British Land bought the freehold interest in phases, acquiring 100% of the property in June 1999. The asset-management strategy was to create short term, flexible leases, currently generating circa euro 2.6 million ($3.3 million) in income a year. Once Swiss Tourism relocated from the ground floor, British Land put the freehold on the market.
The public company marketed the property as a refurbishment or redevelopment opportunity based on a planning brief issued by Westminster Council in 2002. This expressed a preference for demolishing the block, which was built in 1964. The brief also indicated a possible height restriction on any redevelopment and added that that it would like to see a hotel, offices or homes on the site.
"Thirty prospective bidders inspected the property and sixteen offers were received," say executives from British Land in a statement. "The sale price of euro 67.6 million ($85.1 million) is substantially in excess of book cost and 31 March 2004 value."
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