Transport for London has sold a 150 year lease on its headquarters at 55 Broadway in St James’s, London, to Integrity International Group with the buyer paying more than £120m.
55 Broadway is a Grade I listed building overlooking St James’s Park. The building was constructed in the 1920s as the headquarters for what later became London Underground and is decorated with a number of pieces of sculpture and friezes from artists of the period. TfL have resisted selling the building for a number of years, but say that the sale is to reduce costs and release funds to invest in London’s transport infrastructure.
Although the buyer has not
confirmed what they intend to do with the building, Integrity International Group
is connected with hotel operator Grange Hotels Group. Tony Matharu, founder of both
companies, added: “The acquisition of 55 Broadway is a very important step for
all involved and we will collaborate with both TfL and others to ensure this
landmark building has an exciting future in the heart of London.”
55 Broadway joins a long list of London’s public buildings which have been relinquished to developers in recent years, alongside Admiralty Arch and the previous New Scotland Yard. In a city where a large house can easily be worth £120m the selling price seems a bit of a snip for what should indeed be an exciting London development opportunity.