A 3.3-acre WC2 site which has planning permission for new
London offices has been offloaded by Land Securities.
Arundel Great Court, which also gained consent for a Horden Cherry Lee-designed hotel and 147 private apartments, has been purchased by Waterway PCP Properties for £234 million.
The site has the potential to house a 398,000 sq ft building of
London offices designed by Wilkinson Eyre on the Strand.
Commenting on the deal, managing director of the London portfolio at Land Securities, Robert Noel, said: "With a good range of other schemes in construction and planned in London, particularly in the West End, we have to make choices on the right allocation of resources and capital."
He explained the occupational leases at Arundel Great Court are due to expire by September, meaning a decision had to be made about whether or not to go ahead with its redevelopment or focus on other
commercial property investments.
Arundel Great Court is principally occupied by Detica, which is part of BAE Systems and manages, develops and integrates information intelligence solutions. It generates an annual rent of £3.3 million, with Land Securities initially expecting the redevelopment to be complete by 2015.
Posted by Sarah Dudley
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