Skanska Project Development has bought The Monument Estate, EC3 out of administration for £13.3m.
The Swedish-owned construction giant acquired the site from FRP Advisory, the administrator appointed by Hatfield Phillips International.
Hatfield Philips has had control of the site since 2009, when a £17m Lehman Brothers loan secured against it went into default.
A statement released to the Irish stockmarket yesterday from Windermere VIII CMBS said: “We hereby give notice that the Monument Mortgaged Properties were sold for £13.3m on 4 July 2012. The latest valuation, prepared as of 6 March 2009, estimated the market value of the Monument Mortgaged Properties at £3m. The proceeds of sale will be applied in accordance with the Transaction Documents.”
The three-building estate, adjacent to Monument tube station, is made up of freehold interests in 46 Fish Street Hill and 1-2 Pudding Lane, and a long-term lease at 11-19 Monument Street.
Drivers Jonas Deloitte was appointed to manage the sale and restructure the existing leases to enable vacant possession for a new office development.
Skanska will occupy part of the completed redevelopment.
Proposals for the 120,000 sq ft MAKE designed Concertina scheme were scrapped last year in favour of an 85,000 sq ft John Robertson Architects development. A guide price of £15m was being quoted.
HPI head of real estate John Muldoon said: “This was a challenging asset. We, and our advisors, have worked hard to improve the site and maximise the value for the issuer by enabling a developer to realise the full potential of the site.”
Skanksa executive vice-president Cecilia Fasth said: “This is a great opportunity to showcase our expertise in sustainable development, while creating an enjoyable working environment that our London teams will be proud to call home.”
Skanska Project Development was advised by GVA, the Administrator was advised by Drivers Jonas Deloitte.
Jack.sidders@estatesgazette.com
