WELPUT is drawing up plans for a 200,000 sq ft redevelopment of its New Court building on Carey Street, WC2.
The Schroders-managed fund wants to demolish the existing 155,000 sq ft block, which it bought from the White Tower portfolio for £60m in 2010, and create a new mixed-use development comprising grade-A offices, flats, and shops.
PLP Architecture has been appointed to draw up the proposals, which are expected to be submitted to Westminster city council in the summer.
Knight Frank, GM Real Estate and Strutt & Parker are advising on the plans.
WELPUT has agreed a short-term lease with the London School of Business & Finance while it progresses its development plans for the block, which was previously let to the Valuation Office Agency and Home Office at an annual rent of £4.3m.
London School of Business has signed a two-year deal, with a landlord break at six months. It will not pay rent, but has agreed to cover business rates and service charges.
Strutt & Parker advised WELPUT; James Andrew International acted for the London School of Business.
