Belgian property investor Atenor is set to strike its debut London deal with the acquisition of Fleet House from the City of London Corporation, EG understands.
The company, which has been looking to move into the London office development market for more than a year, will imminently go under offer on a 150-year leasehold over the property at 8-12 New Bridge Street, EC4.
Sitting just north of Blackfriars station, the 1950s building comes with planning permission to demolish it and nearby pub St Brides Tavern to make way for a new building designed by Perkins+Will.
Atenor is in advanced talks over an offer in excess of £14m, according to sources with knowledge of the deal. However, the total development value of the site would eventually rise to nearly £50m should the deal go ahead as planned.
The proposed scheme would provide around 70,000 sq ft of office space and two ground-floor retail units.
The existing building has a net internal area of 45,600 sq ft, including 29,200 sq ft of offices, 8,300 sq ft of retail and pub space, and an 8,100 sq ft basement. Tenants include serviced office provider Smithfield Business Centre and real estate consultant Ian Learner & Co.
The City has been trying to sell the long leasehold over the property for more than six months, with the site having attracted interest from parties including from Candour Group and Middlecap.
However, the process had stalled in part down to negotiations with Transport for London over a section of pavement outside the building which it owns, and which the proposed redevelopment would overshadow.
JLL is representing the City Corporation; Knight Frank is advising Atenor. All parties declined to comment.
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