A consortium led by Trevor Osborne is understood to be in talks with the Baltic Exchange to buy its bomb-damaged buildings at 14-28 St Mary Axe, EC3, for £10m.
Osborne emerged this week as the frontrunner for the main Grade II listed building and surrounding area, for which Baltic has won planning consent for up to 250,000 sq ft of offices.
The site has been on the market through Hillier Parker since last October. Partner Nick Baucher refused to release details, although he admitted: “We’re talking to one particular party.”
Osborne, former chief of collapsed developer Speyhawk, this week played down any interest in the Exchange buildings and would say only: “It’s a well-located site with loads of problems.”
Baltic reoccupied 14-20 St Mary Axe last summer, but the main 60,000-sq ft listed building remains badly damaged as a result of the terrorist bomb in April 1992.
Planning consents exist for schemes of 220,000 sq ft and 250,000 sq ft, but Baltic failed to recommence reinstatement works by September last year – a deadline agreed with the City Corporation.
Baltic will have to resolve this breach before completing the sale, which it wants to negotiate simultaneously with the purchase of modern City offices.
Included in the planned development are buildings owned by Sun Life Properties and Royal Bank of Scotland.
No details of Osborne’s funding partners have emerged, but P&O Properties could add a twist to the proceedings.
P&O has planning consent for 55,000 sq ft of offices on the adjacent site at 32 St Mary Axe and City agents believe that a co-ordinated development is feasible.
