Leadenhall site goes into administration


Administrators from PricewaterhouseCoopers have been appointed to deal with the group of companies responsible for a number of buildings on a large site in London, close to British Land’s ‘Cheesegrater’.

The Leadenhall Triangle is home to four buildings already, and was earmarked for a massive development of office space. London will desperately need new space in the coming years, but the 1.25 million square foot project will not be going ahead. It was rumoured that investment bank Deutsche would be taking the new space.

The site was subject to a £172 million loan, which matured in April, and when borrowers failed to agree terms to restructure this after months of negotiation it was felt that administration was the only way forwards.

A spokesman for Hatfield Phillips, the special servicer of the loan, said, ‘We will now be implementing our strategy which will include driving substantial business plans for the five buildings and exploring the prevailing strong interest in these assets with third parties.’