Receivers appointed to £150m Piccadilly Estate

Published 02nd Jun 2010

Allsop has been appointed as LPA Receiver of the Piccadilly Estate in central London, including the former premises of the In & Out Club at 90-100 Piccadilly.

Anglo Swiss Holdings, which is advised by investor Simon Halabi, has been trying to sell the 1.3 acre site for some time, advised by Jones Lang LaSalle.

The receivers have now instructed JLL to formally bring the building to the market for £150m following their appointment.

The estate consists of 150,000 sq ft across six freehold buildings, including the former home of the In and Out Club on Piccadilly.

The properties will be sold with vacant possession and JLL described the sale as a "unique opportunity to rejuvenate this historic and iconic part of London".

Damian Corbett, head of West End markets at JLL, said: “The Piccadilly Estate would suit a variety of uses including: embassy, residential, luxury hotel, offices or private members club subject to planning. Our client will consider selling the entire estate or splitting it up, giving access to an even wider audience."

Jon Gershinson, managing partner commercial division for Allsop LPA, said: “The possibilities for the future use of the site either as a whole or in parts are tremendous. Although there is an existing planning consent for a hotel development there are many alternative uses which investors will recognise. The opportunity will undoubtedly have a vast global appeal given its iconic nature.”

Source: ' Property Week '

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