Israeli entrepreneur Teddy Sagi is close to agreeing a deal to buy the freehold of BUPA House, WC1, as he builds up his Bloomsbury empire for his co-working venture.
BUPA is selling the 96,100 sq ft building in Bloomsbury Way and relocating its London HQ to the City at Stanhope and Mitsui Fudosan’s Angel Court, EC2, where it has 60,000 sq ft under offer.
Sagi’s property company, Citwax Investments, has placed the building under offer for close to the £75m asking price.
The property is on the edge of the Holborn Links Estate, a portfolio of 34 properties totalling 465,000 sq ft, which Citwax Investments bought last year for around £300m.
In October, Citwax said it planned to develop the portfolio to create quality space for SME and start-up businesses, as well as maintaining its existing mix of tenants.
Former SME adviser to government Teresa Graham has been appointed to advise on the project and said options would include co-working and flexible desk requirements.
Sagi has experience of running co-working spaces in Camden, where Market Tech Holdings (71% of which is owned by Citwax), operates the 88,000 sq ft co-working space Interchange.
Spread across three buildings, Interchange targets the “new age of employees” with facilities including a restaurant, innovation lab, café, bar and gym.
Colliers is advising BUPA, which will move some staff to existing UK offices in addition to Angel Court.
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