Lord Sugar’s property company, Amsprop, has gone under offer to buy 5 Cheapside, EC2, the building known as Thrupenny Bit.
The state of Kuwait’s investment arm, St Martins, today agreed terms with Amsprop for a sale, understood to be more than £20m.
The octagonal building has a resolution to grant planning for a seven-storey, 108,000 sq ft office scheme but Amsprop is expected to refurbish the site instead.
Some 15 parties bid for the development opportunity last month with four bidding over £20m.
St Martins is understood to have entered advanced negotiations with two parties before eventually agreeing terms with Lord Sugar today.
Jack.sidders@estatesgazette.com
