HSBC has ditched Cushman & Wakefield Healey & Baker as its adviser on its historic former Midland Bank headquarters, 27 Poultry EC2.
Howard Lock, HSBCs disposal manager, said: “We have made a personal appointment to provide strategic advice on this key property holding and have identified James Beckham at King Sturge, to take us forward.”
It is understood that the bank dropped CWHB in frustration when its adviser, City equity partner Colin Hargreaves who is leaving the firm in June, was put on early gardening leave in December.
C&WH&Bs head of offices and industrial Adrian Hill would not comment but merely said: “There is always going to be flux and change in a difficult market.”
King Sturge was appointed in early January to push through the banks proposals for its upgrading of the Lutyens Grade I-listed building, which is expected to go to planning in February.
City Offices is the development manager and has an exclusivity clause to buy the building once planning is obtained. The building is expected to be sold by King Sturge for around £40m.
The site is significant to the bank as its historic cradle and it is understood that HSBC will retain a branch in the 200,000 sq ft (18,580 sq m) building on a sale-and-leaseback basis.
HSBC is relocating to a 44-storey tower at Canary Wharf.
EGi News 16/01/03
