An office building in the shadow of The Shard that has redevelopment potential for a 200,000 sq ft-plus scheme is to hit the market with a price tag of around £70m.
The City of London Corporation has appointed JLL to advise on the sale of a 150-year long-leasehold interest in Colechurch House at 1 London Bridge Walk.It will go out to tender in June and is expected to attract the attention of several office developers including The Shard owners Sellar Property Group and the State of Qatar.Other potential suitors include HB Reavis, which is currently building the 78,000 sq ft office scheme Cooper & Southwark at the nearby 61 Southwark Street and is also working up plans for the redevelopment of Elizabeth House at Waterloo station, as well as Kuwaiti property group St Martins, which owns the nearby More London estate.
Walkway issues resolved
Colechurch House is believed to have potential for an office scheme of between 200,000 sq ft and 250,000 sq ft. A buyer would have to secure planning permission for any redevelopment.The sale of the 30,000 sq ft, 1960s-built low-rise block has been mooted for more than a year but has been delayed due to issues related to the ownership of a walkway that runs through the site.It is understood these have now been resolved and that the City of London Corporation will formally launch the sales process next month.