Grant Thornton, administrator of Poultry Developments, has sold the former Midland Bank headquarters at 37-45 Poultry, in the City of London, for £40 mln (EUR 44 mln) to a private family trust. The deal was handled by law firm DLA Piper, who advised Grant Thornton on the sale.
Grant Thornton, administrator of Poultry Developments, has sold the former Midland Bank headquarters at 37-45 Poultry, in the City of London, for £40 mln (EUR 44 mln) to a private family trust. The deal was handled by law firm DLA Piper, who advised Grant Thornton on the sale.
The Lutyens-designed building, located next to The Bank of England, provides 27,000-m2 of commercial space. The scheme has permission for 181 bedrooms, bars, restaurants, health clubs, private members' club and roof garden, with a protected Portland stone façade and interior features.
'Due to the location and nature of the building, the property was always going to draw a lot of interest from a diverse range of parties. Distressed sales such as this provide a great opportunity for opportunistic buyers to snap up prime City assets,' said Paul Jayson, real estate partner at DLA Piper.
