Leadenhall site bought out of administration

HENDERSON has snapped up a development plot near Leadenhall Market for more than £175m after the site was placed into administration.

The Leadenhall Triangle site, which includes five buildings on Leadenhall Street and Fenchurch Street, was sold by Cook & Powell, the asset manager that was hired by administrator PricewaterhouseCoopers in January to find a buyer.

The price is subject to a confidentiality clause, but PwC said the purchase was “very substantially in excess of £174m (the originally reported figure)”.

Henderson could not comment yesterday on whether it will revive plans drawn up by architect Kohn Pedersen Fox for a new 1.25m square foot complex on the site.

The plot’s previous owners, who were clients of Investream, hired debt servicing specialist Hatfield Philips last summer, who in turn called in PwC in November, after a £153m loan secured on the assets was not repaid.

Cooke & Powell’s Simon Cooke said: “This is an excellent outcome for the noteholders and Hatfield Philips, the special servicer, whose decision to appoint an administrator after the loan defaulted in April 2010, has been fully vindicated.”