TfL sells ‘family silver’ 55 Broadway HQ to hotels entrepreneur for £120m

Transport for London has agreed a £120 million sale of its 55 Broadway HQ, dubbed the “family silver”, to a hotels entrepreneur.

The capital’s transport authority today said it has sold the long lease of its home overlooking St James’s Park to property investor Integrity International Group. Staff are consolidating into other offices.

The buyer is led by Tony Matharu, known for developing hotels. Planning permission exists to create luxury flats there. However it is understood the new owner could look at different options.

The disposal allows TfL to reduce its near-£500 million debt pile and reinvest in the transport network.

The Architects Journal reported in March there was a backlash at TfL's decision to ‘sell off the family silver’. Some critics argued it was the wrong time to sell, given jitters in the property market. But the building is understood to have sold for around £10 million above the £110 million asking price.

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 generate vital revenue to support upgrading critical transport infrastructure and our housing development programme."

Knight Frank advised TfL. The buyer was represented by BNP Paribas Real Estate.