BNP Paribas Real Estate has been appointed to sell 51 Eastcheap, EC3, a City development opportunity with consent for a 90,000 sq ft office block.
Administrators at PwC are selling the vacant asset on behalf of Cerberus, which bought the defaulted loan securing the building as part of a £1bn non-performing loan portfolio from Nationwide last December.
BNP PRE is expected to seek bids in excess of £55m.
Nationwide had previously agreed a deal to sell 51 Eastcheap, which it took control of following the collapse of Louis Goodman’s City Site Estates, in 2012 to a joint venture between Stanhope and Benson Elliot for around £30m.
However, the building society dropped the deal at the start of last year, instead appointing Stanhope as development partner to secure planning consent for a redevelopment.
The Sheppard Robson- designed refurbishment and extension was approved by the City last year before the loan was sold to Cerberus.
The plan envisages stripping back the 1980s office building to its concrete frame, recladding it with a modern glass façade and adding another floor.
