Three Mayfair properties, owned by Alan Sugar through his real estate business Amsprop, are to be put on the market with a price reminiscent of pre-credit crunch property deals.
Property services company Michael Elliott has been mandated to manage the sale of the three properties for £120 million.
Sugar’s son Daniel, who runs Amsprop the company that manages the properties, explained the motive for the sale - having watched the recent rising property values in the West End.
“We have received unsolicited approaches from three parties but we decided it was best, and the right approach, to appoint a property adviser and see where the market is at," he said. "These properties are unique Mayfair freeholds.”
The buildings for sale - located on Albermarle Street, Old Bond Street and Sackville Street - are used for retail, office and residential purposes. Long-term tenants include Lloyds TSB, royal jewellers Asprey & Garrand and publisher Conde Nast.
Head of West End Markets at Jones Lang LaSalle, Damian Corbett said, “The prime West End market has become a safe haven for investors over the past 18 months. Where other markets globally have been suffering, or where there is uncertainty, the West End market has continued to outperform.”
Amsprop’s parent company Amshold recorded a dive in the value of its property portfolio from £65.2 million to £253.7 million in its results for the year to 30 June.
