Angelo Gordon and Endurance Land have put 1-5 London Wall Buildings, EC2, up for sale for £160m.
The pair have instructed Cushman & Wakefield to find a buyer for the long leasehold over the Grade II listed property, which comes with planning permission to increase the net lettable office and retail space to 220,554 sq ft.
Designed by Carmody Groarke, the plans include a two-storey roof extension and the creation of more than 10,500 sq ft of roof gardens and terraces, as well as two new reception areas with 43,346 sq ft of ground and lower ground space under use class E, providing flexibility over potential uses.
The scheme targets improving the property to BREEAM Excellent by improving its energy efficiency and delivering major embodied and operational carbon savings.
Vacant possession of the one-acre site on the south-eastern side of Finsbury Circus and within 100m of the upcoming Crossrail station at Liverpool Street Station is achievable in 2022.
A rolling refurbishment option of the 1904 Gordon and Ganton-designed building has also been explored by Angelo Gordon and Endurance Land, with a new reception facing London Wall and a full refurbishment of part of the first floor recently completed.
Angelo Gordon and Endurance Land acquired the 150-year long leasehold over 1-5 London Wall Buildings in December 2018 from the City of London Corporation. The corporation had put the leasehold on offer at around £90m.
At the time, the 209,307 sq ft building, which has a 200m frontage onto Finsbury Circus, was producing an annual rent of £4m from 36 tenants.
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