Beltane/LCCI secure City sale and leaseback

By James Buckley - Monday, December 14, 2015 13:30

The London Chamber Of Commerce & Industry (LCCI) has secured and enhanced its long-term occupational needs with an innovative deal with Beltane Asset Management, unlocking a new 50,000 sq ft City office scheme.

Beltane in a joint venture with Angelo, Gordon & Co affiliates has restructured a series of interests and secured a sale-and-leaseback with LCCI at its premises at 33 Queen Street, EC4.

Beltane plans to deliver a comprehensive refurbishment of the 50,000 sq ft building following a series of negotiations with Starprop who own the freehold of the property, Legal & General who had an interest in the building when they relocated LCCI there from Bucklersbury House and LCCI. Details of the transaction were not disclosed.

LCCI has taken a new 150-year lease from Beltane on the ground and lower-ground floor. This and the remaining 37,000 sq ft in the building will be comprehensively refurbished under designs by Ben Adams Architects. Gerald Eve is advising on planning.

LCCI Chief Executive Colin Stanbridge said: “This transaction with Beltane secures our long term accommodation needs and delivers the latest office specifications for our members in a very cost effective manner.”

Claire Brinson,  Associate at Beltane, said: “This transaction has involved a lot of intensive negotiation and creative thinking to deliver the best possible outcomes for all involved. Work is expected to begin on the building in the first quarter of next year with practical completion expected in 2017”.

CBRE advised LCCI and Allsop advised Starprop.

jbuckley@costar.co.uk

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