by Duncan Lamb
Guardian Royal Exchange Properties are rumoured to have acquired Middlesex House, next to their Drury House building in Vauxhall Bridge Road, London SW1, with plans to redevelop the two sites for 100,000 sq ft of new offices.
Until the demise of the Greater London Council, the 20,000-sq ft Drury House was occupied by various support groups, as was the 50,000-sq ft Middlesex House.
With the passing of the GLC’s property assets to the London Residuary Body, the freehold of Middlesex House was placed on the market through agents Cluttons at the beginning of this year. The agents are also believed to have been instructed to dispose of the leasehold interest in Drury House.
A sale of the freehold and the leasehold has now been concluded and the most likely purchaser is GRE — aware of the potential of an office scheme in an area where rents have already climbed to around £28 per sq ft.
Both the buildings are pre-war and there would, presumably, be no problem with planning permission on the grounds of the existing buildings.
A spokesman for GRE said they were examining the future of Drury House, but had not come to a firm decision on which route to pursue.
Cluttons confirmed that the vacant Middlesex House had been sold, as had the leasehold of Drury House, but would not confirm GRE as the purchasers.
