A redevelopment opportunity in the shadow of the Shard is to be put up for sale for close to £80m.
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, SE1.
The property does not have planning consent but has potential for a 200,000 sq ft scheme, which is likely to be restricted by planning for office use. However, its proximity to the Shard and other tourist attractions across the South Bank have drawn interest from hotel investors.
The building has been long mooted as a potential project by developers but has been entwined in a complex ownership structure that is only now beginning to unwind.
The London Borough of Southwark owns land surrounding the 1960s-built 30,000 sq ft building and an adjacent 13,120 sq ft property, and in order for a sale to proceed, this would need to be included. The City and Southwark are now close to an agreement on the sale and a formal process is expected to begin in the coming months.
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