Commercial Property News

Chase begins for Midland Bank job

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.ADNFCR-1203-ID-801712310-ADNFCR

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