City Corporation agrees to sell Southwark scheme

Posted by: Victor Pardis on 7th May 2013
Members voted in favour of selling the long leasehold interest in the property at 1 London Bridge Walk, in which the Corporation owns the freehold interest. Colechurch House cannot be sold until the London Borough of Southwark, which owns land surrounding the building and an adjoining property fronting Duke Street Hill, ratifies plans to sell its interest. The council’s 13,120 sq. ft. adjoining asset would need to be included to enable any comprehensive redevelopment. The Corporation of London owns the freehold of the six-storey 1960s Colechurch House via its Bridge House Estates arm and has long eyed a major redevelopment given its gateway position on the corner of London Bridge and Tooley Street directly opposite the entrance to London Bridge station. In 1995, the Corporation lodged plans to redevelop the site with an 180,000 sq. ft. iconic office tower. 

However, redevelopment has been held back by an inability to reach agreement with Southwark council on a shared approach. A number of major developers have approached the parties about the opportunity over the years. The office building currently stands at 30,000 sq. ft., but it is thought the site could accommodate a scheme of around 200,000 sq. ft. If the decision to sell is rubber-stamped by Southwark’s Cabinet, a 150-year leasehold interest in the property will be put onto the market. Deloitte Real Estate is thought to be advising the City and Southwark on the development, which is likely to sell for around £30m. 

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