In a move that is certain to face opposition from heritage groups, it has emerged that Historic Royal Palaces is involved in negotiations over the sale of the Tower of London to a consortium of overseas investors.
The Chinese led consortium, Future Investment Buyers (FIB), is keen to make its mark on the European market, and sees the acquisition of such a high profile asset as a major statement of intent.
The Tower of London is close to 1,000 years old and has played a prominent role in English history. It was founded by William the Conqueror following the Norman Conquest of 1066 and has served as a royal residence, an armoury and a prison.
Its notable inmates over many centuries include Anne Boleyn, Guy Fawkes and Lady Jane Grey. The last prisoner held in the Tower was Hitler’s deputy Rudolph Hess, who spent several days in incarceration following his solo mission to negotiate a peace settlement during World War II.
Although no price has been revealed, it is believed that the discussions are at an advanced stage and, if successful, will pave the way for the commercial development of the historic building. This will deliver an unspecified amount of Grade A office space, together with a hotel, a restaurant and lower floor retail units.
The consortium has established a special purpose vehicle, London Investment Enterprise (LIE), to deliver the development and oversee the letting of the property. A source close to the body confirms that discussions are underway with a leading architect with a view to creating a world class design.
This includes maximising the rental value of the property by adding additional storeys. It is believed that this will take the form of a ‘floating glass pavilion’ which will sit on top of the current structure in a similar way to that proposed for the Southbank Centre. The source is keen to stress that this will be undertaken in a ‘sensitive’ way that will respect the history and integrity of the building.
The consortium is confident that the Tower will become a sought after business location for both UK and overseas companies. “Who wouldn’t want to give their office address as the Tower of London?” the source asked. “In terms of prestige, it will be second-to-none.”
This is reflected in the consortium’s marketing strategy which highlights the unique history of the property. The proposed floor plan carries the names of past monarchs, including Edward III and Richard the Lionheart, and the group’s strapline reads;
“Forget the Shard. Forget the Gherkin – There’s only one Tower in London.”
The future destination of the Crown Jewels is unknown but the British Museum is likely to stake a claim to house the priceless collection. “Sadly they will not be part of the sale,” smiled our source. But the Yeoman Warders, better known as the Beefeaters, could be offered a role by the consortium.
“They would certainly add to our offer,” he said. “We believe that overseas tenants, in particular, would find serviced offices looked after by such quintessentially English figures as a very nice touch indeed.”
A spokeswoman for Historic Royal Palaces refused to confirm or deny the story but conceded that discussions had taken place regarding the future of its estate.
FIB, meanwhile, is reported to be in the early stages of discussions over similar commercial developments in Athens and Rome. “Culture and commerce have a long and fruitful relationship in both Europe and China,” their website states. “We see our role as extending this into the twenty first century.”
