City Corporation to provide Fleet Street FM

23 January 2009

The City of London Corporation will provide the facilities management services itself after purchasing a Fleet Street estate from Land Securities Group.

The Fleet Street estate, which was bought for £74 million, comprises eight adjoining self-contained buildings with a lettable floor area of 200,000 sq ft. Employees of the City of London Corporation, the local government body for the ‘Square Mile’, will provide the FM services for the portfolio of buildings.

Under Land Securities’ ownership the services were outsourced to a number of service providers covered by wider agreements with the company.

The site, situated in London’s Midtown district, houses the headquarters of the Office of Fair Trading as well as a number of other organizations.

Sheriff George Gillon, chairman of the City of London's property sub-committee said: “This is a significant strategic purchase for the City of London Corporation and shows the City’s confidence in the long term prospects for City property. Long term income secured against a government covenant is also attractive at this time of declining interest rates.”