Standard Life to forward purchase

The 270,000 sq ft scheme is being developed by Bennets Associates and will be located on the site of 35 Basinghall Street and 16 Coleman Street, EC2.

Standard Chartered had originally intended to agree a pre-lease on the building, but has now opted to own it outright. The scheme will be sold to Standard Chartered after completion, which could be as early as 2007.

The bank is expected to dispose of six City leaseholds, totalling around 250,000 sq ft, on moving into the building.

The Basinghall Street property is currently owned by Pillar Property and Schroders’ CLOUT venture, while 15 Coleman Street is owned by the Dutch developer, MAB.

MAB is in talks with Slaughter & May over its lease on Coleman Street, which expires in 2012. The site on Basinghall Street is currently being cleared.

Cushman & Wakefield Healey & Baker is acting for Standard Chartered. FPDSavills is advising CLOUT and MAB.
Source: Freeman

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