Chinese embassy to move to the City
China is planning to move its embassy to the former home of the Royal Mint after purchasing the site from developer Delancey and commercial real estate company LRC Group.
The decision to relocate from Marylebone to the City for an undisclosed fee will allow the Chinese to expand their UK headquarters, after the previous owners gained permission in 2010 to build roughly 50 per cent more net office space than the site has currently.
Paul Goswell, managing director at Delancey, said in a statement on Friday that “the scale of the buildings, coupled with the unparalleled history and large area of amenity and public realm, make it one of a kind in the City of London and undeniably perfect for the needs of a prestigious embassy.”
The news comes only a few months after the American embassy made a $1.2bn (£880m) move to Nine Elms, which drew criticism from President Donald Trump who branded the new location as “lousy”.
Read more: Trump blasts South London
Though the Chinese did not disclose how much they were paying for the new embassy, which is located near the Tower of London, the freehold of the site was sold back in 2010 by UK Crown Estate for £51m.
Paul Nicholls, senior director of UK development at property consultancy CBRE which advised the Chinese government on the move, said that the embassy had been both “patient and considered” in looking for a place of “significant global strategic importance”.
Read more: China agrees to import 'significantly' more goods from US
Coin production on the site dates back to 1810, and one of Royal Mint Court's first jobs was to strike medals for the troops at the Battle of Waterloo.
The Chinese ambassador said: “Our current premises in Portland Place has gone through many renovations in order to meet the growing needs of our diplomatic mission. However, the new era is calling for a new premises consistent with China's current role and influence in the world.”
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