Savills has advised Quadoro Doric and LS Estates in the sale of the long leasehold interest in 7 Newgate Street to HM Courts & Tribunals Service HMCTS for £111 million.
The new Tribunal will provide an efficiently planned accommodation for staff, the judiciary and visitors to the building. It will house around 30 hearing rooms that are flexible and capable of accommodating a wide range of tribunal case types and ancillary office space which will be efficiently used and provide value for money.
7 Newgate Street is currently vacant and undergoing a highly sustainable refurbishment, managed by LS Estates. The building will be restored and modernised to reduce its operational carbon by 31%, score an “excellent” Breeam rating, achieve a high EPC certification, and meet modern day occupier demands with improved amenity spaces and facilities that promote cycling to work, occupational wellbeing and efficient use of space
The refurbishment is due to be completed in Q4 2022.
Andrew Whitaker of LS Estates commented: “We are delighted to conclude this transaction on behalf of the owner, and it is a very satisfactory conclusion for all the parties involved”.
JLL advised the HMCTS on the acquisition. LS Estates is the development and asset manager of the building.