Wed, 09 Mar 2011 | BUSINESS SALE
The former headquarters of high-end fashion label Burberry has been sold out of administration for £20 million.
The Grade II listed commercial property – based in London's Haymarket, was previously jointly owned by HBOS - now part of Lloyds Banking Group – and the entrepreneur Paul Kemsley. The partnership was put into administration in 2008, with PricewaterhouseCoopers (PwC) acting as administrators.
Partner and joint administrator at PwC, Peter Spratt, who, alongside Jones Lang LaSalle, handled the sale of the building to new owners Cheval Properties, said, “In an international real estate market starved of good quality stock, the Haymarket building offers the rare combination of a vacant freehold property benefiting from fantastic development potential, located within the West End of London.
“This is only the second time the property has been sold in 100 years and has attracted a significant level of interest both in the UK and abroad, particularly as it lends itself to so many different uses from a luxury boutique hotel to high end retail or residential accommodation,” he added.
Mr Spratt went on to say that he believed that the sale proved that there was continued strong demand for quality assets in prime locations.
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