Mayfair Office and Retail Development Sold for ┬ú250m
Land Securities are selling their Park House office and retail development in central London for ┬ú250m, to Barwa Real Estate – a Qatari property company.
The scheme, which is based on bustling Oxford Street, is an uncompleted 310,000 sq ft complex that will provide retail space and offices in prestigious Mayfair, in the heart of the capital. It is due to be completed in November 2012.
“Park House is the largest speculative development in Mayfair for a generation,” said Robert Noel, Managing Director of Land Securities’ London Portfolio, according to Property Week.
“This sale enables us to realise the majority of our profit ahead of schedule, with significantly reduced risk and with no capital employed. We will recycle the capital to invest into our growing speculative development pipeline.”
Qatari-based Barwa are said to be paying ┬ú225m upfront, with the remaining ┬ú25m on practical completion, and will also take on construction costs.