TfL sells lease on 55 Broadway HQ

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The London Standard has reported that TfL has agreed to sell the long-term lease of its iconic headquarters at 55 Broadway to a consortium led by hotel entrepreneur Tony Matharu. It is reported that the sale is for £10m above the £110m asking price. The proceeds will allow TfL to reduce its current debt of around £500m and re-invest in the network. Despite some backlash about the decision, Graeme Craig, Director of Commercial Development at TfL, said: “The opportunity for a long single leasehold was offered through the open market to deliver best value for money. It forms part of our long term estate management strategy to reduce our office accommodation costs and deliver vital revenue to support upgrading critical transport infrastructure and our housing development programme.”

Planning permission already exists for luxury flats, but the new owner may look at other options.