A London development, once occupied by the Courts and Tribunal Service, will be knocked down to make way for 76 new residential apartments worth 70m pounds.
Housebuilder Taylor Wimpey sold St Dunstan's House, a seventies office block in Fetter Lane near Square Mile, for £30m, sources told the London Evening Standard newspaper.
The site was auctioned for £10m more than the asking price of £20m as 20 bidders rivalled for the property.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The offices will be torn down for the development of 52 one-bedroom flats worth £800,000 each and 24 two-bedroom apartments worth £1.3m each.
Residential apartments are a rare development for Square Mile, which is predominately occupied by offices.
RD
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
-
‘I’m among the thousands of millionaires leaving the UK – the new tax rules don’t make sense ’MoneyWeek spoke to a serial entrepreneur who is leaving the UK following the abolition of the non-dom tax status
