China to take over Royal Mint site in London for its new embassy

CHINA is building a new London embassy on the site of the former Royal Mint, near the City of London, deciding against relocating to the so-called new “diplomatic quarter” on the South Bank.

According to CBRE, which advised on the purchase, China had approached the owners of Royal Mint Court after having conducted a search across a huge number of locations in what sources said was a “very careful and considered process”. The sites it is thought to have reviewed include one near the new £750m US embassy, in Nine Elms, where the Dutch embassy has also decided to relocate, prompting some to brand the area the “diplomatic quarter”.

However, rumours that China too could be moving there from its current site in Marylebone were quashed by the announcement it had agreed to buy the plot further east yesterday. It did not reveal how much it was paying for the site.

The purchase of the 5.4-acre plot, located opposite the Tower of London and overlooking the River Thames, comes almost eight years after the UK Crown Estate sold the freehold of the site for £51m. As the home of the Royal Mint, 10 centuries of coin production had taken place at the site.

The owners, real estate adviser Delancey and LRC Group, received planning permission to build a 600,000 sq ft, £750m office scheme on the land just last year. Delancey said it had been fully committed to the office plan but added it was “undeniably perfect for the needs of a prestigious embassy”.