Landsec has completed the sale of 6-17 Tottenham Court Road in London to L&G Asset Management.
Landsec first went to market with the major development opportunity in London's West End in 2023, when CBRE was appointed to sell the freehold interest in the 0.7-acre site. The price paid has not been disclosed but is understood to be around £51.5 million.
The property comprises 62,139 square feet of retail and restaurant accommodation with a 66 metre frontage to Tottenham Court Road. At the time of the sales launch it was fully let to seven tenants at a passing rent of £3,572,528 a year, reflecting £57.49 per square foot with a weighted average unexpired lease term of 1.2 years.
L&G is likely to be most interested in the opportunity to Landsec had worked on to reposition the property and increase massing by 65%, subject to planning consents. The building sits a short walk from Derwent London's major redevelopment above Tottenham Court Road station, One Oxford Street, on the back of the arrival of the Elizabeth line.
Landsec has been pressing on with a strategy to sell around £4 billion of mature assets including London offices and assets in sectors it sees as non-core, such as retail parks and leisure, and reinvesting in residential and large shopping centres.
CBRE advised Landsec and Savills advised L&G.