The Mercers’ Company has completed the £12.5m purchase of the head lease of Becket House, Old Jewry, EC2.
The acquisition from LPA Receivers appointed by RBS consolidates the Mercers’ holding in the location, which now includes the entire block bounded by Ironmonger Lane, Cheapside, Old Jewry and Frederick’s Place.
Becket House comprises 46,400 sq ft of refurbished office accommodation over eight floors, all fully let except for a 900 sq ft mezzanine and the vacant 8th floor of 4,900 sq ft.
The property also forms part of the buildings comprising Mercers’ Hall and a number of prime retail shops on Cheapside.
Nick Shepherd, of Deloitte Real Estate, which acted on behalf of Becket House Ltd and The Mercers’ Company, said: “While this looked like a straightforward acquisition of a head lease, it in fact turned into one of the most difficult and convoluted deals I have ever been involved in, with Guernsey jurisdictional issues, s146 proceedings, various parties with trailing interests in the sale and the appointment of LPA Receivers on the day of completion.
“However, the important thing is that The Mercers’ Company now has complete control of its home estate in the City of London, and can start to plan for the long term.”
Deloitte Real Estate advised The Mercers’ Company; Knight Frank acted for the LPA Receivers.
nick.whitten@estatesgazette.com
