London & Oriental has completed the purchase of a 150-year long leasehold interest in 111 Cannon Street, EC4, home of the historic London Stone.
The developer, which invests on behalf of Asian clients, paid £7.5m for the site at the junction of St Swithin’s Lane and Cannon Street.
The site has planning consent for a 20,000 sq ft office and retail development, which L&O now expects to complete by 2017.
The company has appointed Fletcher Priest Architects to explore ways of improving the scheme.
It is also in discussions with the Museum of London to ensure the Grade II* listed London Stone is stored safely during the development.
It will be incorporated into the new ground floor of the development following completion of the scheme.
The London Stone was first documented in the medieval period, around 1100, and was said to be the heart of the City of London.
Allsop advised the vendor; Cushman & Wakefield acted for L&O.
