INDUSTRY NEWS

New owner for Centre Point skyscraper ‘imminent’?

It has been reported that the Centre Point skyscraper Imminent, one of the most iconic buildings in the London commercial property ladder, could potentially have a new owner.

The building’s former owner ‘Targetfellow’ went into administration after defaulting on around £700 million of debt in October.

There have been months of speculation surrounding the Centre Point skyscraper and it looks as though City AM has revealed that a new commercial property start-up, Almacantar, is set to make an offer for the 33-storey building.

According to the financial newspaper, a deal is close to being reached, though it has yet to be confirmed if the final price will match the £120 million, which is what the Grade II-listed building is currently valued at.

Should the deal go through as anticipated, it will cap off a strong end to the year for the London commercial property market.

Yesterday J P Morgan announced it will be reviewing its use of a skyscraper complex with an estimated cost of 1.5 billion pounds nearby;  a site it bought in late 2008 as part of a long-term ambition to consolidate its London properties.

Commercial property news brought to you direct from DeVono Cresa, experts in the London commercial property market.