Transport for London is seeking bids over £110m for the sale and leaseback of its iconic offices at 55 Broadway, SW1.
The building was previously TfL’s head office, before it moved into new premises at Endeavour Square in Stratford, E15, last year. However, some of its departments still occupy 55 Broadway.
It comprises 185,000 sq ft of office and retail space.
The offices will be subject to a leaseback from the completion for a term of 12 months (the TfL lease ends in March 2021).
The building benefits has planning permission and listed building consent for a residential-led mixed-use conversion into 112 apartments.
It also has the potential for alternative uses subject to obtaining the necessary consents.
Knight Frank is advising TfL.
Graeme Craig, director of commercial development at TfL, said: “As part of our long-term wider estate management strategy, we are seeking to reduce our office accommodation costs, especially in central London.
“Our investment strategy sees us undertaking a small number of similar targeted disposals, while we concentrate our property development activity on programmes, such as Build to Rent across greater London, which will enable us to generate ongoing revenue and provide the high levels of affordable housing that the capital desperately needs.”
In April, TfL picked Grainger as its preferred partner to build and manage 3,000 new rental homes in London. The partnership is expected to provide homes over eight sites next to Tube stations including Cockfosters and Nine Elms.
55 Broadway was once London’s tallest office building when it first opened at the end of the 1920s, at 53 metres in height
TfL had previously considered a much longer period of leaseback than 12 months in 2017 but ultimately decided against this approach.
In March, TfL’s finance committee approved the new proposals to sell the leasehold of 55 Broadway.
Knight Frank declined to comment.
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