Deloitte the official receiver appointed to administer the Gherkin announced today that the 41-storey landmark tower in the City of London is expected to fetch £550m when it goes on sale in the coming months.

The building has been defaulting on its loans since 2009 due to currency fluctuations and adverse interest rates. The building was purchased by IVG Immobillien and Evans Randall for £630m in 2007. A 15-year loan was arranged through a consortium of banks.

It was Norman Foster’s team that designed the Gherkin in the hay day when London skyscrapers were popping up across the City like the Shard of Glass, the Cheese-Grater and the Walkie-Talkie. But today, the lead architect for the Gherkin, Ken Shuttelworth claimed that the “Age of bling was dead”. These projects would simply not get off the ground in this time of austerity despite Deutsche Bank suggesting that rents in the City could reach record level by end of 2014.

There are currently 49 new tower buildings projects in London of more than 40 floors in the initial stages. So the empirical evidence would suggest that the bling in tower buildings is undergoing a renaissance over the next few years.

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