LONDON (ShareCast) - A London development, once occupied by the Courts and Tribunal Service, will be knocked down to make way for 76 new residential apartments worth 70m pounds.
Housebuilder Taylor Wimpey has exchanged contracts to acquire St Dunstan's House, a seventies office block in Fetter Lane near Square Mile, for £30m, sources told the London Evening Standard newspaper.
The site was auctioned for £10m more than the asking price of £20m as 20 bidders rivalled for the property, it said.
The offices will be torn down for the development of 52 one-bedroom flats worth £800,000 each and 24 two-bedroom apartments worth £1.3m each.
The development will feature a concierge entrance hall and private gym. The scheme has been designed by David Walker Architects in collaboration with Jones Lang LaSalle.
"This is an outstanding prime Central London residential development site ideally suited to cater for both the long established West End market as well as the City of London (LSE: CIN.L - news) and we were delighted to be involved in its disposal," Will Grant, Director at Jones Lang LaSalle, said in a statement.
"The site is in close proximity to Fleet Street, Strand and Covent Garden with all its leisure and cultural offerings. As you would expect for a site of this nature, bidding was extremely competitive and it attracted interest from many of the Capital (Other OTC: CGHC - news) 's leading developers."
Residential apartments are a rare development for Square Mile, which is predominately occupied by offices.
Adam Pappini, Drivers Jonas Deloitte, said: "Midtown has become an increasingly popular office location due to its position between the City and West End, and as a result demand for top end living space has grown."