' for fear of capital flight. We are all hostage/slaves to the banks unless we as a nation wake up, rise up and demand change.You clearly have not read some of my posts or you would know I came from a poor background. And yes, I believe in free trade/markets and I am against the minimum wage! (It has stifled opportunity for the very people the liberals thought it would help!) > You get out of life what you put in. Sadly, too many people in the UK seem to think that life owes them a living. Too many people want to blame everyone else for their ills when in truth they should look at themselves. Take fat people for a start - if Pauline Quirk can lose 8 stone in a year then imagine what is achievable by everyone else!
"Sale of Skandia House" to "Pauline Quirk "
Amazing where some of these "threads"go, isn't it !!!
southy
says...
3:03pm Thu 23 Feb 12
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
Torchie1
says...
3:30pm Thu 23 Feb 12
southy wrote:I think you'll find that insurance in the UK has to satisfy requirements in law thats only applicable to the UK, NI & CIs. When you try to claim on a policy underwritten by a company offshore, the cover might not be as extensive as a UK policy and the difference will be down to you to make up.
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
George4th
says...
3:35pm Thu 23 Feb 12
southy wrote:Minimum wage - look at the rest of the world to see who has a strong economy! Even the USA has a minimum wage about one third less than ours! How do you expect to compete?!
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
Another downside is pay differentials - employers will squeeze down to cover the cost thereby reducing opportunity for progression. They will also change full-time jobs into part-time jobs.
>
The majority of economists say that a minimum wage will cost jobs..............
southy
says...
3:41pm Thu 23 Feb 12
George4th wrote:there is no need to compeat because of the exchange rate will balance it self out accordly.
southy wrote:Minimum wage - look at the rest of the world to see who has a strong economy! Even the USA has a minimum wage about one third less than ours! How do you expect to compete?!
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
Another downside is pay differentials - employers will squeeze down to cover the cost thereby reducing opportunity for progression. They will also change full-time jobs into part-time jobs.
>
The majority of economists say that a minimum wage will cost jobs..............
At the moment China as the strongest economy and NWL applys there to.
southy
says...
3:46pm Thu 23 Feb 12
Torchie1 wrote:And EU, your even stop now going to any country in the EU to get things like Home or Car insurances.
southy wrote:I think you'll find that insurance in the UK has to satisfy requirements in law thats only applicable to the UK, NI & CIs. When you try to claim on a policy underwritten by a company offshore, the cover might not be as extensive as a UK policy and the difference will be down to you to make up.
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
Japan offers the best deal in this area, and they will ajust according to UK and EU rules, and would have the same cover that you can get here, but thats been block, and yet any business or any one with a £1 million or more in the back can.
Boatman
says...
4:56pm Thu 23 Feb 12
George4th wrote:And the USA is a "strong economy" - I think not. Why not cite Germany or the Netherlands?
southy wrote:Minimum wage - look at the rest of the world to see who has a strong economy! Even the USA has a minimum wage about one third less than ours! How do you expect to compete?!
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
Another downside is pay differentials - employers will squeeze down to cover the cost thereby reducing opportunity for progression. They will also change full-time jobs into part-time jobs.
>
The majority of economists say that a minimum wage will cost jobs..............
"The majority of economists say that a minimum wage will cost jobs.............."
Evidence please for this assertion. This was the Tory mantra in 1997. It proved wrong then and it is wrong now.
Fatty x Ford Worker
says...
5:14pm Thu 23 Feb 12
Stillness
says...
5:21pm Thu 23 Feb 12
Torchie1
says...
7:52pm Thu 23 Feb 12
southy wrote:Do you think Margaret Thatcher bought up the entire insurance business in the UK and changed the rules so that poor people can't buy insurance from Japan?
Torchie1 wrote:And EU, your even stop now going to any country in the EU to get things like Home or Car insurances.
southy wrote:I think you'll find that insurance in the UK has to satisfy requirements in law thats only applicable to the UK, NI & CIs. When you try to claim on a policy underwritten by a company offshore, the cover might not be as extensive as a UK policy and the difference will be down to you to make up.
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
Japan offers the best deal in this area, and they will ajust according to UK and EU rules, and would have the same cover that you can get here, but thats been block, and yet any business or any one with a £1 million or more in the back can.
Stillness
says...
8:07pm Thu 23 Feb 12
Torchie1 wrote:Yes he does, and he's right, because he says he so.
southy wrote:Do you think Margaret Thatcher bought up the entire insurance business in the UK and changed the rules so that poor people can't buy insurance from Japan?
Torchie1 wrote:And EU, your even stop now going to any country in the EU to get things like Home or Car insurances.
southy wrote:I think you'll find that insurance in the UK has to satisfy requirements in law thats only applicable to the UK, NI & CIs. When you try to claim on a policy underwritten by a company offshore, the cover might not be as extensive as a UK policy and the difference will be down to you to make up.
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
Japan offers the best deal in this area, and they will ajust according to UK and EU rules, and would have the same cover that you can get here, but thats been block, and yet any business or any one with a £1 million or more in the back can.
southampton999
says...
9:05pm Thu 23 Feb 12
southy wrote:The minimum wage has unfortunately caused mayhem in our econony. The reason why is because it has increased the differential between our wages and those in other lower wage countries. This has led to economic migration from those nations due to this differential. Workers are prepared to live in cheap accomodation in the UK and send most of their money home via Cash Converters and other such companies. The money doesn't ever see the UK economy and only helps other countries economies. It has been a disaster. And you may also note that even the food sold to these workers is imported so the classic economic 'multiplier' effect does not work and has totally skewed our economy.
George4th Theres no such thing as a free open trade markets, reason being they will not allow a state owned industry, and they will not allow you do things like getting your insurences overseas, or allow you to small time banking over seas.
This free open trade markets is not for the likes of odinary people its for the elitist only.
The min wage is a good thing its stops compamys using people as paid salves, and it needs to be extended to any overseas worker that is working here.
British asian
says...
12:24am Fri 24 Feb 12
Stillness
says...
6:35am Fri 24 Feb 12
British asian wrote:It's OK. I'll be paying cash. No need to borrow so no interest to pay.
This is not a good investment , 30 mill to buy , 2 mill rent per annum, will it cover the payments for the borrowed money ??????
georgetheseventh
says...
2:24pm Fri 24 Feb 12
lightsouth wrote:Back to Skandinavia you dope.
Where will skandia go?
rocketone
says...
1:37pm Sat 25 Feb 12
From that day on the working man was always going to be in debt.
Ask your company to pay you cash, after appropriate deductions have been made.
In other words a perfectly legal request.
You will find your employer does not have the neccesary finance to perform this simple act.
The company that buys this building do not need to have the money to buy this, just be able to promise that they might.
BillyTheKid
says...
2:20pm Sat 25 Feb 12
...
The Salv says...
8:50am Thu 23 Feb 12