BT Sells London HQ For £210m

BT Plc has agreed the sale of its corporate HQ on Newgate Street near St Paul’s, central London, for £209.6m.

The property has been sold to real estate private equity firm Orion Capital Managers. However, it will include a clause which allows BT to continue to occupy the building for 30 months.

It is believed that the sale is part of BT’s ‘The Better Workplace Programme’ to improve and consolidate its workplaces across the UK into modern, future-fit hubs around the UK. BT Group chief executive Philip Jansen has previously commented: “The Better Workplace Programme is about bringing our people together in brilliant spaces, and transforming the way we work.”

Although the mainstream media are reporting the sale from the point of view of the restructuring of BT’s operations, the property-related story is one that deserves consideration too. The site of the BT Centre has strong historical links, being the location from which Marconi first publicly broadcast wireless signals in 1897. However, the current 1980s building is dated by modern standards and it might be interesting to see what plans emerge for what is a prime City of London site.

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Source Total Telecom
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