Benson Elliot and Stanhope are in pole position to acquire the final City asset in a prized portfolio once owned by Louis Goodman’s failed City Site Estates.
The parties have entered exclusive negotiations with LPA receivers Edward Symmons to buy 51 Eastcheap, EC3 in a sub-£30m deal.
The 80,000 sq ft vacant block is being considered both for refurbishment and comprehensive redevelopment.
CSE appointed GM Real Estate and CBRE last year to find buyers for 51 Eastcheap, together with three other assets totalling 258,000 sq ft with a £130m price tag.
These assets, which were marketed separately, included West End trophies the 30,000 sq ft 6 Kensington Church Street and 62-74 Kensington High Street, W8, and the 90,000 sq ft Hobhouse Court, SW1; and City asset the 58,000 sq ft Bevis Marks House, EC3.
Hobhouse Court was sold last June to a client of Cheval Property Advisors for around £35m.
Receivers were appointed to the rest of the central London portfolio last autumn, with Allsop selling 2-6 Kensington Church Street and 62-74 Kensington High Street to a private investor for £25m in May. Bevis Marks House was acquired by a private shipping family for around £20m.
CSE, together with subsidiaries Saltire Leisure, City Site Investments, CSE (West Street) and Queensbridge Management, was eventually placed in the hands of receivers at PwC in April after struggling to restructure its £280m debt.
CSE had previously submitted plans for the demolition of 51 Eastcheap and a partial refurbishment before withdrawing the applications.
All parties declined to comment.
jack.sidders@estatesgazette.com
