As a leading provider of property services in London, including estate management in Greenwich and much more, we keep an eye on headline grabbing deals. The latest one is for the iconic BT Tower. It has been sold to MCR, one of the largest hotel operators in the US. We want to have a closer look at the history of the tower here, as well as what the sale could mean for its future.
Defining the skyline
The tower was built in 1965 as part of the boom in communications tech in the UK. It was originally 177m tall, before new aerials pushed it to 189m. The height made it the tallest building in the city until the 1980s. It has been a major part of the skyline for almost 60 years now.
Originally the tower was vital for communications, with microwave aerials allowing calls all across the UK. In fact, Harold Wilson, the Prime Minister at the time, made a call to the Mayor of Birmingham from the top to celebrate the tower’s opening.
The BT Tower also became a popular tourist spot. Originally it had an observation gallery so people could view the city. The 34th floor had a rotating restaurant. Diners could get a full 360 degree view of the city every 23 minutes. There was even a gift shop.
However, the tower was the victim of a terrorist attack in 1971. A bomb in the men’s toilet on the 33rd floor exploded, causing extensive damage. Two groups said they were responsible: the IRA and the Angry Brigade. Luckily, there were no injuries. It took 2 years to repair the damage and brought the closure of the building to the public. Only a small number of private events were held before the restaurant closed in 1980.
When it was built, it was said to be a once in a lifetime project. The tower got recognition for its unique design and historical value in 2001. English Heritage declared it to be a national monument. Two years later it also got a Grade II listing.
The future
As we said above, we keep an eye on deals in the city and offer expert services like estate management in Greenwich. The BT Tower is in the headlines because the communication company has chosen to sell the building to MCR. The US company will pay a massive £275million. To put that into perspective, it cost £2.5million to build. This would be equivalent to £60million today.
BT has chosen to sell the building because it is no longer as vital for communications as it once was. The microwave aerials were taken down in the 2010s as they were obsolete. The company now uses other methods instead.
Accompanying the announcement of the deal, BT’s property director Brent Mathews said the sale will preserve the building and give it a new purpose. That is fantastic news for such an iconic structure.
MCR has an impressive portfolio of 150 hotels, including the New Yorker. They are planning to turn the BT Tower into an upmarket hotel. In addition, they want to reopen the building for the public. This could include new viewing galleries and other amenities.
It will be interesting to see what the plans look like for the conversion in the future. However, MCR has said it will take years for BT to move out of the building because it contains so much complex equipment. Even then, any plans will need to get planning permission.
Do you want to try estate management in Greenwich?
Finefair Ltd is a company investors can rely on for all kinds of estates. This can be properties in massive blocks as well as houses and more. We have a wealth of experience and can handle managing the assets. We also offer guaranteed rent.
So, if you want estate management in Greenwich or other parts of London, speak to us. We can explain the benefits and talk to you about rent guarantees.
