London, 4th July 2011 - Piccadilly Estate, London W1 has been successfully sold on behalf of Jon Gershinson, Simon Davidson and Ania Packman of Allsop LLP as LPA receivers for £130 million.
Jones Lang LaSalle, the acting agent sold the site to an investment vehicle owned by the Reuben Brothers. Contracts were exchanged within one week of agreement of head of terms and the transaction is to be funded with 100% equity.
The iconic W1 estate is substantially vacant and comprises circa 150,000 sq ft of accommodation on a site of over 1.3 acres. The estate incorporates six landmark historic freehold buildings including the former home of one of London’s oldest clubs, the “In and Out Club” with over 300ft of frontage to Piccadilly, overlooking Green Park.
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