The former Burberry head office in London has been placed on the market for £20m as part of a sell-off of trophy assets in Paul Kemsley's £500m Rock property empire.
Rock Investment holdings and Rock Joint Ventures entered administration in June following the collapse of the commercial property market. PricewaterhouseCoopers were called in as the administrators.
It is expected that the Grade II-listed Burberry building will attract interest from overseas investors, due to the current weakness of sterling. Jones Lang LaSalle is marketing the building.
Since establishing the Rock Group in 1995, Kemsley, the former vice-chairman of Tottenham Hotspur FC, has purchased a total of 40 British properties, two office blocks in New York, and a development in Turkey.
The freehold to Selhurst Park stadium, home to Crystal Palace Football Club, and the Regency Arcade in Leamington Spa are included in the portfolio. Selhurst Park is to be placed on the market at some point in the future.
Kemsley bought the Burberry building from the high fashion retailer for £30m at the peak of the market in 2007. Burberry moved to Horseferry House in Westminster in March. The building was then let to Sports Direct on a short-term lease, and will now be sold "with vacant possession", according to Jones Lang LaSalle.
