The Chinese embassy has completed the acquisition of Royal Mint Court, EC3, from Delancey and LRC Group to create a 600,000 sq ft campus.
As revealed by EG in January, the Chinese government had been negotiating a deal to buy the former home of the Royal Mint for a new fortress-style embassy, educational and cultural hub in London to strengthen its ties with the UK.
Royal Mint Court is a 5.5-acre redevelopment project on the eastern fringe of the City, adjacent to the Tower of London.
It is expected to have an end value of £750m.
In other major global cities such as in Washington DC – where a 430,000 sq ft campus was built in 2009 – the Chinese government has drawn inspiration from traditional Chinese architecture when creating its purpose-built embassies.
It is therefore expected that new bespoke designs would be created for the project.
Paul Goswell, managing director at Delancey, said: “We are delighted with the People’s Republic of China’s decision to transform Royal Mint Court into their new London embassy.
“Delancey, along with its partner LRC Group, were fully committed to building out the office development, having spent the last four years designing the scheme in conjunction with Tower Hamlets and the GLA, both of whom have been constructive and supportive throughout the process.
“However, the scale of the buildings, coupled with the unparalleled history and large area of amenity and public realm, make it one of a kind in the City of London and undeniably perfect for the needs of a prestigious embassy.”
Yehuda Barashi of LRC Group said: “With its striking historic buildings, combined with adaptable modern infrastructure, excellent accessibility to the City and the West End, and the listed wall dating back to circa 1810 which surrounds the site, we always knew that Royal Mint Court was special.
“We are excited to see it evolve and move into its fitting new chapter with the People’s Republic of China.”
Paul Nicholls, senior director, UK development, CBRE said: “This is a landmark transaction for London and emphasises the capital’s importance in a global setting.
“We have been working with the Chinese Embassy for many years to identify a suitable site for its new headquarters and are delighted to have acquired Royal Mint Court on its behalf.”
The clients of Delancey and LRC Group were advised by
Knight Frank and BH2.
Savills helped facilitate the transaction on behalf of Delancey and LRC.
CBRE advised the People’s Republic of China.
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