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Singaporeans sell Rose Theatre site to Guernsey firm for £94.5m

London SE1 website team

The office block above the remains of Bankside's original Elizabethan playhouse - the Rose Theatre - has been sold by its Singaporean owners for £94.5 million.

Singaporeans sell Rose Theatre site to Guernsey firm for £94.5m

Ho Bee Land bought Rose Court – on the southern approach to Southwark Bridge – in 2013 for £67.2 million.

Now it has sold the building to a Guernsey-based unit trust.

The building is currently let to the Government and houses the Crown Prosecution Service and the Health & Safety Executive.

"As the lease to the UK Government will be expiring in about 18 months' time, we felt that it was timely to divest the property," said Chua Thian Poh, chairman and CEO of Ho Bee Land.

"The sale is also part of our ongoing upgrading and capital recycling strategy. We will continue to seize opportunities and expand our portfolio of investment properties in London. We believe its fundamentals as a global financial city remain sound despite Brexit."

The remains of the Rose Theatre were discovered on the site in 1989.

Now a scheduled ancient monument, the Rose Theatre Trust has ambitions to excavate the remaining portion of the playhouse not yet uncovered and to create a new space for performances on the site.

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