Real estate services with own property

Tender description

The City of London Corporation (the City) wishes to dispose of a 150-year long leasehold interest in a property containing a head rent gearing, subject to a minimum ground rent provision which will increase at the end of the fifth year. The existing building on the property comprises a 1950s self- contained office building with a net internal area of approximately 45 600 sq ft (including 29 200 sq ft of above ground offices, 8 300 sq ft of retail/pub space and 8 100 sq ft of basement/ancillary space). A planning consent for an office led redevelopment of the property totalling 54 000 sq ft NIA has been granted and implemented. The new lease will allow for the initial redevelopment or substantial refurbishment of the property to the Lessee’s design and specification subject to the consent of the City. The Lessee is to make an application to the City as Lessor within an 18 month period from lease commencement for an office led scheme with a minimum size of 50 000 sq ft NIA. Justification for the award of the contract without prior publication of a call for competition in the Official Journal of the European Union. The procurement falls outside the scope of application of the directive.