INDUSTRY NEWS

New owner for Centre Point skyscraper ‘imminent’?

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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.

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