LSE appoints CBRE to sell Shoreditch site

The London Stock Exchange is weighing options for a one-acre development opportunity it owns in London’s Shoreditch, EC2. The LSE last year appointed architect MAKE to deliver an office-led redevelopment of the 1 Earl Street site and had intended to submit plans for the project early next year. However, the group has now appointed CBRE to gather interest from parties for a potential sale of the freehold site. The site is bounded by Clifton Street to the west, Christopher Street to the north, Earl Street to the south and Wilson Street to the east and currently has two buildings totalling 140,000 sq ft on it arranged around a central courtyard. Alongside the LSE, the building is occupied by Chinese-backed co-working office provider Cocoon Global, with vacant possession achievable by mid 2023. It was reported to have been considering a move to the redevelopment from its current home at Paternoster Square, EC4, where it has a lease expiry in 2028, but has denied these claims. The property sits alongside Malaysian infrastructure conglomerate MTD Group’s scheme One Crown Place, which will rise to 33 storeys once complete. It will provide 246 flats, a 41-bedroom boutique hotel and members’ club, 140,000 sq ft of offices, plus 7,000 sq ft of ancillary retail. Despite having its own plans for the site under way, the LSE wants any potential buyers to come up with their own plans for the site. It is looking to get indicative proposals for the site from investors before the end of the year to allow it to make a decision as to whether it should continue with its own development plans and sell the site once development is complete, or pursue a “subject to planning” sale. It is thought a sale of the property could net the LSE north of £100m. LSE and CBRE declined to comment. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette Photo by energepic.com from Pexels