Henderson Global Investors has decided not to sell a 100,000 sq ft office block in London’s West End, after opting to redevelop the property itself.
The fund manager has chosen to stop marketing Commonwealth House at 1 New Oxford Street, a potential redevelopment opportunity that had been under offer at least once before being pulled.
The site is next door to Aviva Investors’ Royal Mail sorting office development site, which is 500,000 sq ft, and Aviva had bid to buy it in order to enlarge its scheme. However, a less well-known investor called Standford Properties then put the building under offer for around £45m.
Now, Henderson is believed to be considering doing a redevelopment of the 1930s art deco block itself.
Jones Lang LaSalle advised Henderson.