{"id":37264,"date":"2024-02-21T08:46:52","date_gmt":"2024-02-21T08:46:52","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=37264"},"modified":"2024-02-21T09:04:38","modified_gmt":"2024-02-21T09:04:38","slug":"bt-group-sells-iconic-london-tower-to-mcr-hotels-for-275m","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2024\/02\/bt-group-sells-iconic-london-tower-to-mcr-hotels-for-275m.html","title":{"rendered":"BT Group Sells Iconic London Tower to MCR Hotels for \u00a3275m"},"content":{"rendered":"

National telecoms and broadband giant BT<\/a> Group has this morning announced the sale of their iconic BT<\/a> Tower building in London, which is a grade II listed communications tower located in Fitzrovia, to MCR Hotels for \u00a3275 million. The new owner plans to preserve the tower, albeit now serving as an “iconic hotel<\/em>“.<\/p>\n

The main structure of the tower is 177 metres (581 ft) high, with a further section of aerial rigging bringing the total height to 189 metres (620 ft). Upon completion in 1964, it overtook the Millbank Tower to become the tallest structure in London until 1980, when it was surpassed by the NatWest Tower. The Tower itself was formally opened for operations in 1965 by then Prime Minister Harold Wilson.<\/p>\n

The tower originally acted as somewhat of a hub for the UK’s communication networks, but these days many of those functions have since been moved to other sites. For example, the Tower\u2019s microwave aerials were removed more than a decade ago, as they were no longer needed to carry telecommunications traffic from London to the rest of the country.<\/p>\n

The sale forms part of the operator’s efforts to simplify its operations and lower costs across the company, including reducing the number of offices in its estate from more than 300 to around 30. The company, in a separate deal, sold its former HQ, BT<\/a> Centre, in July 2019 for \u00a3210m and moved into a new HQ in 2021 at One Braham, Aldgate.<\/p>\n

Brent Mathews, Property Director, BT Group, said:<\/strong><\/p>\n

\u201cThe BT Tower sits at the heart of London and we\u2019ve been immensely proud to be the owners of this important landmark since 1984. It\u2019s played a vital role in carrying the nation\u2019s calls, messages and TV signals, but increasingly we\u2019re delivering content and communication via other means. This deal with MCR will enable BT Tower to take on a new purpose, preserving this iconic building for decades to come.\u201d<\/p><\/blockquote>\n

Payment for the sale will apparently be made “over multiple years<\/em>“, as BT’s equipment is progressively removed from the building, with final payment on completion of the purchase. No doubt this will be partly aligned to the fact that it will take time for MCR Hotels, which currently owns around 150 hotels, to update the building to serve its new purpose.<\/p>\n","protected":false},"excerpt":{"rendered":"

National telecoms and broadband giant BT Group has this morning announced the sale of their iconic BT Tower building in London, which is a grade II listed communications tower located in Fitzrovia, to MCR Hotels for \u00a3275 million. 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