Land Securities has announced that it will sell a 3.3 acre site that has received planning permission for London office space to Waterway PCP Properties Ltd, in a deal worth Â£234 million.
As well as having consent for a building that would provide 398, 000 sq ft of new London offices, Â the site at Arundel Great Court also has planning permission for the construction of 147 apartments and a hotel.
Managing director of Land Securities’ London Portfolio, Robert Noel, commented on the sale.
He said: “We have always been clear that we would not take forward every opportunity in our development pipeline. 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.
“With all the occupational leases aligned to expire by September this year, the decision to star the redevelopment of Arundel Great Court is approaching and with better opportunities elsewhere in the portfolio we have decided to release value from the site.”
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