Sale of former intu Victoria HQ pulled

The owner of collapsed shopping centre giant intu’s former Victoria headquarters has scrapped plans for a sale after a prospective buyer pulled out of the deal. Property investor Tellon Capital has decided against selling 40 Broadway, SW1 and two adjoining office buildings which sit on a half-acre site opposite St James’s Park station, having put it on the market for £87.5m in February. “We had a sale agreed with a party. That party is not performing,” a source close to the deal told EG. “We are now reviewing our options. “We are excited about the prospect for 40 Broadway in the light of changes in both investor and occupier appetite for prime central London office accommodation.” EG understands that as many as eight parties were circling the site, which has been earmarked for a major redevelopment, but that finding an investor who could match the list price had proven difficult. Instead, Tellon, which operates on behalf of a number of high-net-worth individuals, is now likely to go ahead with the redevelopment itself once the building becomes vacant in 2022. Planning permission is already in place to demolish the eight-storey block, as well as a smaller building behind it on Carteret Street, and replace it with 93,500 sq ft of mainly office space. The plans, approved by Westminster City Council in March 2019, also include a roof terrace overlooking St James’s Park, Buckingham Palace and the Houses of Parliament. Should the scheme go ahead, it would be the latest in scores of redevelopments in Victoria in recent years, following sites such as 162 Buckingham Gate, Portland House and the Zig Zag building. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews Picture © Allsop