The Methodist Church has given its blessing to a significant downsizing of its UK headquarters, with the purchase of Egmont House, W1, for £14.6m.
Britain’s fourth-largest Christian denomination will relocate its head office to the 14,400 sq ft building near Russell Square following refurbishment, which it bought from Birkbeck, University of London.
The organisation has been run from Methodist Church House, a 1940s block on Marylebone Road, NW1, since the end of the Second World War. However, the property’s 49,000 sq ft is now surplus to requirements and a 2018 report found it requires extensive repairs and refurbishment, estimated to cost £7.5m.
The church sold Methodist Church House to Malaysian leisure operator Genting in December for an undisclosed sum, according to Radius Data Exchange, as part of a deal which is understood to have included a short-term leaseback option.
Rhodri Phillips, partner at Gerald Eve, which advised Birkbeck, said the price reflected “strong owner-occupier and investor demand for attractive value-add assets in London, and demonstrates how location remains an important priority for occupiers”.
Doug Swanney, connexional secretary at the Methodist Church in Britain, added: “When we looked around the building, it felt like home, which was a big draw for us. It is smaller than our current building, which will better meet our needs.
“Work will start soon on renovating and upgrading the interior which will make it completely accessible, prioritise our commitment to the planet and future-proof the building as much as possible.”
Savills advised the Methodist Church.
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
