Transport for London (TfL) is to sell its Grade I-listed headquarters, leaving it for a buyer to decide whether to progress with TateHindle’s consented scheme to convert the early 20th century building into flats
The infrastructure body’s Finance Committee last week voted in favour of a proposal to dispose of its interest in 55 Broadway by offering a long leasehold in return for a capital sum.
Designed by Charles Holden, 55 Broadway was the tallest office block in London when completed in 1929 and has been described as London’s first skyscraper.
TateHindle won planning permission in June 2015 to create 77 apartments plus 1,308m² of office space within the Portland stone-clad landmark building.
While this scheme has not fully started on site, TfL said it had begun a programme of internal separation works that allowed it to ’retain the extant residential planning consent, maintaining optimum value or flexibility when we go to market’.
A TateHindle spokesperson said: ’With regards to the future of the approved scheme, we understand that TfL is open to all options, which could include commercial or residential use. It would be down to a potential purchaser to express their interest in taking the approved scheme forward.’
TfL director of commercial development Graeme Craig said: ’As part of our wider estate management strategy we are seeking to reduce our office accommodation costs, especially in central London. We have specifically examined the options for the office buildings complex at 55 Broadway, including 100 Petty France and Wing-over-Station, and seek to dispose of these by offering a long single leasehold to the open market to deliver best value for money.
’Our investment strategy will see 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.’
The building sits directly above St James’s Park Tube station near Westminster Abbey, and certain parts will be retained by TfL for operation of the railway.