UK property adviser GVA has commenced the formal marketing of the Old War Office at 57 Whitehall, London for an asking price of around £300 mln (€380 mln).
UK property adviser GVA has commenced the formal marketing of the Old War Office at 57 Whitehall, London for an asking price of around £300 mln (€380 mln).
The historic Ministry of Defence (MOD) building is being disposed of by the Defence Infrastructure Organisation (DIO), and is expected to be one of the most unique and high-value development opportunities in the central London property market in recent decades.
The sale comes as the DIO steps up its programme of UK-wide land disposals, set to create up to 35,000 new homes by May 2015, and will eliminate annual running costs of £5 mln. The news comes hard on the heels of similar announcements from other UK public bodies looking to divest high-value assets, including the Met Police’s plans to sell the New Scotland Yard headquarters.
The neo-Baroque style Grade II listed building for disposal, prior to a full marketing campaign.
The MOD will move out of the Old War Office Building was completed in 1906, and provides around 40,000 m2 arranged over seven floors.
'The building represents a trophy asset, a unique opportunity to capture the imagination of developers from the residential and commercial markets around the world,' GVA said. Potential uses for the building following redevelopment include residential and hotel, it added.
