As predicted in Estates Gazette on October 10, Inchcape are to sell their City of London head office at 40 St Mary Axe, EC3, to a joint venture company formed by ARC Properties and Trafalgar House Development Holdings for £22m.
Inchcape will take a short term leaseback until the end of 1988 after which the new owners, St Mary Axe Developments, will carry out a refurbishment of the 1920s building to provide 45,000 sq ft of offices.
Dron & Wright acted for Inchcape in the transaction, while the purchasers were represented by Vigers.
