A London building scheme that includes planning permission for new
City offices has been pulled out of administration, thanks to a private investor.
The Trinity site in the Square Mile's insurance hub has been bought by Bashir Nathoo, the founding partner of Splendid Hotels group, Property Week reported.
Trinity, EC3, is owned by the Beetham Organisation and Mr Nathoo is said to have paid approximately £33 million for it. The current scheme has 190,000 sq ft of existing buildings, but there is also consent for almost 1 million sq ft of new
London offices.
According to the publication, the investor might leave the £700 million office complex and instead introduce a mixed-use hotel and residential scheme.
In September 2007, the Beetham Organisation was granted planning permission for a landmark skyscraper at Blackfriars Bridge, next to the Tate Modern. The 52-storey glass tower at 1 Blackfriars Road - which has yet to be built - was given consent for a luxury 261-bedroom hotel and 64 private residences. Construction has been postponed following the breakdown of the company, but the site has since been purchased by St George, a subsidiary of Berkeley Group.
The SE1 project will offer a 170 m tower complete with
London offices, as well as a boutique hotel.
Blackfriars Road was also recently in the spotlight after Property Week publisher UBM agreed to take 105,648 sq ft of
London offices at number 240. The building will total 237,000 sq ft once completed in March 2014 and is a joint venture between Great Portland Estates and Ropemaker Properties.
UBM will pay £4,916,000 a year in rent, with each floor taken on a 15-year lease. This represents an average £47 per sq ft. When the news was announced, UBM head of estate management Richard Bowers said: "We look forward to occupying such a prominent and impressive landmark building, which we intend to fit out to a high standard to create a vibrant collaborative and productive environment, maintaining our long-term future [in] this location."
Posted by Emma Davies
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