Wed, 01 Jun 2011 | BUSINESS SALE
One of the West End’s largest commercial property developments is set to be constructed on Royal Mail’s Rathbone Place premises just off London’s Oxford Street.
A handful of major commercial property development giants are showing strong signs of interest in the site, including Great Portland Estates, Derwent London and Land Securities.
Royal Mail has already submitted plans for a 600,000 sq. ft. mixed use project to be built on the site, comprising retail units, offices, a new public square and a new street. The development will become known as Newman Place following completion.
The sale – for which Royal Mail will be advised by Jones Lang LaSalle - is slated for completion as early as next year.
The current Rathbone Place is to be closed and all staff members are to be moved to new offices in Mount Pleasant come 2013.
These plans have caused controversy amongst the staff members, some of whom are demanding strike action, saying that the plans highlight Royal Mail’s plan to use the sale to ‘asset-strip and cash in on the value of the property.’
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