Transport for London has sold 55 Broadway, its historic Grade I listed former HQ, in a deal which will raise “more than £120m” for reinvestment in the transport network.
The agency originally planned to redevelop the property into flats and with project partners TateHindle had worked with English Heritage to develop a residential led scheme which it said would respect and preserve “the building’s history and architectural significance.”
However earlier this year TfL’s finance committee approved a change of strategy and property agents Knight Frank were instructed to find a buyer.
Today TfL confirmed that Integrity International Group has bought a 150 year lease for the office space above the Tube station, plus the ground floor retail units and 100 Petty France. An exact price for the lease has not been announced but TfL says the deal will raise “more than £120m”.
Confirming the sale, TfL’s Commercial Development Director Graeme Craig said: “We are delighted to have completed a deal with Integrity International Group for the office buildings complex at 55 Broadway.
“The opportunity for a long single leasehold was offered through the open market to deliver best value for money.
“It forms part of our long-term estate management strategy to reduce our office accommodation costs and generate vital revenue to support upgrading critical transport infrastructure and our housing development programme.
“55 Broadway has played an important role in the development of London, and we are confident that this is recognised by Integrity International Group, who will invest in this historic building and breathe new life into it.”
Tony Matharu, founder of Integrity International Group, added: “The acquisition of 55 Broadway is a very important step for all involved and we will collaborate with both TfL and others to ensure this landmark building has an exciting future in the heart of London.”