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Developer Capital & Counties (Capco) has released a statement confirming that the company is currently in negotiations with The Mayor’s Office for Policing and Crime (MOPAC), which is acting on behalf of the Metropolitan Police regarding its counter terrorism headquarters at Empress State Building in Earl’s Court.
Built in 1961 and briefly London’s tallest commercial building until the Millbank Tower was built in 1962, the Empress State Building is currently home to around 4,000 Met staff and has been leased by MOPAC in a deal that is set to expire next year. However, Capco has revealed that MOPAC may now either extend the lease or buy the freehold for the property, which trade publication Property Week indicates could be worth £240 million.
This also suggests that plans to build luxury flats on the site, which have been the source of much conflict with local residents since 2014, have been scrapped.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.