Commercial Property News
Four contractors are reportedly in the race to win the right to convert the former headquarters of Midland Bank in the heart of London.
According to the Construction Enquirer, Ardmore, Balfour Beatty, Beck Interiors and McLaren Construction are all in contention for the £60 million project, which would see the Grade I-listed building turned into a brand new luxury hotel with around 255 rooms.
Other plans include the construction of an eye-catching underground bar and stunning roof top swimming pool.
The former site of the Midland Bank was made famous when its large security vault featured in the classic James Bond film Goldfinger.
The building itself was completed between 1925 and 1939, and is widely regarded as one of the finest projects of architect Sir Edwin Lutyens.
It comes after another former Midland Bank site in Birmingham also changed hands this week. The property has been snapped up by Real Estate Investors (REI) in a £1.575 million deal, taking the firm's number of Birmingham city centre office buildings to ten.
REI chief executive Paul Bassi said: “This historic and unique building is an excellent addition to our growing City centre portfolio. We are already in discussions with a high profile occupier, and hope to announce a letting in the near future. Additionally we have numerous acquisitions and lettings in the hands of the lawyers.
“There were several bidders interested in this building but REI’s track record and ability to complete in cash continues to give us preferred buyer status among the banks and institutions.”
He added that the purchase was particularly important considering a recent rise in assets, which has made regional properties far more sought after, especially with institutional and corporate buyers from the Far East.
He continued by stating that this development meant that cities such as Birmingham and Manchester stood to benefit from an extra cash flow into the marketplace.
The news comes on the back of REI posting record profits of £5 million, while it has also doubled its dividend in its 2013 year end accounts.
Developing firm Quintain has announced that it has agreed a deal with Switzerland-based Keystone Group that will allow it to commence the next phase of work on the Wembley Park site.
Developer Henry Boot has announced the professional team it intends to use in order to deliver a new £200 million exhibition and conference centre in Aberdeen.
A £1 billion scheme to build up to 3,500 new homes on a derelict Deptford site has been given the green light by London mayor Boris Johnson.
Laing O'Rourke has been named by Manchester City Football Club as the official construction partner for the expansion of the team's Etihad Stadium.
Bovis Homes has announced that it is to deliver 190 new homes for private rent across the south east after winning a deal alongside housing management specialist Mill Group.
Westminster City Council has handed three maintenance contracts to contracter FM Conway worth around £450 million.
The funding of 22 projects for new college buildings, worth a total of £194 million, has been given the green light by Skills and Enterprise Minister Matthew Hancock.
Siemens has confirmed that work will soon begin on a new wind turbine factory at the Green Port Hull site in East Yorkshire.
A proposed £600 million redevelopment of Elizabeth house on London's South Bank has been given the green light after a legal challenge to the project was thrown out by a High Court judge.
A project to revamp the historic Flax Mill Maltings site in Shrewsbury has been hit by delays, due to doubts over the cost of construction hampering preparations by develope Wates.
The UK government has announced that it has agreed to consider plans for a larger development at Euston railway station in London.
Three contractors are battling it out in a bid to earn the right to revamp the iconic Senate House North Block in central London.
Carillion has reportedly won the race for a contract to build the Greengate Embankment office development on the site of the old Manchester Exchange railway station in Salford.
Plans for the central square and landscaping of Cambridge University's new £1 billion town have been approved.