EPC upgrade costs force TUC to sell historic HQ

The expense of having to upgrade its historic HQ to required environmental standards has forced the TUC to bring Congress House to market. The 138,000 sq ft building at 23-28 Great Russell Street, WC1, has an EPC rating of D and is understood to require around £20m of investment to bring it up to standard. According to its most recent general council report, the building is valued at £24m. However, industry sources said the block could fetch as much as £50m. Gerald Eve has now been appointed to sell Congress House and help find the TUC a new fit-for-purpose, smaller HQ. The TUC first announced plans to sell Congress House in the summer. It said: “We spent much of the year assessing the strategic and financial costs and benefits of Congress House, our main asset. After considering detailed analysis, the finance committee agreed the TUC will seek a buyer for Congress House and look to purchase a fit-for-purpose building that will better support the TUC and our unions in the decades ahead. “The decision to look to move from Congress House was incredibly difficult. But it is in the best interests of the TUC – and the millions of working people we serve and represent – for us to find a new home for trade unionism. Our commercial and property activity has always existed to serve this greater purpose and we will always put the needs of unions and their members first.” Matthew Prout, partner at Gerald Eve, added: “For nearly seven decades, Congress House has been seen as the home of the trade union movement, so it is with deep appreciation that we take on this mandate to bring such a historic landmark to the market. At the same time, we will be looking for a new home for the TUC that will help to deliver a sustainable and positive future.” The Grade II listed building has been the headquarters of the TUC since 1958 and was built as a monument to trade unionists who died during both world wars. View office availabilities in WC1 >>