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Setback for Norman Foster-designed development
3 Aug 2009The long-awaited redevelopment of Bucklersbury House and Temple Court in the City was kicked further into the long grass today as the developer pulled out of the project.
Legal & General, which moved out of the neighbouring sites more than two years ago, sold the twin plot in 2007 to Spainish developer Metrovacesa. But today, Metrovacesa cancelled the purchase, paying L&G a £100 million cancellation fee.
The sale came less than a year after cash-strapped Metrovacesa was forced to sell HSBC's Canary Wharf building back to the bank for a massive loss.
The two office blocks have been cordoned off awaiting demolition for well over a year under plans to create “Walbrook Square”, a huge Norman Foster-designed development of offices, shops, bars and restaurants.
Under the plans, the remains of the Roman Temple of Mithras was to be incorporated as a publicly accessible exhibition space.
Reader views (1)
nice little earner for L&G, shocking decision by developer, they should have purchased it and re-sold it on immediately so they dont lose £100m - some real chimpanzees on board at Metrovacesa.
- Mortgage Broker N3, London, 03/08/2009 15:11
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