10 Trinity Square sold for £60m

NUMBER 10 Trinity Square, one of the City's most prominent buildings, has been sold for £60m to property group Development Securities, which is hoping to turn it into a luxury hotel. Currently occupied by Willis Group, the world's third-largest insurance broker, the magnificent Portland stone building dominates Trinity Square just behind the Tower of London.

It was built between 1915 and 1922 as the headquarters of the Port of London Authority by Sir Edwin Cooper. The Grade Two star-listed building is famous for its decorative roof feature, once described as a 'wedding cake'.

Development Securities is hoping to get planning permission to turn the building into a hotel. A spokesman said: 'An agreement has been reached for the sale.'

There is a shortage of hotel accommodation within the Square Mile and the 154,770 square foot historic building could provide prestige and luxury rooms for high-powered visitors to the City.

As a listed building its exterior would be protected. Some of the magnificent interiors will also be protected, though they could be turned into luxurious rooms for dining, receptions and, of course, bedrooms.

Negotiations are still to be concluded on Willis Group's relocation to elsewhere in the City or perhaps further east, a move that will enable it to exploit fully the information technology revolution.